A Financial Times report suggests that a victory for Donald Trump in the U.S. presidential election could spark a Bitcoin rally in late 2024. The report cited Trump’s public support for the crypto industry and engagement with the technology as potential catalysts for a Bitcoin surge if he wins.
Some crypto investors are backing the former president’s re-election campaign, aligning with his pro-crypto stance. Trump has even dubbed himself the “crypto president” and pledged to support the digital asset industry if re-elected. He claims his election would usher in a new era of crypto in finance.
Bitcoin surged in early 2024 following the approval and launch of several spot Bitcoin ETFs, reaching a new record high of $73,794 in March. Other ETF applications have since followed, including the recently approved Ethereum ETF and pending applications for Solana ETFs.
The optimism surrounding Trump’s potential impact on Bitcoin stems from his being the more pro-crypto candidate in the upcoming election and the assumption that his policies would make crypto more attractive globally. Trump already accepts cryptocurrencies like Bitcoin, Ethereum, and SHIB for campaign donations.
Trump recently posted on his Truth Social platform that Bitcoin is the United States’ last defense against Central Bank Digital Currencies (CBDCs). The former president has also garnered open support from prominent figures in the crypto industry, including Gemini Crypto Exchange founders Cameron and Tyler Winklevoss, who recently donated $2 million in Bitcoin to his campaign.
As the 2024 U.S. presidential election looms, Trump’s staunch support for digital assets and his promise of a pro-crypto administration could help make the U.S. a global leader in cryptocurrency adoption with regulations.
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