Loading...

Donald Trump will trigger a massive Bitcoin bull run if he wins: FT

551567
Democratic Marc Andreessen will vote for Trump because of cryptoDonald J. Trump. Credits: Trump Campaign

In this post:

  • Donald Trump’s potential election victory could trigger a massive Bitcoin surge.
  • Bitcoin has surged in 2024 due to Bitcoin ETFs but struggled since April’s halving event.
  • Analysts believe Trump’s pro-crypto stance and policies could boost Bitcoin’s appeal.
  • Market watchers predict Bitcoin could reach $100,000 by Election Day if Trump wins.

Donald Trump may trigger a massive Bitcoin bull run if he wins the presidential election, according to the Financial Times. Bitcoin has been extremely bullish this year already, mostly due to the approval of spot Bitcoin ETFs.

Since their launch in January, Bitcoin has broken two all-time highs and mostly stayed above $60,000.

Until now.

In the past five days, Bitcoin has tumbled below $54,000 for the first time since February. At press time, it has rebounded a little, sitting pretty at around $56,000.

Trump, the Bitcoin champion

The hilarious Donald Trump has shown a lot of love to the crypto industry recently. The man hostes crypto mining executives at Mar-a-Lago, started accepting contributions in crypto, and has generally been making positive statements on crypto.

Industry leaders hope that a Trump administration, along with a strong Republican presence in Congress, will lead to clearer and more favorable environment for crypto to thrive.

Donald Trump will trigger a massive Bitcoin bull run if he wins: FT
Donald Trump with Tyler and Cameron Winklevoss. Credits: Tyler Winklevoss

However, there are also concerns about what a Trump presidency might mean for traditional financial markets. Right now, the expectations are that Trump’s policies would increase the deficit, leading to higher inflation and Treasury yields.

Standard Chartered’s Geoff Kendrick believes Trump’s policies could lead to “fiscal dominance,” where government deficits and debt grow so large that the Federal Reserve become powerless to fight it.

This would, of course, affect Bitcoin’s price since the crypto diva is unfortunately intertwined with key US Treasury markers. Geoff argues that a steeper curve and higher break-even rates than real yields would push Bitcoin’s price higher.

Donald Trump will trigger a massive Bitcoin bull run if he wins: FT
President Joe Biden and Vice President Kamala Harris. Credits: CNBC

Meanwhile, the Trump trade partly relies on Joe Biden being Trump’s opponent in November. Now if Biden drops out of the race and Kamala Harris takes over for him, then we might be looking at completely different odds.

Polymarket bets on Joe dropping out have hit over $11 million, putting it at 61%.

Donald Trump will trigger a massive Bitcoin bull run if he wins: FT
Source: Polymarket

As for Bitcoin, its performance has been quite terrible. Sales by miners and recent movements by US and German authorities, along with Mt. Gox’s repayments have shook the market.

Geoff thinks that by late July, if it becomes clear that Biden will run, the probability of Trump winning will obviously increase, potentially driving Bitcoin higher.

He has predicted that BTC will break another all-time high in August and hit $100,000 by Election Day.


Reporting by Jai Hamid

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

US Securities and Exchange Commission prepared to withdraw all demands on Ripple (XRP)
Cryptopolitan
Subscribe to CryptoPolitan