Coin World Report:
As the 2024 presidential election approaches, the cryptocurrency world is closely watching who will win, with some crypto investors betting on Donald Trump’s re-election. The former US president has dubbed himself the “crypto president” and promised to please the digital asset industry during his campaign, pioneering a new era for cryptocurrency in the financial sector. Donald Trump’s cryptocurrencies, such as Bitcoin and even his own NFTs, could rebound if he is elected.
According to the Financial Times, if Donald Trump is elected president, he could trigger a Bitcoin rebound. Bitcoin exploded in 2024, primarily due to the arrival of Bitcoin ETFs (Exchange-Traded Funds). Since the launch of ETFs in January, Bitcoin’s value reached an all-time high in March. Since then, the asset has not fallen below $60,000.
Other ETF applications followed, including Ethereum and now the first Solana ETF application. It is speculated that other applications for ETFs like XRP will also arrive soon. As the market looks for a spark, support from a “crypto president” like Donald Trump could provide a boost.
Also Read: Top Three Cryptocurrencies to Watch During This Weekend’s Decline
Will Donald Trump Spark a Bitcoin Frenzy This November?
Source: WTTW News
According to the Financial Times, the optimism boils down to two views: Trump is the more pro-crypto candidate, and his policies will make assets like Bitcoin more attractive to the broader world. Trump has already accepted cryptocurrencies like Bitcoin, Ether, and SHIB as campaign donations. Additionally, his recent consistent statements in support of cryptocurrencies and the success of his NFTs have ensured that the crypto world seems poised to benefit from his election.
Recently, Trump stated on his Truth social platform that Bitcoin is America’s “last line of defense against CBDC.” This post has ensured that Bitcoin is growing as a campaign point for Trump. Furthermore, top members of the crypto industry are also backing the former president. Last month, Gemini Crypto Exchange founders Cameron and Tyler Winklevoss donated $2 million in Bitcoin, or 3094 BTC, to his campaign.
Based on his recent support for Bitcoin and the support he has received, it is clear that among the leading candidates, former President Trump is the most driven by cryptocurrency. If Trump is elected, Bitcoin will likely see a temporary appreciation this November. If the former president continues to support cryptocurrencies, Bitcoin could reach new highs, propelling the entire crypto market into 2025.
