With the 2024 presidential election looming, the world of cryptocurrency has its eyes on who will win, with some crypto investors invested in a Donald Trump re-election. The former US President has christened himself the “crypto president,” and has made promises during his campaign to please the digital asset industry, ushering in the new era of crypto in finance. Donald Trump’s crypto such as Bitcoin and even his own NFT, and those assets can rally if he is elected.
According to a report from The Financial Times, Donald Trump may spark a Bitcoin rally if he is elected president. Bitcoin has exploded in 2024, largely due to the arrival of Bitcoin ETFs (exchange-traded-funds). Since the ETFs were launched in January, Bitcoin’s value reached an all-time high in March. The asset has not fallen far below $60,000 since.
Other ETF applications have since followed, including Ethereum and now the first Solana ETF applications. Other ETF applications for XRP and more are speculated to come soon too. With the market looking for a spark, the support from a “crypto president” like Donald Trump could be that boost.
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Donald Trump To Cause Bitcoin Boom This November?
According to FT, the optimism comes down to two perceptions: that Trump is the more pro-crypto candidate and that his policies will make assets such as bitcoin more appealing to the wider world. Trump already accepts cryptocurrencies such as Bitcoin, Ether, and SHIB for his campaign donations. Furthermore, his consistent proclamations of supporting cryptocurrency of late and the success of his NFT add assurance that the crypto world would appear to benefit from his election.
Recently on his Truth Social platform, Trump stated that Bitcoin is the nation’s “last line of defense against a CBDC.” The post ensured that Bitcoin is growing as a campaign point for Trump. Furthermore, top crypto industry members are also supporting the former president. Last month, Gemini Crypto Exchange founders Cameron and Tyler Winklevoss donated $2M in Bitcoin, 30.94M BTC, to his campaign.
Based on the support he’s given for Bitcoin and gained of late, it is clear that of the two leading candidates, former President Trump is the most crypto-driven. If Trump is elected, it is certainly possible that Bitcoin will experience a temporary boost in value this November. If the former President follows through with his crypto support as well, Bitcoin could reach new highs, thus pumping the entire cryptocurrency market entering 2025.