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Home»ADOPTION NEWS»Trump’s Potential Victory and Its Impact on Bitcoin (BTC)
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Trump’s Potential Victory and Its Impact on Bitcoin (BTC)

By Crypto FlexsAugust 15, 20244 Mins Read
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Trump’s Potential Victory and Its Impact on Bitcoin (BTC)
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Timothy Morano
15 Aug 2024 01:22

We analyze the potential impact of President Trump’s election on Bitcoin (BTC) and the cryptocurrency market as a whole, including his policies and Vice Presidential candidate JD Vance.





As the 2024 US presidential election approaches, the potential victory of Donald Trump has become a highly controversial topic, especially within the crypto community. According to CoinShares, Trump has a 46% chance of winning, reflecting significant interest in his policies among the digital native and crypto-supporting demographic.

Trump’s Pro-Crypto Policy and JD Vance’s Influence

Trump’s choice of JD Vance as his running mate has further fueled speculation about the future of cryptocurrencies under his potential administration. Vance, a former venture capitalist, is known for his strong pro-crypto stance. According to his 2022 financial disclosure, he holds between $100,000 and $250,000 in cryptocurrencies. Coinbase.

Vance has been active in proposing regulatory changes that would benefit the cryptocurrency industry. According to Politico, he has circulated draft proposals to overhaul the regulatory framework governed by Washington’s two top financial regulators. His public statements have also criticized measures such as Canada’s attempt to freeze the bank accounts of COVID-19 protesters and Biden’s infrastructure bill that imposes tax reporting requirements on cryptocurrency companies.

The Evolving Relationship Between Trump and Bitcoin

Initially skeptical of Bitcoin and other cryptocurrencies, Trump’s stance has changed considerably. His venture into cryptocurrency-based NFTs has reportedly generated millions of dollars for his campaign. Trump has also expressed support for Bitcoin miners, describing them as “our last line of defense against CBDCs (central bank digital currencies)” and insisting that Bitcoin production should remain within the United States.

Moreover, Trump has pledged to fire SEC Chairman Gary Gensler on his first day in office, and has criticized Gensler’s anti-crypto lawsuits and the slow progress on crypto regulation. This move may benefit altcoins more than Bitcoin, but it is seen as a positive development for the crypto market as a whole. Trump has also supported stablecoins to expand the dominance of the US dollar and has opposed the idea of ​​CBDCs.

Economic Policy and Its Impact on Bitcoin

Trump’s economic policies, which combine tax cuts with protectionist measures, could have mixed effects on Bitcoin. His previous administration managed the money supply in a disciplined manner until the COVID-19 pandemic. However, his nationalist stance on tariffs and trade could lead to inflationary pressures, which could affect geopolitical stability and the US dollar’s ​​status as a reserve currency. These factors could indirectly benefit Bitcoin as a hedge against inflation.

Trump has indicated that he will not fire Federal Reserve Chairman Jerome Powell until the end of his term, suggesting that he will continue his hard-line monetary policy until 2026. However, Trump may prefer to appoint a dovish Federal Reserve Chairman to lower interest rates, which could have a positive impact on digital assets and Bitcoin.

Kamala Harris’s Cryptocurrency Policy

Vice President Kamala Harris’ stance on cryptocurrencies remains unclear, but her presidency could provide a more balanced approach than the Biden administration. Some Democrats have already begun to explore more positive crypto legislation, as evidenced by President Biden’s support of a bill to reconsider the SEC’s approach to digital assets, despite his veto.

With an estimated 50 million Americans involved in cryptocurrencies, Harris could consider joining forces with Democrats who are advocating for crypto-friendly legislation. However, her past affiliations suggest a cautious approach, and her presidency could potentially be less favorable to digital assets than a Trump presidency.

In short, a potential Trump victory could create a mixed but potentially favorable environment for Bitcoin and the broader cryptocurrency market. His pro-crypto stance, combined with JD Vance’s influence, could create a more favorable regulatory environment, while his economic policies could indirectly leverage Bitcoin as a hedge against inflation.

Image source: Shutterstock


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