As a seasoned crypto investor with over a decade of experience in this rapidly evolving market, I find myself cautiously optimistic about the potential impact of the 2024 presidential election on Bitcoin and altcoins. While I have witnessed various administrations come and go, each bringing their unique approach to digital assets, the promises made by former President Donald Trump resonate strongly with many in our community.
Crypto finds itself in the unique position as a campaign issue in the 2024 presidential election.
A significant number of professionals within the crypto industry are supportive of former U.S. President Donald Trump due to his pro-cryptocurrency stance, which they view as having the potential to stimulate growth in the sector.
According to several surveys, the outcome of the election is uncertain. However, some cryptocurrency traders like Satoshi Flipper contend that a Trump victory has not been factored into the current crypto market prices yet. He posits that if Republicans win, it could bolster the ongoing Bitcoin (BTC) and altcoin bull market.
However, with the election drawing closer, forecasting platforms like Kalshi and Polymarket are leaning towards a Trump win, raising his chances of victory to approximately 60%.
The big gap has led to concerns about potential manipulation, but these have been hotly contested by prediction markets proponents such as Kalshi founder Tarek Mansour.
18-year-old Bitcoin millionaire Erik Finman is quite hopeful about Donald Trump winning the election, as he thinks it could make the US more crypto-friendly, resulting in a surge of investments into the cryptocurrency markets. Finman contends that Trump’s policies would spark the crypto market, leading to widespread growth and expansion.
“If Trump wins, I believe Bitcoin could hit $100,000 during his second term”.
Anonymous market expert and investor known as “Crypto Rand” shared with CryptoMoon that one of the most encouraging factors about the Trump administration is its neutral stance on cryptocurrencies. This open-minded approach, in itself, could revolutionize the U.S. and potentially position it at the forefront of the crypto industry.
Many individuals are not fully on board with this viewpoint, such as American entrepreneur and Shark Tank star Mark Cuban, who has advocated for more crypto-friendly initiatives within Kamala Harris’s campaign. He recently expressed to CryptoMoon that if Donald Trump were reelected, the cryptocurrency markets would likely experience a temporary surge (or “pump”) for several weeks before experiencing another downturn. Additionally, Cuban suggested that Trump’s economic policies could lead to inflation, potentially impacting Bitcoin’s price movements negatively.
Will Trump’s pro-crypto policies boost Bitcoin and altcoins?
Trump has promised many pro-crypto policies that appeal to crypto single-issue voters.
Among the notable points, it’s been consistently stated by Trump that he intends to dismiss Gary Gensler, the current SEC Chair, on his very first day in office.
According to experts, though he might not appoint someone directly in place of Gensler, he could potentially reduce Gensler’s position to commissioner and then propose a new candidate who shares his policy views. However, it’s important to note that the final decision rests with the U.S. Senate.
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According to Basel Ismail, the CEO of investment analytics platform Blockcircle, a new Securities and Exchange Commission (SEC) director who is favorable towards cryptocurrencies could significantly increase Bitcoin’s popularity and potentially trigger a revival of alternative coins.
A number of ETF proposals for various altcoins, including Ripple’s XRP and Solana, have been submitted before the U.S. elections, positioning them as strong contenders if approved by the SEC.
Previously, Bloomberg ETF analyst Eric Balchunas mentioned to CryptoMoon that there’s a possibility of a new SEC commissioner being appointed who may not prioritize the procedures used in recent years, particularly those involving futures data and its impact on spot ETF approval. In conclusion, he suggested:
“If Trump wins, we could see other coins as ETFs, in my opinion.”
As a cryptocurrency investor, I’m excited about Trump’s ambitious and numerous pro-crypto promises, envisioning the U.S. as the global leader in this field. Although the formation of a crypto advisory council might have slipped past some people’s notice, I consider it highly significant.
He believes the Senate, Congress and SEC have repeatedly demonstrated their lack of understanding of the crypto industry and its dynamics. A proper commission with industry experts will help advise and create more appropriate regulations.
According to Finman, Trump’s dedication to easing regulatory barriers could stimulate the cryptocurrency sector, enticing substantial financial backing for crypto businesses.
According to Alex Thorn, the leader of research at Galaxy, it might be advantageous for alternative cryptocurrencies (altcoins) rather than Bitcoin if the rules governing cryptocurrencies are made clearer.
He argues that Bitcoin’s current high market dominance is linked to its favorable regulation compared to altcoins. If Trump implements his proposed crypto policies, altcoins could potentially surge and even outperform Bitcoin.
Finman is of the opinion that Trump’s presidency could act as a beneficial wave (a “rising tide”) that boosts all investments. However, Crypto Rand takes a different stance, suggesting that profits will predominantly accrue in sectors like artificial intelligence and DePIN, which he views as having higher chances to steer market growth, stating they are “the frontrunners most likely to fuel the market surge.
Ismail stated that the markets for decentralized finance (DeFi) and memecoins could potentially prosper following Trump’s win, given that he has been vocal about his upcoming DeFi initiative, World Liberty Financial (WLFI). This project of Trump’s is intended to be connected with Aave.
Trump can be seen as a living, breathing internet joke. Ismail noted that Trump “owns various meme-based cryptocurrencies in his personal digital wallets,” with many of these acquired via airdrops during their initial distribution.
How will his non-crypto policies affect crypto?
Some individuals posit that Trump’s wider economic strategies might hold advantages for the cryptocurrency sector as well. Finman expressed that reducing capital gains taxes could stimulate investment motivations, thereby fostering expansion within the crypto market.
Mark Cuban suggests that not every one of Trump’s suggestions might be beneficial for cryptocurrency. In his view, Trump’s economic policies have a high potential to trigger inflation, which could negatively impact the growth and stability of cryptocurrencies—particularly due to the unparalleled tariffs he plans to impose within the U.S.
On October 15th, Trump expressed his fondness for tariffs, referring to them as one of the most attractive terms in the English language, during his speech at the Economic Club of Chicago. He reaffirmed his commitment to impose a minimum of 10% across-the-board tariff on all imported goods and up to 60% on Chinese imports.
Cuban thinks that Trump’s tariffs might lead to an increase in inflation, potentially causing a rise in interest rates, which could negatively impact cryptocurrencies.
Will Trump continue his pro-crypto stance?
Despite recent indications that Trump is pro-cryptocurrency, those familiar with the crypto market may recall that he did not express support for Bitcoin or alternative coins during his previous presidency.
At the time he said crypto was “based on thin air,” and even called it a scam on Fox News.
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Finman expressed that since Trump was born around the time of World War II, it’s not surprising he didn’t initially grasp Bitcoin. However, his recent change of stance could be a good sign, indicating that he is “receptive to change” and “eager to learn and adapt when presented with new ideas.
crypto Rand admitted that Trump’s support for cryptocurrency might not be entirely genuine, rather viewing it as a “tactical move” – Trump is leveraging a significant opportunity to gain fresh backing and an additional funding avenue for his campaign.
In essence, as Crypto Rand put it, “Trump consistently demonstrates exceptional skills in business,” and “being open to change, adjusting your perspective, and recognizing emerging sectors that could potentially revolutionize the globe are crucial abilities.
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2024-10-21 16:43