As a seasoned financial analyst with over two decades of experience under my belt, I have witnessed numerous political campaigns leveraging various strategies to win over voters. However, the recent tweet by Donald Trump, a former U.S. president, promising to make Bitcoin “MADE IN THE USA” is an unprecedented move that has caught my attention.
Today marks Bitcoin‘s 16th anniversary since Satoshi Nakamoto’s whitepaper release. In response, Donald Trump, a former U.S. president and potential 2024 Republican nominee, used X (formerly known as Twitter) to applaud Bitcoin supporters and assert that he intends to halt Kamala Harris’s supposed “cryptocurrency conflict.
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Donald Trump additionally took advantage of the situation to bolster his pro-cryptocurrency stance, referring to a potential conflict with “Kamala’s anti-crypto policy.” He suggested that this move would foster the expansion of Bitcoin within American territories.
To lure crypto supporters, Trump proposed a strategic step that included potentially pardoning Ross Ulbricht, founder of Silk Road who’s currently incarcerated for life. Additionally, he declared his plans to prohibit government sales of bitcoin and replace Gary Gensler from his position as the SEC chair.
The regulatory landscape surrounding cryptocurrencies has grown tighter, as Vice President Kamala Harris has shifted her stance and emphasized artificial intelligence in her discussions about safeguarding investments in digital assets.
How Bitcoin is performing
Conversely, Bitcoin’s performance has remained consistent, showing a remarkable increase of approximately 192% in the current year. In contrast, the S&P 500 has only managed to grow by about 36% during the same period.
Because the cost of cryptocurrency has consistently risen, significant investments by institutions have been made, with Michael Saylor’s company MicroStrategy planning to purchase even more bitcoin through fundraising efforts.
With Wall Street widely adopting spot Bitcoin ETFs, the enthusiasm for Bitcoin dollars has repeatedly exceeded the 1 billion dollar threshold. Notably, BlackRock’s basket fund – IBIT garnered a whopping $872 million in inflows within just six days, making it the swiftest funded ETF ever, according to sosovalue data. In summary, investments in Bitcoin products have surpassed an impressive $72 billion mark.
In the final four days before the U.S. election scheduled for November 3, Donald Trump has significantly intensified his efforts, ensuring that no group or supporter of Kamala is left unreachable by his vigorous campaign strategy.
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2024-11-01 13:09