Standard Chartered suggests that Bitcoin and other cryptocurrencies may experience a positive trend during Donald Trump's administration, potentially leading to a bullish period. As the 2024 US presidential election approaches, there's significant speculation in the crypto market regarding how Trump's potential re-election could influence it.
Is Donald Trump Still a Supporter of Crypto?
During his initial term from 2017 to 2021, Trump held skeptical views towards cryptocurrencies. However, recent developments indicate a potential shift in his stance if he were to return to office. In a notable change during a March interview, Trump hinted at a softer approach, suggesting that his administration might not restrict cryptocurrencies.
Trump stated, "There has been significant usage of [Bitcoin and cryptocurrencies], and I'm considering not intervening with them at this point." Geoffrey Kendrick, a digital assets researcher at Standard Chartered, suggested that under Trump's administration, there could be less stringent regulations for cryptocurrencies compared to the current Biden administration. This shift in policy might encourage foreign officials, who traditionally buy US treasuries, to explore alternative financial assets like Bitcoin, potentially driving its price higher.
Kendrick noted in a recent report, "We believe that a potential second Trump administration would create a more favorable regulatory environment."
Trump's changing viewpoint on cryptocurrencies seems to be influenced partly by his involvement in cryptocurrency transactions. Between 2022 and 2023, Trump launched several non-fungible tokens (NFTs) based on his personal brand, and he currently holds a crypto portfolio valued at over $5 million.
The topic of cryptocurrencies has also emerged as a significant electoral concern. A survey by the Digital Currency Group (DCG) found that one in five voters in various states considers crypto an important issue for the upcoming 2024 elections.
This concern is particularly notable among voters in states like Michigan, Ohio, Montana, Pennsylvania, Nevada, and Arizona.
These voters express a lack of confidence in elected officials' understanding and management of innovative technologies such as cryptocurrency.
Nearly half of the surveyed voters expressed concerns about candidates impeding innovation in the crypto space. Around 30% indicated they would be more inclined to support politicians who are pro-crypto, while 25% stated they would trust candidates more if they showed enthusiasm for cryptocurrencies.
May 2024, Cryptoniteuae