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Donald Trump’s Potential Impact on Bitcoin
Former United States President Donald Trump, known for his previous anti-crypto stance, could potentially influence the price of Bitcoin if elected for a second term, according to analysis by British banking giant Standard Chartered.
Trump vs. Biden Stances
In a recent note, Standard Chartered digital assets researcher Geoffrey Kendrick highlighted that a Trump administration might not be as stringent towards Bitcoin as a Biden presidency could be. While officials in the Biden administration have shown a tough stance on digital assets, Trump expressed in a March interview that he would not impose restrictions on Bitcoin or other cryptocurrencies if re-elected.
Moreover, Kendrick suggested that if Trump were to win, foreign officials holding U.S. treasuries might consider shifting to alternative financial assets such as Bitcoin as a precautionary measure. This potential move could drive up the price of the digital currency.
Predictions and Market Impact
According to the analysis, under a Trump administration, import tariffs could prompt several large reserve managers to start investing in Bitcoin by 2025. This shift in investment behavior could have a significant impact on the cryptocurrency market.
In line with these projections, Standard Chartered had previously forecasted that the approval of Bitcoin exchange-traded funds (ETFs) could further boost the popularity of Bitcoin among investors. The predicted inflows could potentially propel the price of Bitcoin to reach $150,000 by the end of the current year.
Despite Trump’s previous criticisms of Bitcoin, citing it as a “crazy new currency,” he admitted to engaging in cryptocurrency investments for profit and enjoyment. His evolving stance on digital assets raises intriguing possibilities for the future of Bitcoin under his potential second term as U.S. President.
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