Donald Trump Could Be Bitcoin’s Biggest Price Booster: Experts
10 Mayo 2024 - 2:45AM
NEWSBTC
Former President Donald Trump recently voiced strong support for
Bitcoin and cryptocurrencies, notably diverging from his previously
skeptical stance. This significant pivot, prominently featured in a
recent video circulating among crypto enthusiasts and investors,
has spurred speculation about the potential implications for
Bitcoin and other digital currencies as the US election approaches
this November. How Trump Could Boost Bitcoin Price The comments
made by Trump were discussed by analyst MacroScope on X. The
analyst emphasized the importance of Trump’s statements: “By now,
you’ve probably seen the video of Trump‘s strident and arguably
stunning pro-crypto comments.” MacroScope suggested that the
implications of Trump’s newfound support could be profound,
particularly because a positive shift in policy from Washington,
D.C., regarding cryptocurrencies has not been factored into current
market prices. MacroScope further advised, “In terms of potential
price impact on BTC, this should be watched very, very closely in
coming months.” The statement reflects a broader sentiment within
the financial community that political endorsements can lead to
market movements, particularly when they suggest a shift in
regulatory approaches. The analyst drew parallels to the market’s
underestimation of the impact of the spot Bitcoin ETFs, indicating
that a similar scenario might unfold if Trump’s supportive comments
translate into formal policy changes. By now, you've probably seen
the video of Trump's strident and arguably stunning pro-crypto
comments. In terms of potential price impact on BTC, this should be
watched very, very closely in coming months. It should go without
saying that a constructive policy shift in DC is not…
https://t.co/KL0RNqawZg — MacroScope (@MacroScope17) May 9, 2024
Meanwhile, the credibility of Trump’s promises is a critical factor
in assessing the potential outcomes of his pro-crypto statements.
While Trump is known for making ambitious promises to rally
support, MacroScope noted, “Yes, he will promise anything in front
of a crowd to get applause. But from various insider accounts, we
also know that once he makes a high-profile promise, he’s acutely
aware of the attention and approval it got, and he feels obligated
to at least show the appearance of following through in terms of
policy.” Related Reading: Latest Bitcoin Top Is Different From 2021
Peak, Analyst Explains Why This behavioral pattern suggests that
Trump may continue to champion pro-Bitcoin and crypto policies, at
least in appearance, to maintain the favor he has garnered from
these statements. Moreover, the political discourse surrounding
cryptocurrencies is intertwined with speculations about future
leadership at the Federal Reserve. Former Fed Governor Kevin Warsh,
who is viewed as a potential successor to Jerome Powell, has
previously expressed a nuanced understanding of Bitcoin’s value,
particularly in light of a weakening dollar. In a statement made in
2021, Warsh remarked, “It does make some sense to me,” referring to
Bitcoin’s resilience during times of dollar depreciation. The
potential appointment of Warsh could herald a more favorable
regulatory environment for cryptocurrencies, aligning with Trump’s
pro-crypto rhetoric. Analyzing Trump’s BTC Stance: Julian Fahrer’s
Insights Julian Fahrer, co-founder and CEO of Apollo, also recently
offered a nuanced analysis of Donald Trump’s relationship with
Bitcoin and crypto, spanning from his presidency to his
post-presidential activities. Fahrer’s perspective is crucial in
dissecting Trump’s public statements against his administrative
actions. During his presidency, Trump openly criticized Bitcoin and
cryptocurrencies, notably after Meta’s attempt to launch the Libra
stablecoin in 2019. Trump famously stated, “I am not a fan of
Bitcoin and other cryptocurrencies, which are not money, and whose
value is highly volatile and based on thin air. Unregulated Crypto
Assets can facilitate unlawful behavior, including drug trade and
other illegal activity.” Related Reading: Bitcoin Gets A ‘Monster’
Whale Boost With $1.2 Billion ETF Purchase Despite these comments,
Trump’s appointments suggest a more complex position towards
crypto. He appointed Hester ‘Crypto Mom’ Pierce to the SEC, known
for her dissenting opinions in favor of Bitcoin and crypto, and
Steve Mnuchin as Treasury Secretary, who viewed cryptocurrencies as
a national security threat. This dichotomy shows that Trump’s
administration maintained a somewhat ambiguous stance on crypto
regulation, characterized by tightened KYC/AML rules by the
Financial Action Task Force, alongside the Commodity Futures
Trading Commission’s approval of crypto futures products.
Post-presidency, Trump’s attitude appears to have shifted
significantly. His venture into Trump Digital Trading Cards and
disclosure of owning $2.8 million in ETH in 2023 signal a newfound
embrace of digital assets. This change could be attributed to
strategic shifts or financial incentives. Furthermore, Trump’s
recent interactions, including bringing pro-Bitcoin Vivek Ramaswamy
into his circle and positive comments on Fox about Bitcoin,
indicate a potential pivot towards a more crypto-friendly posture
if he were to secure a second term. Fahrer aptly notes, “The bigger
an enemy of Bitcoin and crypto the Democrats seem to be, the more
Trump appears to be embracing it.” This analysis underscores the
fluidity between Trump’s rhetoric and his policy actions regarding
Bitcoin and cryptocurrencies, with Fahrer concluding that Trump’s
evolving stance could lead to a ‘full on Degen Don’ as the November
election approaches. Notably, investment giant VanEck predicted at
the beginning of the year that a Trump victory will propel the
Bitcoin price to a new all-time high on November 9th and
potentially reach $100,000 by December. At press time, BTC traded
at $63,024. Featured image from BlockTrends, chart from
TradingView.com
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