July may have been a downbeat month for big tech, but not for bitcoin. The cryptocurrency’s futures added 7.7% in the month and are now trading around 17% from the all-time high above 74,000. Likely adding to the upside? Bitcoin is having a moment on the campaign trail. 

 Former President Donald Trump recently headlined the biggest bitcoin conference of the year in Nashville and vied to make the United States the “crypto capital of the planet and the bitcoin superpower of the world.” 

A former bitcoin skeptic, the Republican presidential nominee also promised to ensure the United States government never sells off its bitcoin holdings. “For too long our government has violated the cardinal rule that every bitcoiner knows by heart, never sell your bitcoin,” Trump said at the Bitcoin 2024 conference in late July. 

Bitcoin holders including Natalie Brunell, host of the “Coin Stories” podcast, hope that a crypto-friendly president would mean a more favorable regulatory environment and in turn be a bullish catalyst for the price of BTC. Brunell joined Market Overtime to discuss the impact of the election on the cryptocurrency and made the case for bitcoin as a long-term savings vehicle. “I don’t see why I would invest anywhere else because I’d be selling my winner for potentially some losers,” Brunell told Schwab Network. 

To her credit, bitcoin’s outperformance extends beyond the month of July. While it hasn’t been a smooth ride higher, bitcoin futures are now up more than 50% so far in 2024.

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