- Trump’s crypto support fueled a Bitcoin surge, with its market value going past $90k
- According to Standard Chartered, Republican sweep could push crypto market to $10 trillion by 2026
As a seasoned researcher and analyst with over two decades of experience, I have witnessed the evolution of digital assets from a niche concept to a global phenomenon. The recent surge in Bitcoin’s market value, propelled by President Trump’s crypto-friendly rhetoric, is an intriguing development that underscores the power of political endorsement in shaping financial markets.
During his 2024 election campaign, the 47th President of the U.S., who had previously been skeptical about Bitcoin [BTC], transformed into an ardent advocate for cryptocurrencies, earning him the nickname “Crypto President.
As a researcher, I’ve been tracking the evolution of this individual’s views on cryptocurrency. Initially, he pledged to establish a “strategic national Bitcoin reserve,” expressing disapproval towards the Biden administration’s firm crypto policies. To further underscore his changing stance, he unveiled his own digital asset project, indicating a significant shift in his perspective towards the realm of digital assets.
In fact, in a recent conference, Trump also pointed out,
If we fail to adopt cryptocurrency and Bitcoin tech, other nations might, leading them to take the lead. It’s crucial that we do not allow China to take the lead in this area.
Bitcoin’s market cap post-election
After the 2024 elections, I observed that Bitcoin soared beyond the $90,000 threshold, surpassing its prior record high of $73,000 set in March. Consequently, this upward trend led to an overall increase in the value of all cryptocurrencies, reaching a staggering total of over $650 billion, pushing the market cap to an impressive $3.2 trillion.
The significant increase is mainly due to the widespread optimism about the new leadership, as crypto supporters anticipate a more welcoming viewpoint towards digital currencies, in contrast to the Biden administration’s previous stance.
How a Republican sweep can benefit the crypto market cap?
As talk about it grows, Standard Chartered’s investment bank suggests that the total value of the cryptocurrency market might reach an astounding $10 trillion by the year 2026 – This prediction assumes a possible Republican victory, which could bring in supportive crypto policies.
Indeed, as per the latest findings, the bank foresees a potential quadrupling of the market’s worth due to favorable government measures, which may push its value beyond $10 trillion in the forthcoming years.
Regarding this topic, Geoff Kendrick, who leads Digital Assets Research at Standard Chartered, made a comment.
As the digital asset market grows, it’s expected that all digital assets will see an uplift. Those with strong connections to practical applications or end-user scenarios are likely to gain the most from this growth.
The report additionally proposed that establishing a Bitcoin reserve under the current government appears improbable, yet if it happened, it could carry substantial consequences. This is particularly important to consider since it might trigger a “rare but highly impactful incident.
Hence, Kendrick put it best when he said,
Given that a Republican victory in the U.S. election appears imminent, we’re confident that we’ve ushered in the season of cryptocurrencies.
To summarize, should Bitcoin attain this specific point, its overall worth might exceed an impressive $4.3 trillion – Exceeding the combined value of all the British pounds in circulation.
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2024-11-14 11:04