Quick Take:
- Donald Trump embraces crypto, eyeing a major boost for the sector if re-elected.
- Fundraiser event pulls in a whopping $12 million, signaling strong industry backing.
Yello Paradisers! Are you positioned to capitalize as Trump pledges a crypto revolution with a potential return to office, promising market-transforming policies?
Donald Trump, in a spirited embrace of digital currencies, is pitching himself as the “crypto president,” aiming to reshape the U.S. approach to crypto within the first moments of reclaiming office. This vow came during a star-studded fundraiser, drawing $12 million into his campaign coffers, hosted by venture capitalists David Sacks and Chamath Palihapitiya.
The Crypto Rallying Cry
Amid the clink of glasses and the shuffle of checkbooks, Trump promised a U-turn on what he perceives as the current administration’s less-than-warm embrace of the crypto world. The event, graced by the likes of Tyler and Cameron Winklevoss of Gemini, as well as top brass from Coinbase, underscores the tech world’s warming relationship with Trump’s economic narratives.
High Stakes, High Hopes
Standard Chartered adds a spicy twist to the tale, predicting a Bitcoin bull run to $150,000 should Trump win the election, a sentiment that could sweeten any crypto enthusiast’s pot. Geoff Kendrick of Standard Chartered throws weight behind this prediction, contrasting Trump’s crypto-friendly gestures with Biden’s recent veto of an SEC policy revamp, which many felt stifled sector growth.
Political Plays
Sacks, in a candid social media spiel, touted Trump as the superior choice over Biden, citing what he calls an “A/B test” of their presidencies with Trump coming out on top in several domains. As November edges closer, the crypto industry’s wallet and will might just tip the scales in what’s shaping up to be a high-octane election race.
The Ripple Effect
In the corridors of power and politics, Ripple’s chief legal officer, Stuart Alderoty, reminds the crypto crowd that their voice needs to translate into votes, not just tweets and posts. With the U.S. traditionally casting a skeptical eye on crypto, the forthcoming elections could be a watershed moment for the industry’s legislative environment.
As per Polymarket, a betting platform steeped in crypto logic, Trump’s odds are looking bright, sitting at a 56% win probability. This shift could signify a broader political undercurrent favoring a more crypto-conducive America under Trump’s potential return.
