Crypto Market Restructuring? With Joe Biden's Voluntary Withdrawal, Elon Musk to Join Trump in BTC 2024?

Joe Biden has expressed his decision to withdraw from the 2024 US election on X, in favor of Vice President Kamala Harris to lead the Democratic Party against Donald Trump in the upcoming November election.

With Joe Biden withdrawing from the US election stage, Elon Musk has updated his profile picture on X (formerly Twitter) to include a unique "laser eyes" emoji, a symbol of bullish sentiment towards Bitcoin. The update comes days before the Bitcoin 2024 conference, which will be held in Nashville from July 25 to 27, where prominent figures including US presidential candidate Donald Trump are expected to speak.

Potential Trump Endorsement

Rumours have been circulating that Trump might endorse Bitcoin as a strategic reserve asset if he wins the November presidential elections. Dennis Porter, founder of the Satoshi Act Fund, has contributed to the speculation by posting an unverified leak suggesting Trump’s plan to announce a “USA bitcoin strategic reserve” at the conference.

Speculations on Musk's Appearance

David Bailey, CEO of Bitcoin Magazine and organiser of the conference, hinted at significant developments on social media, responding to Musk’s new profile picture with suggestive emojis and a teaser: “ARE YOU READY?”

Reactions from Industry Figures

Reactions to Musk’s profile change were immediate and varied. Dennis Porter viewed it as a major signal, suggesting that Musk’s update indicates a possible return to Bitcoin advocacy. Michael Saylor, CEO of MicroStrategy, echoed this sentiment by tweeting, “Laser Eyes are back in style. #Bitcoin.”

Cryptocurrency analyst Scott Melker speculated that Musk’s profile update could signal a major announcement, stating, “If this means what I think it does then this week is about to get even wilder.”

Media Speculation

Fox Business journalist Eleanor Terrett considered the possibility of Musk making a surprise appearance at the conference. Given his known interest in Bitcoin and his relationship with Trump, she speculated that Musk could be the biggest guest announcement, although she acknowledged this was purely speculative.

Alternative Interpretations

Not all interpretations align with the Bitcoin speculation. Autism Capital suggested that the laser eyes could symbolise a broader trend rather than a specific endorsement of Bitcoin. Steven Lubka from Swan also offered a different perspective, indicating that the laser eyes might be related to other movements rather than a Bitcoin-specific message.

At press time, Bitcoin was trading at $67,620.

BTC rallies past the red resistance zone , 1-day chart | Source:BTCUSD on TradingView.com

While Musk’s update has generated significant excitement, it remains unclear whether it signifies a renewed focus on Bitcoin or reflects a broader trend. Investors should remain cautious and consider multiple sources before drawing conclusions.