Bitcoin
Bitcoin (BTC) could reach $100,000 if Donald Trump becomes US president again (ChatGPT speculates)
DR
- Donald Trump promises to support Bitcoin and crypto mining if elected, which could result in BTC prices rising (according to ChatGPT).
- Broader economic conditions, such as inflation and Federal Reserve policies, can also significantly influence the asset’s future valuation.
What are the chances of BTC?
The US presidential elections, scheduled for November this year, are expected to witness a fierce battle between current President Joe Biden and Republican candidate Donald Trump. The latter recently introduced he himself is the go-to choice for crypto enthusiasts, promising to let Bitcoin (BTC) and the industry prosper if he returns to the White House.
That said, we decided to ask ChatGPT whether the price of the leading digital asset could reach the $100,000 mark if Trump becomes America’s 47th president. The AI-powered chatbot estimated that its possible victory could in fact fuel a price rally for BTC:
“Trump’s presidency could impact regulatory policies regarding cryptocurrencies. If management adopts a more cryptocurrency-friendly stance, this could positively influence the price of Bitcoin.”
ChatGPT also stated that BTC’s valuation could go north if Trump fulfills his promises related to the crypto sector. He recently promised to boost the United States’ Bitcoin mining efforts, describing the process as the “last line of defense against a CBDC.” Earlier this year, the billionaire said that the digital dollar would be “very dangerous”, adding that he would never allow its creation (if he wins the elections).
Latest searches indicate that Donald Trump currently leads Biden by a small margin: 41% against 40% for his main opponent. Robert Kennedy, who receives 9.2% of voter support, is in third place.
Additional Factors
ChatGPT maintained that the possible election of Trump as the next US president is not the only element fueling a rally in BTC prices. Broader economic conditions such as inflation, geopolitical stability and monetary policy could also play a huge role.
Inflation in the States is one of the main factors closely monitored by the Federal Reserve, which targets an annual rate of 2%. Once this percentage is reached (or even before), the central bank will be able to abandon its aggressive anti-inflationary regime and lower interest rates.
The benchmark is currently positioned between 5.25% and 5.50% and some industry participants wait the crypto market will head north once the Fed cuts the number. After all, this will make borrowing money cheaper, potentially increasing interest in risky assets like BTC and alternative currencies.
Earlier this week, the US Bureau of Labor Statistics released its latest report, showing that inflation in America was below expectations for May. However, the Fed decided to keep rates unchanged: change followed by a drop in the price of BTC.