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.
Amid these discussions, cryptocurrencies have also become a significant electoral issue. According to a 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.
