Regulation
Bitcoin: Could a Trump Presidency Send BTC Price to $100,000?
- A Trump presidency could be the best solution for Bitcoin prices and the cryptocurrency market in general.
- Let’s analyze how a win could impact the price action of Bitcoin.
THE Bitcoin [BTC] The 2024 conference is just a few hours away and this time there is perhaps more excitement than ever because of one man. Donald Trump, the 2024 presidential candidate who could change the game and forever influence the future of Bitcoin.
Trump has been vocal in his support for Bitcoin during his campaign. So much so that he proposed adding BTC as a dollar reserve. An ambitious plan that solidifies the idea of Bitcoin as digital gold.
But perhaps the biggest question for crypto enthusiasts is how Trump’s presidency (if he wins) will affect Bitcoin prices. Let’s take a look at the potential price implications.
Pro Bitcoin and Cryptocurrency Regulations
Trump described Bitcoin as a scam just three years ago. Fast forward to the present and he has been baptized and transformed into one of the biggest BTC evangelists of 2024.
He preached recently self-custody as one of the things he will fight for if elected, in addition to potentially turning Bitcoin into a reserve currency.
Trump also chose JD Vance as his running mate. This is notable because Vance is also pro-crypto. It is therefore likely that the Trump administration will implement favorable regulation to match its stance on Bitcoin.
Proper regulation will not only provide clear guidelines, but will also help in their ambitions for the United States to be a leader in cryptocurrencies. Such an outcome should, in theory, have a positive impact on Bitcoin’s market sentiment and long-term demand.
Trump’s Economic and Political Policies
Inflation has been one of the biggest challenges facing the United States during President Joe Biden’s administration.
As a result, the cost of living has risen. Part of Trump’s manifesto is to pursue more favorable economic conditions by lowering inflation and lowering the cost of living.
Economic policy has a major impact on the price of Bitcoin. This has been abundantly clear over the past 3 years, as excessive liquidity from money printing has increased inflation.
The situation has been further exacerbated by Biden’s pro-war stance. A combination of these factors has created an unfavorable environment for risk assets like Bitcoin.
Trump and his policies have been seen as pro-business. As was the case during his previous presidency, characterized by geopolitical stability.
These factors point to a potentially healthier economic situation for the investor class, so liquidity could benefit the cryptocurrency market.
The speculation factor
Speculation is one of the biggest factors influencing Bitcoin’s price action. Trump’s strong connection to Bitcoin and his pro-crypto sentiment have attracted a lot of attention. Including support from venture capital firms like A16Z and Andreessen Horowitz.
The alignment of these pro-crypto factors underscores Trump’s current status as a force with the power to shape market sentiment. Take, for example, the recent attempt on his life.
After the incident, the market recovered and memecoins were created depicting him surviving the assassination attempt.
Trump’s ratings rose slightly against Biden in the days following the assassination attempt. Suggesting that the narrative was in his favor. However, Kamala Harris stepped up to replace Biden on the Democratic ticket.
His approval ratings in polls have rivaled and in some cases surpassed Trump’s, suggesting the presidential race may not be a clear victory for Republicans.
Judging by Harris’s strong campaign, it’s also important to assess the potential impact if she wins. In that case, Trump’s pro-crypto narrative could end up favoring the bulls.
However, a Trump victory could be extremely bullish for the cryptocurrency market. Many analysts predict that Bitcoin prices will rise towards $100,000 if Trump wins. Ultimately, we will have to wait for the next three months to see how things develop.