Donald Trump’s crypto support is big news, and analysts claim that he might trigger a Bitcoin and crypto bull run if he wins the upcoming US elections in November.
Increasingly, there is no doubt that the future of crypto and Bitcoin hinges on political agendas.
Politicians, the policymakers the community depends on to craft and advance favorable laws, must understand crypto and tech.
Admittedly, crypto aims to change the concept of money, turning it from centralized fiat to trustless, self-regulating digital currency.
As seen with what crypto and Bitcoin have achieved, this capability rubs some governments the wrong way.
Not all politicians are anti-crypto; if anything, the wind of change is blowing.
🇺🇸 Donald Trump says "maybe we'll pay off our $35 trillion debt by handing them a little crypto check, handing them a little #Bitcoin”-Pump it #BTC 🚀 pic.twitter.com/oDL9doy8XB
— Wolfonaire.eth (@wolfonaire) August 2, 2024
Donald Trump Crypto Effect: Can MAGA Fuel Up The Crypto Bull Run
Roughly three weeks after the assassination attempt, Donald Trump appeared in an interview with Adin Rose, a social media influencer.
He backed Bitcoin and crypto there, as he has over the past few months, saying that if America fails, it will be eclipsed by other countries, mainly China, in the digital asset, crypto, and AI fronts.
Trump also described Bitcoin as a “modern currency,” and the sphere is attracting smart people.
Because of what crypto and Bitcoin represent, the former president thinks it will be beneficial.
Regarding what crypto represents, Trump cautions the Biden administration against selling the country’s BTC stashing. The government controls roughly 207,000 BTC.
(Source)
This amount was confiscated from criminals and scammers, including a big chunk from Silk Road (no, the United States does not mine Bitcoin and crypto).
During the interview, Trump said the country should also invest in energy infrastructure now that Bitcoin mining and AI are energy-intensive.
In previous rallies and commentaries, the presidential candidate expressed support for Bitcoin mining, saying America should be the crypto capital of the world.
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However, what’s really interesting is what Trump plans to do once he gets into power.
Recently, he even proposed using a small amount of BTC to pay off the massive $35 trillion debt.
Trump pointed out that the coin supply is capped and will continue to gain against the USD, moving BTC from a medium of exchange into a new digital store of value.
In the Nashville speech, Trump also said he wouldn’t sell any of the BTC held by the United States government. He even proposed making the coin one of the country’s strategic assets.
The optimism is high that Bitcoin and crypto will strive under Trump.
However, looking at the daily chart, the coin is bleeding following sharp losses over the weekend.
Bitcoin dropped by as high as 30% from July highs to $49,000 before recovering.
(BTCUSDT)
Traders are waiting for a close above $60,000 for uptrend continuation.
On the flip side, losses below $50,000 could see BTC drop to the $40,000 zone, crashing hopes.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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