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What to expect from Bitcoin 2024

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The man who could be re-elected as president in November will be on stage at Bitcoin 2024, in a landmark moment for the world’s biggest cryptocurrency.

The Bitcoin 2024 conference is just around the corner, with thousands of devotees set to descend on Nashville to talk all things crypto. 

There’s several things that look set to be different this year. For one, the event’s taking a break from Miami for a while, where the industry’s best and brightest had gathered in a cavernous convention center.

Sentiment surrounding BTC will also be much more upbeat. The world’s biggest cryptocurrency was trading at $26,832.21 on the first day of Bitcoin 2023 in May last year. It’s since accelerated by more than 140%.

The make-up of attendees has changed dramatically in recent years as adoption grows — moving away from a small number of nerds to a rich and diverse range of investors, entrepreneurs, developers and influencers.

January’s approval of exchange-traded funds based on Bitcoin’s spot price has had a seismic impact when it comes to institutional investors, meaning we could see a greater presence from Wall Street between July 25 and 27.

But the most headline-grabbing announcement of all is that Donald Trump, the Republican Party’s newly minted presidential nominee, will be taking to the stage in Tennessee — despite recently being the subject of an assassination attempt. 

It’s hard to emphasize how much of a significant development this is for Bitcoin, and a reflection of how far this feisty, decentralized cryptocurrency has come in recent years.

Why? Because it cements how BTC has become an issue of national importance for voters — and part of the political discourse. Just a few years ago, it seemed fanciful that a U.S. presidential frontrunner would ever carve time out of a campaign schedule to attend.

It’ll be interesting to see whether Trump offers any insights into his legislative priorities for crypto — hints about what Bitcoiners could expect if he makes it back into the Oval Office. Any tangible announcements would have the potential to move markets in real-time.

That being said, it’s just as likely he’ll wheel out his usual criticisms of President Joe Biden, not to mention Gary Gensler’s record as chair of the Securities and Exchange Commission, and end up taking his speech wildly off topic by talking about something that has nothing to do with Bitcoin.

Reports have also suggested that the conference will double up as a fundraising drive — with Bitcoin Magazine CEO David Bailey hoping to raise $15 million in contributions to Trump’s campaign.

Trump isn’t going to be the only politician on stage either, far from it. Tennessee Senator Bill Hagerty is appearing on a panel exploring the policy outlook for Bitcoin in 2025, which could offer clues on how Congress plans to tackle legislation after the election. His colleague Marsha Blackburn will also be sharing a stage with one-time Republican presidential candidate Vivek Ramaswamy.

Beyond that, it’ll be a roll call of the usual faces that appear year after year. MicroStrategy’s executive chairman Michael Saylor is set to give a 30-minute keynote, fresh from his company snapping up 1% of the Bitcoin that will ever exist to hold in reserve. Cathie Wood’s another firm favorite of the crowd, as is Custodia Bank’s Caitlin Long.

As ever, there are also a few attendees that are bound to cause controversy. One of them is the British comedian Russell Brand, who has faced multiple accusations of sexual assault and inappropriate behavior from several women. He’s faced an investigation from police and has been questioned by detectives.

The fallout from reports of his conduct in the British press has been severe. Brand was dropped by his agent, who said they had been “horribly misled” by the fallen star. A nationwide comedy tour was canceled, while his YouTube stopped his page from receiving advertising income.

He’s now moved away to a lesser-known video-sharing site called Rumble, with his politics lurching even further to the right. Brand even made an appearance at the Republican National Convention in Milwaukee. While some Bitcoiners will welcome his appearance with open arms and rail against what they call “cancel culture,” you’ve got to wonder about the message this sends to women — many of whom will be in attendance.

Beyond the usual chin-scratching conversations about mining, banking, and regulation, there will probably be another glaring omission at Bitcoin 2024: the lack of a huge rabbit-out-of-the-hat announcement as seen when Nayib Bukele declared that El Salvador was embracing BTC as legal tender back in 2021.

Despite all of that, this is shaping up to be a news-making conference. Who knows, we could even see some TV networks take Trump’s speech live, potentially introducing Bitcoin to countless Americans in the process.





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Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline

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A cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.

The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.

According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.

“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.

So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”

Source: Rekt Capital/X

Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.

The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.

“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”

The Bitcoin halving occurred around 151 days ago on April 20th.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025

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Bitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.

Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.

In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.

“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”

Asher Genoot, Hut8 chief executive officer

Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.

The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.

The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”



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Louisiana State Government Now Accepts Bitcoin Lightning As Payment

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Louisiana State Treasurer, John Fleming, M.D. has announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USD Coin, as a valid form of payment for state services. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries today.

Dr. Fleming, described this initiative as a crucial step in modernizing government operations, stating, “In today’s digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services.”

The Bitcoin payments will be converted into U.S. dollars by Bead Pay, a provider specializing in cryptocurrency conversion for government transactions. “The State of Louisiana will not handle cryptocurrency,” clarified the announcement. This system aims to ensure that the state is protected from the volatility commonly associated with digital currencies. The conversion process mirrors that of credit or debit card payments, minimizing risks while offering secure, efficient transactions.

Louisiana’s shift to accepting Bitcoin is a part of a broader effort to integrate new technologies into public services. “I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022,” said Louisiana State Representative Mark Wright. “I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.”

Louisiana expects the new payment options to reduce fraud and enhance overall transaction security. Residents can now use their private Bitcoin wallets to pay for services, while the state continues to receive payments in U.S. dollars.

The Louisiana Department of Wildlife and Fisheries was the first state agency to adopt the new payment system, with more departments expected to follow. “Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service,” stated Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries. “This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state.”





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