Trump's Victory Would Provide A Boost To Crypto, But Caution Remains A Must
The US presidential election is approaching and speculation on the name of the winner has already begun. What would happen if Trump wins? Would anything change in the crypto world?
It's less and less until 5 November, the day when the United States will go to the polls (at least officially, many opted for the early voting formula that gave people the chance to express their preference even before Halloween) to elect their new president. The challenge between Donald Trump and Kamala Harris has inevitably also involved the world of cryptocurrencies, with both challengers expressing a certain openness towards the decentralised finance.
With the election fast approaching, numerous analysts have voiced their predictions as to what will happen from 6 November onwards, and have come to the conclusion that, for the entire cryptocurrency sector, a victory for the tycoon could represent a real dopamine rush. Thus expressed Pav Hundal, lead analyst at Swyftx. This is, of course, not a political endorsement, but a prediction about which president would be more concessive towards the development of the entire ecosystem, should he win.
What We Can Expect In Case Of Trump's Victory
We must not decontextualise the thinking of Hundal and the many experts who think along the same lines as he does. The reasoning on Trump's triumph is part of a broader reasoning, which foresees for the last quarter of 2024 a strong volatility in cryptocurrency values, linked mainly - but not only - to electoral uncertainty.
According to the founder of Derive, Nick Forster, this is a time in which caution should be exercised:
Forster's warning is due to the movements that are already beginning to be seen in the markets, although we are still a few days away from the election date (and even longer from the actual presidential inauguration, which will take place in January), to one analyst, in fact, the trend seems quite clear:
Will Trump Bring BTC to Surpass 100,000?
Bitcoin's growth forecasts, which always leave time to be found given the cryptocurrency's extreme volatility, indicate that BTC will reach the $100,000 mark sometime between 2025 and 2026. It should therefore fall during the presidency of whoever wins the next election. The victory of Trump or Harris, however, is unlikely to affect this. Dan Tapiero, of 10T Holdings, reiterated that the crypto queen will reach six figures, and that it will do so regardless of who sits in Washington. According to him, it could already happen by the end of 2024.
The value of BTC and, a fortiori, of other cryptos, will in no way be tied to the electoral turn. Those who hope for a Republican triumph do so more on the basis of the electoral strategies of Trump, who has recently shown himself very close to the DeFi sector, where there are numerous votes to be intercepted. The category of crypto enthusiasts could prove to be very important in an election where there is no clear favourite and it is important to gain every single preference.
Keep up to date with everything that is happening in the Web3 and cryptocurrency world: subscribe now to the newsletter from SpazioCrypto and receive the most relevant news in your inbox, every Sunday.
Read Next
BlackRock Chose Bitcoin Over Traditional Assets. What is the Reason?
BlackRock provided reasons for the rise of Bitcoin, calling it an attractive asset.
Miners are Getting Better. What's Happening in the Cryptocurrency Mining Market?
The economics of bitcoin mining improved in the first half of November, JPMorgan calculated.
MicroStrategy Acquired Bitcoin Worth $4.6 Billion, How Many Coins Does It Hold?
The new batch of bitcoins became the largest ever purchase by Michael Saylor's company.
The Solana Cryptocurrency has Updated the Historical High of the Last Three Years. What is the Reason for the Growth?
The price of the SOL token rose by about 6 per cent from the previous all-time high.