According to insights from Standard Chartered, Donald Trump’s administration could herald a bullish period for Bitcoin and other crypto assets.
With the 2024 US presidential election on the horizon, the crypto market is buzzing about the potential impact of Trump’s possible re-election.
Will Donald Trump Maintain a Softer Stance on Crypto?
During his first presidency from 2017 to 2021, Trump maintained skeptical views on cryptocurrencies. However, recent developments suggest a possible softer stance should he return to office. In a notable shift during a March interview, Trump revealed that his administration might not suppress crypto.
“There has been a lot of use of [Bitcoin and cryptocurrencies] and I’m not sure I want to take them away at this point,” Trump said.
Geoffrey Kendrick, a digital assets researcher at Standard Chartered, pointed out that Trump’s administration might adopt less stringent regulatory measures for crypto than the current Biden administration. This potential policy shift could encourage foreign official buyers of US treasuries to explore alternative financial assets like Bitcoin, thereby pushing its price upwards.
Read more: Bitcoin Price Prediction 2024/2025/2030
“We think that a second Trump administration would be broadly positive via a more supportive regulatory environment,” Kendrick said in a Tuesday report.
Trump’s evolving perspective on cryptocurrencies is partially influenced by his experiences with cryptocurrency transactions. From 2022-2023, Trump launched various non-fungible tokens (NFTs) revolving around his personal brand. Moreover, he holds over $5 million worth of crypto in his public portfolio.
Amid these discussions, cryptocurrencies have also become a significant electoral issue. According to a survey by the Digital Currency Group (DCG), one in five state voters considers crypto a key issue for the 2024 elections.
This concern is particularly present in voters from states like Michigan, Ohio, Montana, Pennsylvania, Nevada, and Arizona. These voters display a clear distrust in elected officials’ capability to understand and manage innovative technologies like cryptocurrency.
Nearly half of the surveyed voters are worried about candidates stifling innovation in the crypto space. Approximately 30% stated they are more likely to support pro-crypto politicians. Additionally, 25% expressed greater trust in candidates who show enthusiasm for crypto.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
In the midst of these political dynamics, Standard Chartered maintains a positive outlook on Bitcoin’s future. The bank has predicted that the recent approval of Bitcoin exchange-traded funds (ETFs) and subsequent inflows could boost Bitcoin’s price to $150,000 by year’s end, with a potential to hit a cycle high of $250,000 next year.
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