Donald Trump’s Vice President pick, Senator J.D. Vance of Ohio, is affecting the crypto world, and everybody’s paying close attention. As soon as the former president confirmed his running mate, investors and enthusiasts are trying to analyze the potential impacts on digital assets.
Furthermore, the recent surge of the FEARNOT meme coin shows how interconnected politics are with the crypto markets.
Also Read: Trump Bitcoin Impact: Assassination Attempt Sparks Surge
Assessing the Crypto Market Impact of Political Events
Vance’s Crypto-Friendly Stance
Senator J.D. Vance is also known for pushing for reform regulation of digital assets and has been chosen by Donald Trump to be his Vice President if elected. This choice could influence future crypto policies deeply.
As one Polymarket expert noted:
“Sen. J.D. Vance (R-Ohio), who is pushing to reform regulation of digital assets, has a 29% chance of becoming former President Donald Trump’s running mate, according to traders on crypto-based prediction market platform Polymarket.”
He was right; now, the crypto market is waiting for the results. We will discuss this exact topic later.
Also Read: If Trump Gets Elected, Gold Prices Could Boost Significantly: Analyst
Recent Developments in Trump’s Campaign
The crypto community has shown great support for Trump’s campaign. Gemini co-founders Tyler and Cameron Winklevoss each donated $250.000 to the Trump Super PAC.
Additionally, a new pro-Trump super PAC, America PAC, has been created, attracting millions in donations from crypto backers.
In a surprising turn of events, Elon Musk has also pledged substantial financial support to Trump’s campaign. According to The Wall Street Journal, Musk plans to contribute around $45 million monthly to America PAC. This would total $189 million by the election.
This move happened after Trump went through a failed assassination attempt, which has caused Musk’s full endorsement.
Other notable donors to American PAC also include the following:
- Data analytics firm Palantir Technologies and its co-founder Joe Londsdale
- Former U.S. Ambassador to Canada Kelly Craft and her husband, Joe Craft
- CEO of coal producer Alliance Resource Partners
The FEARNOT Phenomenon
Following the failed assassination attempt on Trump, a new meme coin called FEARNOT emerged on Solana and Ethereum networks.
The coin’s name was inspired by Trump’s ‘’FEAR NOT’’ statement, which he reportedly said after the incident.
FEARNOT experienced a whopping 700% surge in a single day, which shows how volatile politically influenced crypto assets can be.
Also Read: Donald Trump: Republican Party Backs Cryptocurrency in New Policy
Crypto Market Reactions
The larger crypto market has also responded to the recent political events. As one expert noted:
“The value of the world’s biggest cryptocurrency, bitcoin, was up around 4% at 12:25 p.m. London time, to $62,462.46, according to CoinGecko. The rally follows the dramatic failed assassination attempt on former President Trump on Saturday.”
The crypto community awaits potential market growth after Vance’s selection as Trump’s VP.
That said, some analysts predict a positive outlook, stating:
“The overall crypto market is expected to grow, with increasing adoption and regulatory clarity. MAGA VP, with its strategic positioning and robust utility, is likely to benefit from these market trends, making it a promising investment for 2024.”
Trump’s VP pick of J.D. Vance could have a massive impact on the crypto market. Vance’s crypto-friendly stance and the chance for more favorable regulations are expected.