- Trump appealed to crypto supporters with pro-Bitcoin statements and NFT releases.
- Polymarket showed that Trump leads with 62.1% support amid rising crypto interest among voters.
As an analyst with over two decades of experience in political and financial markets, I have witnessed many fascinating developments in my career. However, the recent maneuvers by Donald Trump in appealing to crypto supporters are nothing short of captivating. While he has previously expressed skepticism towards cryptocurrencies like Bitcoin, his pro-Bitcoin statements and NFT releases demonstrate a keen understanding of the power of this emerging asset class.
As the U.S. presidential election draws near in just four days, it’s clear that former President Donald Trump is leaving nothing behind – he’s covering every angle.
Although Trump has previously criticized cryptocurrency, calling Bitcoin [BTC] “not money” and “highly volatile,” he hasn’t shunned digital assets.
It’s been evident that he’s keen on Non-Fungible Tokens (NFTs) ever since he initiated his initial digital collectibles series back in December 2022. This passion, distinctly, showcases itself as he delves into the burgeoning world of this asset class.
Trump’s Bitcoin move
In a recent update on the platform previously known as Twitter, Trump garnered support from cryptocurrency enthusiasts by acknowledging the anniversary of Bitcoin’s whitepaper, and declared his stance on the matter.
“I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper.”
As expected, he didn’t stop there—and also took a jab at Vice President Kamala Harris, adding,
“We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP!”
Remarking on Trump’s comments, Erik Voorhees CEO of ShapeShift said,
However, not everyone felt the same.
Many praised Trump for his post and his proactive stance on Bitcoin.
For instance, trader and investor Jason Pizzino commented,
“0% tax on Bitcoin and 0% double tax – Let’s go Trump.”
Adding to the fray was another X user who noted,
Polymarket and crypto trend
Polymarket confirmed 62.1% support for the Republican candidate, leaving Harris at 37.9%.
As I observed the market, I noticed a shift in momentum that coincided with Bitcoin dipping to $69,544.97 at the time of press, having peaked at an impressive $73,569—a mere $168 shy of its all-time high reached in March, which stood at $73,737.
Even though Bitcoin’s Relative Strength Index (RSI) remains bullish by surpassing the neutral level, the ongoing drop suggests a potential rise in bearish influence in the near future.
The role of crypto in the election cycle
During the 2024 electoral season, the topic of cryptocurrency gained considerable importance among voters, as indicated by a survey conducted by Consensys and HarrisX.
In a survey involving around 1,600 registered American voters, it was discovered that approximately half of them view a pro-cryptocurrency position as significant when making their election choices.
As a researcher delving into the world of cryptocurrencies, I’ve discovered an engaging trend among the community. A staggering 92% are eager participants in upcoming votes, while a significant 85% consider cryptocurrency a top priority concern for them.
Consequently, cryptocurrency might significantly impact the decisions made by numerous voters during this election.
Trump attracts crypto voters, while Harris falls short
Given this situation, Trump has been actively interacting with crypto advocates, presenting himself as a supporter of Bitcoin in the process.
In spite of potential security issues, he participated in the Bitcoin Conference 2024. He introduced a line of sneakers themed around Bitcoin and unveiled a new collection of NFT trading cards, series number four. Additionally, he introduced World Liberty Financial to the public.
Supported by notable individuals such as Elon Musk and Michael Saylor, Trump’s interactions stand in stark comparison to the more modest reach of Vice President Harris.
In my own words, I’m actively promoting cryptocurrencies through my “Crypto for Me” initiative and delivered an encouraging talk on blockchain technology at The Economic Club of Pittsburgh.
As the countdown continues with just a few days left, it’ll be fascinating to observe whether Trump’s cryptocurrency-oriented plan proves successful in influencing the election results.
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2024-11-01 13:12