[07/30/24] Is Trump’s Bitcoin Conversion Real?

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One-time bitcoin skeptic Donald Trump told a rapt Nashville audience over the weekend why he was the crypto Presidential candidate.

In his rambling, 50-minute speech at the Bitcoin Conference, Trump told 3,000 largely true believers that he would establish a "strategic national bitcoin reserve,” never sell the country’s bitcoin holdings, and promised to fire SEC Chair Gary Gensler.

Bitcoin popped over $69,900 early Monday, its highest level since early June, according to data provider CoinMarketCap. To be sure, the price retreated after U.S. equity markets opened, and the BlackRock Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC)—the largest of the spot bitcoin ETFs by AUM—traded slightly down.

Little more than three years ago in an interview with Fox, Trump called bitcoin “a scam,” and in a now deleted Twitter post, he wrote that he was “not a fan” of cryptocurrencies.

In his Nashville remarks, Trump said that he had heard from former Republican Presidential candidate and tech entrepreneur Vivek Ramaswamy that the crypto community “involved” 175 million people. “So when they heard that, they said, ‘let’s be nice to them, at least until after the election.’”

By James Rubin

Below is a roundup of the key developments in the ETF industry for the seven-day period ending July 26:

Vanguard’s VOO Breaks Inflow Record, Outpaces Rival SPY The S&P 500-tracking ETF has already surpassed its record full year 2021 inflows.

ETF Spotlight: Grayscale ETHE Outflows Mark Debut The fund based on the price of ether has shed assets in its opening days, while other such funds have generated inflows.

Goldman Sachs' ETF Growth in Focus as Lake Arrives Byron Lake, credited with supercharging JPMorgan's ETF business, starts Monday at crosstown rival Goldman.

Advising Clients Through an Election Year Ben Engel of Modesto Capital says the upcoming presidential election is affecting the way clients are viewing their investment risks and opportunities.

Spot Ethereum ETFs Net $107M in Inflows in Debut Trading volume for the funds reached nearly $1.1 billion on their opening day.

Featured Fund

Invesco S&P Midcap Momentum ETF (XMMO)

XMMO tracks an index of S&P 400 MidCap stocks selected by momentum and weighted by market cap and momentum. Its index selects 80 names with the highest momentum score, derived from 12-month performance, excluding the most recent month and favoring stocks with lower volatility. The index weights the names by a combination of market cap and the momentum score. Prior to June 24, 2019 the fund was quite different. It tracked a Russell growth index under a different name and ticker (PXMG).

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TALK ETF’S VIDEO SERIES

Bitcoin and ether—they’re the two most valuable cryptocurrencies by market cap and the two most popular. Investors can purchase either of them or both through exchange-traded funds, but which one is better? In this episode of Talk ETFs, etf.com Senior Analyst Sumit Roy discusses the differences between the cryptocurrencies with Tim Lowe, strategic advisor at Attestant.?Watch Now

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