The 2024 U.S. presidential election will have major reverberations for the cryptocurrency market, perhaps even sending Bitcoin to $100,000 should Trump succeed. Many altcoins would eventually go higher as well. Cryptocurrencies and, particularly, Bitcoin and altcoins are the new central issues of the presidential campaign, and how they interact with mainstream American politics can be leveraged as a locus of influence among the experts who follow presidential elections. Particularly, Trump has emerged as one of the leading advocates of the industry promising a pro-crypto policy that may help bring about a gigantic bull run.
Trump’s Pro-Crypto Policies Could Ignite the Market
This election might be one that could determine the future regulatory environment in the United States for digital assets, a factor closely followed by many crypto traders and analysts. Importantly, crypto trader Satoshi Flipper believes that if Trump wins, the bull market continued further. “Not even 1 cent of Trump winning the election is priced into BTC or ALTS,” he said. This kind of sentiment in the crypto community would be very positive about Trump’s win.
To date, prediction markets like Kalshi and Polymarket think that Trump will win the election with about a 60% chance; this has ignited a bit of a debate, in large part because people raised concerns about possible market manipulation, but others, like Kalshi founder Tarek Mansour, pushed back in support of the predictions.
Industry Optimism: Bitcoin to $100K?
Erik Finman, the teenage Bitcoin millionaire says he is excited at the prospective candidate because that would make the U.S. a pro-crypto environment and make huge investments in the market. He says that the price of Bitcoin may likely hit $100,000 during his second term since the policies would inject fuel into the growth of this industry. Other analysts like Crypto Rand point out how this would make the U.S. less hostile to crypto, potentially making it a leader in the space.
Not everyone in the crypto industry is under the impression that a Trump victory will have anything even remotely resembling a long-term positive impact. Take business magnate and “Shark Tank” personality Mark Cuban, who has been an active supporter of the Democratic nominee Kamala Harris. He’s been lobbying for the campaign to craft better policies for crypto. Cubans see the crypto market spiking perhaps briefly after a Trump election because it would be kind of a sigh of relief that he hasn’t blocked everything but plummeted much later on due to economic policies, which Cubans believe are inflationary. He further believes that inflation rates are very high and could, in the long term, become the factor that limits price action for Bitcoin, hurting the marketplace.
Trump’s Plan to Fire SEC Chair Gensler
However, one of the most significant promises he made in the crypto space is that he will fire SEC Chair Gary Gensler on his first day of office. Now, Trump cannot actually fire Gensler; however, he can demote him and put in a new SEC chair who might be more friendly to this industry. A pro-crypto SEC chair would mark a step closer towards the mainstream acceptance of Bitcoin and altcoins.
Experts such as Blockcircle CEO Basel Ismail advance further to even opine that a pro-crypto SEC chair could spark the approval of several altcoin exchange traded funds, which would greatly fuel the market. Bloomberg’s ETF analyst Eric Balchunas deems that Trump would appoint an SEC commissioner that wouldnt bother with present regulatory procedures and made a road way to altcoin ETFs.
A Vision for the U.S. to Become the “World Capital of Crypto”
A “world capital of crypto” in Trump’s wider vision, among his proposals is the structuring of a crypto advisory council to provide policymakers with advice on issues within that industry. That would make regulation more facilitative of the needs of this fast-paced, thrust-forward crypto industry, and it is also even more enticing from perspectives about investments and growth.
However, his crypto-negative policies and economics can still influence the market. His proposed tariffs on imports from China have been criticised. For some people, inflation is an increased inflation process that causes the economy to corrode. According to Cuban, interest rates will increase if there is higher inflation, negatively influencing the crypto market by squeezing liquidity and reducing investment.
Although the new pro-crypto stand of Trump is pretty new and popular, it was quite different in his prior stances. Even as he bashes Bitcoin as “a scam,” Trump said during his first term that he prefers the US dollar. However, analysts, like Finman, see this 180-degree turn as something to be positive about-once a person starts hunting for newness and can embrace change.
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