- Trump doubled down on his pro-crypto position in a recent speech
- He still has a 7-point lead on Harris, according to Polymarket
As a seasoned researcher with over two decades of experience under my belt, I have witnessed the rise and fall of numerous political figures and their stances on various issues, including cryptocurrencies. Donald Trump’s recent pivot towards Bitcoin is nothing short of intriguing, considering his past criticism of the digital asset.
In simpler terms, Donald Trump, running as the Republican candidate for president, reaffirmed his commitment to position the United States as a global leader in Bitcoin (BTC) and cryptocurrency. This declaration was made during a speech at the Economic Club of New York on Thursday. In his speech, he expressed that the U.S should be at the forefront of this digital currency movement.
Rather than opposing the emerging sectors, we choose to foster them. This means positioning America as a global leader in cryptocurrency and Bitcoin.
This announcement simply reinforced a similar pledge the former president made last week.
Trump’s latest pivot towards Bitcoin
During his tenure as President, Trump was a vocal critic of Bitcoin and cryptocurrencies. He even labeled Bitcoin as “a potential catastrophe” and a “fraud.” Interestingly, in his second bid for the U.S presidency, he unexpectedly took a pro-Bitcoin stance, making him the only president to publicly support Bitcoin.
A significant aspect of his advocacy for cryptocurrency was his speaking engagement at this year’s Bitcoin Conference in Nashville. In his main address, he unveiled plans for a national strategy involving a reserve for the digital asset.
Apart from this, members of Trump’s family have continued their involvement in cryptocurrency. They have recently introduced fresh Decentralized Finance (DeFi) plans with World Liberty Financial and ‘The Defiant Ones’, aiming to revitalize finance, echoing the phrase “make finance great again.”
Despite the diverse opinions about their family’s ventures, the ex-president has successfully garnered a significant segment of the market, boosted by growing contributions from cryptocurrency companies and individuals.
Due to contributions from prominent figures such as Coinbase and Ripple, who are backing pro-cryptocurrency candidates, Fairshake, a U.S political action committee advocating for cryptocurrencies, has experienced an increase in its funds.
As per Polymarket’s data, it appears that Donald Trump has a greater likelihood of winning the upcoming election compared to Kamala Harris. Currently, Trump is ahead of Harris by 7 points in the predictions made on the site.
Two months is like a century in politics though. So, any update can tip the scale towards either side.
Nevertheless, certain financial experts such as Quinn Thompson from Lekker Capital believe Donald Trump might secure a victory in the upcoming election. In case he does, Thompson posits that the current price of Bitcoin could be overestimated or inflated.
“In just two months, the U.S. election will take place. If Trump were to win, it’s intriguing to think about how many assets might be mispriced currently. For instance, the 10-year bond is at 3.77%, Bitcoin trades around $57,000, and the commodity/energy sector is struggling.”
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2024-09-06 14:15