Donald Trump was attacked over the weekend and narrowly survived being assassinated. Amid this, Bitcoin and PolitiFi tokens are rallying – but what is the Trump effect?
Trump, who was addressing a political rally in Pennsylvania, was shot right through the ear.
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Amid this unfortunate attack, crypto and the financial markets rose as analysts said the attempt on Trump’s life further bolstered his chances of taking over from the incumbent, Joe Biden.
According to the Action Network, Trump has a 65% probability of winning; Joe trails at just 14%.
After the attempt on his life on Saturday, the Trump campaign team has updated the public, confirming that the former president was fine and was even looking forward to attending the Republican Convention later today.
As images of Trump, face bloodied and raising his fist in defiance, go viral across social media, so are Politifi tokens gaining traction.
According to Coingecko, though down 15% in the past day, MAGA is up 37% the previous week.
All Donald Trump-related tokens are generally firm, adding double-digits in the past week.
Meanwhile, Bitcoin broke higher over the weekend, easing past $60,000.
Of note, the world’s most valuable coin broke above the 20-day moving average for the first time since June 11.
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At spot rates, Bitcoin is up 16% from July lows and might stretch gains in the sessions to come, racing to $66,000.
That Trump-related PolitiFi tokens and Bitcoin are soaring comes as no surprise.
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Donald Trump Is Pro-Crypto: Bitcoin, PolitiFi tokens Rallying
After saying Bitcoin and cryptocurrencies were scams and a disaster waiting to happen in 2019, he has since changed his stance and is now supportive.
If anything, the presidential candidate is keen on building what he described as a “crypto army.”
Of note is that Trump is encouraging Bitcoin mining within the United States. His campaign team also accepts crypto donations.
Trump is also scheduled to speak at a Bitcoin conference in late July.
His position differs from that of key figures in the Biden administration.
While Trump is committed to fostering crypto activities in the country, legislators like Elizabeth Warren have labeled crypto as predatory and risky.
Meanwhile, Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), has been cracking down on crypto companies.
Ripple CEO Brad Garlinghouse claims Gensler and the SEC are ruling by enforcement, placing the country at a disadvantage. Garlinghouse, in the past, said they were reconsidering taking their businesses elsewhere, especially to pro-crypto and innovation jurisdictions, mainly Southeast Asia.
The Trump campaign team is taking advantage of Biden’s resistance to crypto. By accepting crypto donations, Trump appears to be taking a stand against a socialist government control.
In this way, the former president continues to receive support, running into millions, from pro-crypto agitators.
Still, it remains to be seen how the political landscape in the United States will evolve. For now, Trump’s chances of winning rose from last week, owing to the attempt on his life.
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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.
