Donald Trump has recently voiced his support for Bitcoins, and cryptocurrency in general. He is now a strong advocate of these currencies. A recent video circulated among investors and crypto enthusiasts prominently highlighting this pivot. This has sparked speculation regarding the implications of Bitcoin and digital currencies in the US elections coming up next November.
Bitcoin Prices Could Rise if Trump Supports Bitcoin
Analyst MacroScope discussed Trump’s comments on X. The analyst stressed that Trump’s remarks are important: “By the time you read this, it’s likely to have been seen by many.” video of Trump‘s strident and arguably stunning pro-crypto comments.” MacroScope said that Trump’s support for cryptocurrencies could have profound implications, especially because Washington, D.C., hasn’t factored in a favorable shift to policy regarding cryptocurrency prices.
MacroScope has been further informed. “In terms of potential price impact on BTC, this should be watched very, very closely in coming months.” This statement is representative of a wider sentiment in the financial Community that political endorsements may lead to changes in the market, notably when they suggest an alteration of regulatory practices. The analyst made a comparison to how the market underestimated the impact of spot Bitcoin ETFs. He suggested that a similar situation could occur if Trump’s positive comments lead to formal policy changes.
Most likely, by now you have seen Trump’s frank and possibly stunning crypto comments.
It is important to monitor the potential effect of BTC’s price on a daily basis in the months ahead. It should go without saying that a constructive policy shift in DC is not… https://t.co/KL0RNqawZg
— MacroScope (@MacroScope17) May 9, 2024
The credibility of Trump’s statements is also a key factor when assessing his potential impact on crypto. MacroScope pointed out that Trump has a history of making big promises in order to gain support. “Yes, he will promise anything in front of a crowd to get applause. But from various insider accounts, we also know that once he makes a high-profile promise, he’s acutely aware of the attention and approval it got, and he feels obligated to at least show the appearance of following through in terms of policy.”
The behavior pattern indicates that Trump will continue to support crypto and pro-Bitcoin policies at least on the surface, in order to keep up his popularity. The political discussion surrounding crypto currencies is also intertwined in speculations regarding the future of the Federal Reserve. Kevin Warsh, a former Fed governor who has been viewed by many as the potential successor of Jerome Powell in his position, expressed previously a nuanced view of Bitcoin, especially when compared to a weakening of the dollar.
Warsh made a comment in 2021. “It does make some sense to me,” Referring to Bitcoin’s resistance during periods of depreciation. Warsh’s potential appointment could signal a favorable regulatory climate for cryptocurrency, in line with Trump’s crypto rhetoric.
Julian Fahrer shares his insights on Trump’s BTC stance
Julian Fahrer is the CEO and co-founder at Apollo. He recently shared a nuanced perspective. analysis Donald Trump’s relationship with Bitcoin, crypto and other digital currencies. This includes his activities from the time he was president to now. The perspective of the driver is essential in analyzing Trump’s statements about his administration actions.
Trump was open about his criticism of Bitcoin and other cryptocurrencies during the time he served as President, especially after Meta tried to launch the Libra stablecoin 2019 will be a year of change. Trump has said that he will be in 2019. “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
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Trump’s nominations suggest that he has a complex view of crypto despite his remarks. He appointed Hester ‘Crypto Mom’ Pierce to the SEC, known for her dissenting opinions in favor of Bitcoin and crypto, and Steve Mnuchin Treasury Secretary who saw cryptocurrencies as national security threats.
The dichotomy between the two shows how Trump’s Administration maintained an ambiguous position on crypto regulations, which was characterized by the Financial Action Task Force’s tightening of KYC/AML requirements, and the Commodity Futures Trading Commission approving crypto futures.
Trump’s behavior has changed significantly since his presidency. The venture into Trump Digital Trading Cards The disclosure that $2.8million in ETH will be owned by 2023 indicates a growing interest in digital currencies. The change in attitude could be due to strategic changes or financial incentives.
Trump’s interaction with Vivek, a pro-Bitcoin, in his group and the positive comments he made on Fox concerning Bitcoin indicate that he could pivot toward a more crypto friendly posture, if elected to another term. Fahrer makes a good point. “The bigger an enemy of Bitcoin and crypto the Democrats seem to be, the more Trump appears to be embracing it.”
This analysis underscores the fluidity between Trump’s rhetoric and his policy actions regarding Bitcoin and cryptocurrencies, with Fahrer concluding that Trump’s evolving stance could lead to a ‘full on Degen Don’ as the November election approaches.
VanEck is a notable investment firm. predicted The beginning of the new year predicted that a Trump win would propel Bitcoin to an all-time record on the 9th November and possibly reach $100,000 by the end of December.
BTC is currently trading for $63,024.
Image from BlockTrends; chart by TradingView.com
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Source: www.newsbtc.com