- Trump’s crypto support fuels election optimism; forecasts give him a 64.8% chance of winning.
- Concerns arise over potential conflicts of interest with Trump’s proposed financial projects.
As a seasoned crypto investor with over two decades of market experience under my belt, I find myself intrigued by the recent developments surrounding the upcoming election and its potential impact on the digital currency landscape.
Throughout the current presidential campaign, Donald Trump, a former U.S. president, has openly endorsed cryptocurrencies, earning approval from numerous advocates who think he would make an ideal candidate for the position.
A recent article by Autism Capital highlights that Elon Musk shares the belief that the U.S. economy could experience a resurgence should Trump emerge victorious in the upcoming elections.
The post included a video of Musk speaking at an event, where he said,
Crypto community supports Trump
Furthermore, as per a recent update from Crypto Rover (@cryptoseacom), the founder has revealed election predictions indicating a 64.8% probability of victory for Donald Trump.
He also added,
Moreover, financial analyst Bernstein forecasts a potential Bitcoin surge to $90,000 by the end of this year should Trump win the re-election. This prediction suggests a very optimistic outlook for Bitcoin!
This highlighted the growing support Trump is garnering from the crypto community and beyond.
With a high level of certainty, several people expect that the upcoming debate between President Trump and Vice President Kamala Harris on the 10th of September won’t lead to any major changes in the current election odds.
Reiterating the same, X (formerly Twitter) user Crypto_McKenna added,
Lingering concerns surrounding Trump’s new plan
Despite widespread enthusiasm for a possible Trump win, a recent Wall Street Journal article has sparked worries over potential conflict-of-interest issues related to his re-election campaign.
The report highlights the World Liberty Financial project, which, while details remain limited, aims to promote “U.S.-pegged stablecoins around the world” and reinforce the dominance of the U.S. dollar.
Such a venture might add novel dimensions of intricacy and examination, possibly sparking potential conflicts of interest should Trump regain office in the future.
The concern over Trump’s potential influence on cryptocurrency regulations stems from fears that he might promote rules benefiting his own projects, such as World Liberty Financial.
Additionally, there’s a concern that companies might consider purchasing Trump’s financial offerings as a means of winning his administration’s goodwill.
During Trump’s initial term as president, his commercial activities sparked ethical concerns, as it was disclosed in 2022 that foreign authorities had spent substantial amounts at the Trump International Hotel, presumably to gain favorable business opportunities.
The president doesn’t have direct power over the dollar’s worth, but his financial decisions can influence it in an indirect manner.
What’s more to it?
As a researcher delving into the world of cryptocurrencies, I’ve encountered criticisms, particularly from some of President Trump’s supporters in this sphere. For instance, Nic Carter, an investor at Castle Island Ventures, has referred to this initiative as a “massive blunder.
Joining in the discussion was Jordan Libowitz, representing the public accountability organization Citizens for Responsibility and Ethics in Washington, who commented.
Adopting a supportive position towards cryptocurrency isn’t inherently problematic, but the concerning element arises when one uses this stance for personal gain.
Despite these concerns, the Polymarket prediction market remains unaffected.
In the most recent report, I find myself observing that Trump appears to be in the lead with approximately 52% of the estimated votes. Previously, Kamala Harris held a stronger position at around 47%, but it seems she’s now slipped below 45%.
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2024-09-11 01:12