Another Trump presidency could be the impulse that bitcoin needs in order to end its bull cycle with a bang

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As a researcher with a background in finance and economics, I’ve followed the development of Bitcoin closely over the past few years. The recent announcement by presidential candidate Donald Trump that his campaign would accept donations in crypto has brought renewed attention to the asset class, and I believe it could be a game-changer for Bitcoin if Trump wins the November election.

If presidential candidate Donald Trump reveals that his political campaign will now accept cryptocurrency donations, this development offers new hope to Bitcoin, as a possible second term for President Biden could bring significant harm to the leading digital currency.

Bitcoin has arrived financially

Bitcoin has made an impressive journey since its inception in 2009, when a single coin cost less than a penny. Today, it is traded at over $60,000 per coin, marking a significant milestone for this emerging asset class. In the United States alone, no fewer than nine Spot Bitcoin Exchange-Traded Funds (ETFs) have debuted. More recently, three new ones have begun trading on the stock market in Hong Kong.

As an analyst, I’ve observed some notable global banks including substantial amounts of Bitcoin into their financial holdings. Consequently, this development implies that from a monetary standpoint, Bitcoin has established itself, potentially setting the stage for further growth.

I, as an analyst, would rephrase that statement as follows: Despite being labeled as wrong, the Biden administration’s substantial influence and regulatory bodies continue to exert effort in attempting to suppress bitcoin, regardless of the challenges involved.

Bitcoin enters the world of politics

To overcome such a formidable challenge, Bitcoin has made its way into the political sphere. However, it’s important to note that politics holds no interest for Bitcoin whatsoever. It maintains a neutral stance on all political, geopolitical, and economic matters.

As a political analyst, I’ve observed that Donald Trump poses a significant challenge should Joe Biden aim for a second term in the White House. Trump has identified a potential strategic edge that could prove invaluable in the forthcoming US election contest.

Trump’s stance towards Bitcoin has taken a significant turnaround, as he previously aimed to minimize its influence and often emphasized the importance of the US dollar. Nevertheless, Trump’s adaptability is well-known – he is always prepared to utilize any tool at his disposal to accomplish his objectives.

Trump has seized on bitcoin to his advantage

It’s clear that Trump must have talked with Vivek Ramaswamy during his presidential campaign, as Ramaswamy was also a contender but later dropped out and endorsed Trump. Given that Ramaswamy is a supporter of bitcoin, it’s possible that he successfully advocated for the benefits of this digital currency to Trump.

Trump’s campaign team would have certainly taken notice of this opportunity. If Trump had been perceived as supportive of Bitcoin and cryptocurrencies, he could have attracted a significant number of young voters to his cause.

A potential huge boost to bitcoin

From a researcher’s perspective, if Trump wins the election in November, the implications for Bitcoin could be profound. Currently, the Biden administration, which some speculate may be influenced by banks, has taken a hostile stance towards cryptocurrencies. Legislation proposed in Congress could potentially curtail Bitcoin’s growth within the US and possibly Europe, where significant banking power resides.

Having a pro-bitcoin government in the US could significantly advance bitcoin’s journey into widespread acceptance, potentially igniting a substantial surge in its price during the late stages of its bull market and possibly leading to a dramatic peak.

Backing bitcoin may require a balancing act for Trump

As an analyst, I can’t help but acknowledge the significant stakes at play in this scenario. From my perspective, it seems that Donald Trump is positioning himself as the outsider candidate, prepared to challenge a Biden administration that appears to have established close ties with financial institutions, the military-industrial complex, and corporate America.

If Trump hopes to win re-election and serve a second term as president, he will need Bitcoin’s support in addition to his current allies. This is a delicate balancing act that Trump and his team must execute. Regardless of whether Trump eventually abandons Bitcoin for more pragmatic policies, being associated with such a significant presidential race could catapult Bitcoin into the limelight like never before – an outcome that was previously unimaginable during the early stages of this bull market, which began around 2023.

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2024-05-13 14:10