Bitcoin futures up over 22% in half a month as "Trump deal" sparks cryptocurrency market

At the same time, bitcoin has the characteristics of anti-inflation, scarcity, liquidity, etc., superimposed on the risk aversion sentiment. Some investors choose to allocate a certain amount of bitcoin as a gold substitute, promoting the rise of bitcoin futures in the first half of the year, and on 13 March broke through all-time highs, up to 74,415 U.S. dollars per coin.

Since July 12, the Chicago Mercantile Exchange listed varieties of bitcoin futures to maintain the upward trend, July 29 plate touched 70825 points, a cumulative increase of more than 22%.

This round of Bitcoin's rise is closely related to the “Trump deal”, Trump has been friendly to cryptocurrencies in this campaign, according to the Caixin News Agency previously reported, in the 2024 election policy document approved by the Republican Party Convention this month, it is clearly stated that it will “put an end to the Democrat Party's illegal and un-American suppression of cryptocurrencies”. un-American suppression of cryptocurrencies, oppose the creation of a central bank digital currency, and will defend the right to mine Bitcoin.

The legalization of bitcoin will be further advanced if Trump is successful in his election, and the market has priced in this expectation, with the price of bitcoin futures rising from $57,805 to a high of $70,825 in half a month.

Bitcoin once stood at the $69,000 mark as favorable promises disturbed market sentiment

Last weekend, former U.S. President Donald Trump attended the 2024 Bitcoin Conference and delivered a speech at the conference. During the speech bitcoin out of the “V-shaped market”, the spot contract briefly dipped and then quickly rose, the highest intraday of more than 69,000 U.S. dollars per coin.

Trump said that if he were to return to the White House, he would ensure that the government retains 100 percent of the bitcoin it owns and would list it as a strategic reserve asset of the United States.

Trump also said that Bitcoin's market capitalization will overtake gold in the future. Bitcoin's market capitalization has been increasing since its inception and has become the ninth largest asset in the world by market capitalization, soon to overtake silver and in the future to overtake gold.

Financial giants in the industry have different views on the growth of Bitcoin

Collins and Daniel, co-founders of Seawolf Capital, said in their annual letter to shareholders that they will continue to be bullish on gold, gold miners, silver, platinum group metals, and bitcoin.

Larry Fink, CEO of BlackRock, said in an interview with CNBC on 15 July that he believes Bitcoin is a legitimate financial instrument and compared it to “digital gold”. It's worth noting that a few years ago Larry Fink repeatedly slammed cryptocurrencies, describing Bitcoin as “something customers don't want to invest in at all”.

Warren Buffett, who has long been opposed to Bitcoin, reiterated his views on Bitcoin at the Berkshire Hathaway AGM in 2022: “Bitcoin is not a productive asset, and its value depends on how much the next buyer is willing to pay the seller. There are a lot of people involved in this game of gambling right now, but those funds are changing hands between different people, just different owners, and that's where some people make and some people lose.”