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Did you hear about the old, American white guy who said some nice things about crypto as part of a rambling, somewhat nonsensical rant?

Here are the highlights of his speech:

• Never sell your Bitcoin.

• Bitcoin represents freedom, sovereignty, and independence from government control.

• The US will become the crypto capital of the world and the Bitcoin superpower.

• Bitcoin is going to the moon.

• Bitcoin will surpass the market cap of gold.

You might think I’m quoting Twitter shills and YouTuber thumbnails, but I’m not. Those are the words of a US presidential candidate!

Some people seem excited about the prospect of the US creating a strategic national Bitcoin stockpile.

Sounds great until they need to draw from that reserve. It’ll make Germany’s market-sell look like a basement day trader’s stop-loss.

If you worry about Mt. Gox’s Bitcoins now, imagine how you’ll feel when a new US president announces his or her intent to liquidate half of the reserves to prop up the dollar, reduce the budget deficit, finance tax cuts / spending, or whatever else the US decides.

That assumes the proposal passes into law and the US government has the resources to build its reserves in the first place.

It’s nice to hear politicians say nice things about Bitcoin. Even better when they promise to pump our bags. Sure beats getting called frauds, criminals, and terrorists.

I’m more interested in what people are doing, not saying. Make sure you got my market update from July 27, 2024 so you know what I’m seeing.

Also, catch the July monthly issue, Your Impression is Not Reality.

Look for a new altcoin report next month and more goodies later this year. Scroll down for a poll results. It’s a short rundown this week because I’m traveling and don’t have my normal setup.

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Chart of the Week

Poll results

In last week’s rundown, I asked “When will Bitcoin's price reach a new all-time high ($74k USD)?”

60% of respondents said September-December 2024. Almost nobody said it would take until the second half of 2025.

What do I think?

I see no reason we can’t see a $74,000+ Bitcoin this year.

Once we take the key step I talked about in my update from July 27, 2024, it’s pretty much guaranteed to go above that price.