Could Trump’s return to power and pro-crypto policies trigger a historic bull run?

Could Trump’s growing support within the cryptocurrency community and his pro-crypto policies lead to a historic bull run if he wins the 2024 election?

The current political climate in WE is fraught with uncertainty. Voters are deeply divided, and the economic challenges facing the nation are substantial.

As President Joe Biden and former president Donald Trump As we prepare for the upcoming 2024 U.S. presidential election, the stakes are high, not just politically, but also economically and technologically.

The United States is grappling with persistent inflation, de-dollarization risks, geopolitical tensions, and a polarized political environment. Amid this uncertainty, the role of cryptocurrencies has emerged as a key issue for voters.

According to a recent survey by Greyscale, nearly half of voters now plan to include cryptocurrencies in their investment portfolios. This growing interest is particularly pronounced among younger voters, with 62% of Generation Z and Millennials seeing cryptocurrencies as the future of finance.

Recent developments suggest that the crypto tides seem to be shifting toward Trump. What are these reasons, and could his resurgence herald a long-awaited bull run in the cryptocurrency market?

Changes of position and political wars

As the election approaches, both Biden and Trump are offering starkly different visions for the country’s future, each with distinct implications for the economy and, by extension, the cryptocurrency market.

Former President Donald Trump, once a spokesman critic of cryptocurrencies, has made a surprising turn. Previously describing Bitcoin (Bitcoin) as a “scam” and cryptocurrencies as a “disaster waiting to happen,” Trump has now embraced the digital asset sector.

Lately proclaimed on social media that he is “very positive and open-minded about cryptocurrency companies and everything related to this new and thriving industry.”

Source: Truth Social

Trump’s new position represents a sharp departure from his previous views and suggests a strategic move to align with growing pro-crypto sentiment among voters.

In contrast, President Joe Biden’s administration has maintained a more skeptical stance toward cryptocurrencies. Biden recently vetoed a resolution passed in both the House and Senate, which was widely supported by the cryptocurrency industry.

The resolution aimed to repeal art. SEC decision that would have imposed tougher rules on financial institutions holding crypto assets.

Biden argued that the resolution would undermine the SEC’s ability to establish necessary guardrails for the industry, underscoring the need to protect consumers and investors.

The Rise of Pro-Crypto Sentiment and Trump’s Influence

As the 2024 US presidential election approaches, support for Trump from cryptocurrency billionaires and social media influencers is becoming increasingly evident.

Tyler and Cameron Winklevoss, well-known figures in the crypto world, have openly declared their support for Donald Trump. Tyler Winklevoss tweeted that he donated $1 million in Bitcoin to Trump’s campaign, citing the Biden administration’s “war on cryptocurrency” as the main reason.

His brother Cameron echoed this sentiment, supporting Trump’s stance on Bitcoin, cryptocurrencies and business.

Meanwhile, social media influencers like Wendy O have also expressed their support for Trump. You highlighted the regulatory uncertainty and highlighted how crucial these elections are to the future of the industry.

Trump cleverly integrated cryptocurrency into his campaign. He is said to be in talks to speak at the Bitcoin 2024 convention, the biggest BTC event of the year, scheduled for July 25-27 in Nashville, Tennessee.

This event, following the Republican National Convention, could provide Trump with a huge platform to solidify his pro-crypto stance.

Earlier this month, Trump also met with top Bitcoin exponents miners in the United States, advocating that all remaining BTC be mined domestically.

Source: Social Truth

Furthermore, during a recent rally, he promised to end Joe Biden’s “war on cryptocurrencies” and ensure that the future of Bitcoin and cryptocurrencies would be shaped in America.

Trump’s pro-crypto stance has already been result in substantial on-chain donations. Prior to the Winklevoss brothers’ contribution, the Trump campaign had received approximately $60,000 in on-chain crypto donations.

With the recent influx, total on-chain donations now stand at approximately $1.75 million. This figure is expected to increase as increased contributions made through exchanges are taken into account.

The growing support for Trump within the cryptocurrency community is also reflected in the prediction markets.

Platforms like Polymarket show Trump leading with a 60% share compared to Biden’s 34%, with bets totaling around $185 million, indicating a strong belief among bettors that Trump’s pro-crypto policies will resonate with voters .

As the political climate heats up, the cryptocurrency market is seeing a surge in a new category: Politifi. This sector, which merges politics and finance, has evolved rapidly piled up over $1.25 billion in market capitalization as of June 27.

Most of this market cap is dominated via Trump-related meme coins, reflecting the former president’s influence on the cryptocurrency community.

The most trending meme coin among all the Trump-related ones is MAGA (TRUMP), which has seen a surge of over 540 times since its inception in September 2023. As of June 29, it is trading at around $7.35.

Another coin that is gaining traction is MAGA (MAGA), which has increased in value by more than 34 times since its inception in May 2024, and is currently trading at $0.0002374.

Both of these coins are based on Trump’s famous slogan “Make America Great Again” (MAGA) and are seeing huge trading volumes and investor interest amid the ongoing political drama.

In this context, social media is buzzing with speculation and bullish predictions about the impact of Trump’s potential return on the cryptocurrency market.

For example, one user tweeted: “Trump will take crypto to new highs. 2025 will be the biggest bull market ever.”

This sentiment is shared by another user, who tweeted: “A Trump win would take SP500 to 6000 and $BTC to 250k IMO and it will happen.”

The optimism surrounding Trump’s potential victory and its impact on the cryptocurrency market is palpable, with many believing it could spark a bull run. But is it possible?

Could Trump’s arrival trigger a crypto bull run?

Amid all this political drama, the question on everyone’s mind is: Can Trump spark a cryptocurrency bull run? To answer this question we must consider several factors, starting with the need for regulations.

Regardless of who wins the election, clear and balanced regulations are crucial to the growth of the cryptocurrency market. Lack of regulatory clarity has been a major obstacle, causing uncertainty among investors and hindering innovation.

Both Trump and Biden have different approaches, but the central issue remains: the need for sensible, neutral policies that support growth while protecting consumers.

Politics is often a game of lies, deception, and switching sides, and Trump is a prime example of that. He went from being a vocal critic of cryptocurrencies to a staunch supporter of them.

While Trump’s new pro-crypto stance is gaining attention and support, it’s important to remember that his views could change again based on political expediency.

Under the Biden administration, the SEC has come under fire for its hardline approach, which many say has stifled innovation.

However, it is important to note that neither Trump nor Biden can be considered saints in this context. What really matters is the implementation of regulations that strike a balance between innovation and protection.

Without such balanced policies, the cryptocurrency market may find a more welcoming environment in other countries. Nations like Switzerland and Singapore are already vying for leadership in the cryptocurrency race by offering more favorable regulatory frameworks.

Without clear regulation, the United States risks losing its edge in the global cryptocurrency landscape, regardless of who sits in the White House.

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