Buzz Around BTC Grows as Industry Billionaires Line Up for Bitcoin 2024 Conference

full version at beincrypto

The Bitcoin 2024 Conference will occur in Nashville, Tennessee, next week. Several billionaires from different industries have already lined up to speak at the event, and the market hopes they all have something important to say.

Bitcoin (BTC) continues to gain mainstream attention, going far beyond the crypto industry.

Bitcoin2024: Nashville Event to Feature Top Crypto Advocates

Donald Trump is among the headlining speakers at the Bitcoin2024 Conference slated for July 25 to 27. This is after he proclaimed support for the American Bitcoin industry in May 2024. His attendance is part of the Republican agenda to push for financial freedom.

Independent aspirant Robert F. Kennedy Jr. will also attend. Bitcoin and crypto generally take center stage in US politics, and observers see this as a political imperative to scoop crypto votes.This explains the strategy for selecting Bitcoin advocate JD Vance as Trump’s vice president running mate.

Other headliners include MicroStrategy executive chair and Bitcoin maxi Michael Saylor. His firm holds 226,331 BTC worth over $14.8 billion at current rates after the recent acquisition. Ark Invest CEO Cathie Wood is also in the lineup, alongside Russell Brand, Edward Snowden, and Bill Miller IV.

As industry executives and US politicians line up for the conference, the market is keen to hear what they all have to say. Expectations for valuable discussions and insights suggest that the conference could positively influence market sentiment.

“These huge names. There must be something huge coming at this conference,” remarked Coach K Crypto, a popular account on X.

This frothing interest is partly attributed to the January approval of spot Bitcoin ETFs. The landmark decision by the US Securities and Exchange Commission (SEC) exposed institutional players to the pioneer cryptocurrency.

“Bitcoin is rapidly approaching a critical threshold where factors like ETFs, stablecoins, and endorsements from established political entities propel it beyond being merely an alternative and volatile store of value. Advancements in Bitcoin technologies such as Layer-2 protocols, oracles, and now Runes are transforming it into an economic platform with its own global ecosystem. This ecosystem has the potential to complement global policies, particularly in times of global credit crises, by enhancing liquidity and broadening the distribution of credit to stimulate growth and promote equitable wealth distribution. This mirrors the historical role of Gold after the Bretton Woods Summit in 1944, which revitalized post-war economies through increased liquidity and investment,” Jonathan Hargreaves, Global Head of Business Development and ESG at Elastos, told BeInCrypto.

As institutions join retail in the BTC market, Bitcoin ETF inflows soared to an all-time high, with 281,000 purchases at an average price of $58,700. The highest net inflow from the ETF was established at above $400 million in June. This huge move highlights the growing institutional confidence in Bitcoin as a valuable asset.

Expectations Rise for Bitcoin as Bullish Momentum Resumes

Meanwhile, expectations continue to rise for Bitcoin price as it defends the $65,000 threshold. In a report by Fox Business, Bitcoin has featured as the “Number one performing asset” multiple times since 2013 compared to major asset classes. This feat caught Michael Saylor’s attention, who highlighted the report in a post on X.

Also reflecting interest, Glassnode reports show Bitcoin currently sees around $46.4 billion daily on-chain volume. Based on the spikes in the volume profile in the one-day chart below, multiple bulls (orange nodes) and bears (grey nodes) wait to interact with Bitcoin above current price levels.

As such, only a candlestick close above the upper band of the supply wall at $71,758 would confirm further upside. Breaching this bearish order block would set the pace for a new all-time high.

BTC/USDT 1D Chart. Source: TradingView

Conversely, if another correction happens, only a candlestick close below the $52,809 support level would invalidate the big-picture bullish outlook for BTC.