As a seasoned crypto investor with years of experience in the market, I can’t help but feel a pang of disappointment every time a major figure like Donald Trump avoids mentioning Bitcoin and cryptocurrencies during high-profile speeches. I had been eagerly awaiting any hint of endorsement or acknowledgement from him, considering his reputation as a favorite among the crypto community and the significant rally we’ve seen in the market since his Pennsylvania shooting.
The price of Bitcoin stayed under the $65,000 mark during last Friday, with Donald Trump refraining from bringing up the cryptocurrency or coins in his address at the Republican National Convention (RNC).
Bitcoin’s price stood at around $64,200 during early hours of trading on Friday, which was nearly unchanged from its value a day prior. In his address at the Republican National Convention on Thursday, Donald Trump passed over discussing one of the most debated topics in the financial sector: cryptocurrencies.
Many individuals, among them Polymarket users, held the expectation that he would address the topic of digital assets during his speech, given his previous discourses on this subject.
Last night at the Republican National Convention, Trump delivered a lengthy speech for approximately 90 minutes without once bringing up the topics of Crypto or Bitcoin. Intriguingly, these subjects attracted the most significant bets on Polymarket’s RNC prediction market, with over $180,000 wagered out of a total pool of $800,000. This discrepancy underscores the importance of crypto-related issues for some observers in the political sphere.
— TylerD 🧙♂️ (@Tyler_Did_It) July 19, 2024
In place of addressing specific topics, Trump emphasized generic themes during his speech, such as taxes, immigration, international relations, and commercial deals.
Before his speech, the prices of Bitcoin, alternative cryptocurrencies, and related stocks had been surging due to investor anticipation for greater clarification. This upward trend began over the weekend following the shooting incident in Pennsylvania, fueling optimism among investors that he would emerge victorious in the upcoming election.
According to Polymarket’s user predictions, Donald Trump is currently the frontrunner in the upcoming election. However, it’s important to note that the election is still several months away in November. Analysts advise caution, as numerous events could unfold before then, such as Joe Biden potentially stepping down and being replaced by a different candidate.
In the crypto world, Trump is viewed positively due to anticipation that he may nominate a pro-crypto Securities and Exchange Commission (SEC) leader, ease regulatory restrictions, and potentially establish an American Bitcoin strategic fund.
Presidents have limited impact on asset classes
An examination of past occurrences indicates that the U.S. presidency holds limited influence over stock markets and cryptocurrencies. The crypto sector, being relatively new, possesses only a small amount of historical information for analysis.
Despite this, Bitcoin demonstrated impressive growth under Trump’s presidency, increasing from $800 to surpass $20,000. Likewise, during Biden’s tenure, Bitcoin hit a record peak at $73,800 and many crypto stocks achieved their highest values ever.
As a researcher examining the regulatory landscape of cryptocurrencies, I’ve noticed an intriguing development: Despite the ongoing legal disputes between the Securities and Exchange Commission (SEC) under Gary Gensler’s leadership and crypto exchanges like Coinbase, Binance, and Kraken, significant progress has been made in the approval of spot Bitcoin ETFs during his tenure. Furthermore, anticipation is high that the SEC will soon give the green light to spot Ethereum funds as well.
According to Anthony Pompliano’s recent perspective, presidents hold limited influence over Bitcoin. Instead, the key factor shaping the crypto industry is the passage of time.
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2024-07-19 16:52