Donald Trump Finance Policies and Crypto Stance
On Sunday, following Trump’s victory in the presidential elections, Donald Trump finance policies and crypto stance led Bitcoin to hit a new record high above $80,000, marking a major milestone in its dramatic rise this year, according to Barron’s.
The world’s largest cryptocurrency has surged by 80% in 2024, outpacing the S&P 500’s impressive 25.7% gain.
Trump’s Election Victory Sparks Bitcoin Rally
The Bitcoin rise goes back to several factors, but mainly due to the optimism that Trump will benefit the digital currencies.
In September, Trump and his family launched a new cryptocurrency business, World Liberty Financial, signaling a strong endorsement of the sector. “I do believe in it,” Trump said about cryptocurrencies.
Although there were claims that Trump and Crypto do not get along, calling it “based on thin air,” his stance has shifted dramatically in recent months.
Trump accepting crypto comes as part of his broader economic vision, with him expressing plans to create a “strategic national bitcoin stockpile,” similar to the US petroleum reserve, highlighting the importance of Bitcoin as part of America’s future financial security.
Contradictory to Biden administration’s stance, Trump’s positive view of crypto was positive. Under Joe Biden, the government has taken a more cautious and regulatory approach to digital currencies. Even the Securities and Exchange Commission (SEC) Chairman Gary Gensler has been citing concerns over fraud and scams. The SEC’s regulatory actions, including the lawsuit against FTX founder Sam Bankman-Fried, have alarmed the crypto industry.
In a surprising move, in late 2023, the Security Commission approved a Bitcoin exchange-traded fund (ETF) allowing investors to include Bitcoin in their retirement portfolios.
Elon Musk Push Crypto Market Higher
Support from important tech figures is a key factor in crypto’s rise with Elon Musk, Trump’s most vocal ally in the tech sector, has been one of the biggest advocates for cryptocurrencies and his influence has already been felt in the crypto market, particularly with Dogecoin, that surged by more than 20% on Sunday.
Musk’s endorsement of Bitcoin and other cryptocurrencies, combined with Donald trump accepting crypto, is giving hope about the future of digital assets. Both figures have emphasized the potential of cryptocurrencies to reshape the global financial system, with Trump proposing measures to ensure that US interests remain at the forefront of the industry.
Will Bitcoin Continue to Rise?
Experts now are watching how the new political reshape in the US will impact the cryptocurrency market as Bitcoin continues to rise. Donald Trump finance policies and crypto stance will make the market experience greater volatility, bringing in new opportunities for growth.
With Bitcoin’s remarkable rise this year and continued backing from influential figures like Trump and Musk, the cryptocurrency is well-positioned to maintain its strong trajectory heading into 2025.
As for Investors, they will keep an eye to see if Bitcoin can sustain its records highs or if crypto for Trump presidency turn will face new changes.
Final Thoughts
There are good signs that Bitcoin will have a growing influence of digital currencies in global markets especially after it hits $80,000. The presidential victory signals a great support for cryptocurrency especially that Donald Trump finance policies and crypto stance are beneficial for Bitcoin.
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