Trump Re-Election May Catapult Bitcoin, Standard Chartered Says

Joshua Ramos
Donald Trump Discusses Bitcoin Use: 'Not Sure I Would Want to Take It Away'

Donald Trump’s re-election during the 2024 US presidential race may be the catalyst for catapulting the value of Bitcoin, according to Standard Chartered Bank. Indeed, they stated that the 45th President’s return to the Oval Office could come with favorable regulatory action from his administration.

The impending election will massively impact the US regulatory climate for digital assets. Moreover, with November voting just six months away, Donald Trump is perceived as a front-runner to contend with Joe Biden’s re-election bid in what is a repeat of the 2020 clash.

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Standard Chartered Predicts Trump’s Re-Election to Benefit Bitcoin

The United States has seen its digital asset sector face a rather uncertain regulatory environment. Indeed, a plethora of companies have been forced to go toe-to-toe with the US Securities and Exchange Commission (SEC) following a host of lawsuits. Subsequently, that has only worked to weaken the sector’s prevalence on a global scale.

However, one bank has predicted that it could potentially change. With all eyes on the impending 2024 election, Donald Trump’s re-election could catapult Bitcoin, according to Standard Chartered Bank. Specifically, they note that the regulatory environment could benefit the industry as a whole.

“We think a second Trump administration would be broadly positive via a more supportive regulatory environment,” the bank said in a Thursday research report. Additionally, they noted that Bitcoin provides “a good hedge against de-dollarization and declining confidence in the US Treasury market.”

Source: CNBC

Also Read: Currency: Trump Unveils Plans To Boost The US Dollar

The prevalence of international de-dollarization practices has emerged as a focus for Trump. Indeed, reports have noted that his administration would seek to challenge the emerging BRICS bloc. Standard Chartered notes that these efforts could come with an embrace of Bitcoin.

Earlier this month, Trump discussed the asset with CNBC. There, he expressed his willingness to embrace the sector, stating he wouldn’t want to “take it away at this point.”Additionally, although he had no Bitcoin to his name, he acknowledged its growing prevalence.

Overall, Trump has been adamant about his focus on the US dollar. Therefore, Bitcoin’s service to the greenback may prompt positive action in the regulatory discussion regarding BTC.