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Will Donald Trump’s Return as US President Boost Bitcoin Value?

Daniel Kim Views  

ⓒWikipedia

As the U.S. election approaches, cryptocurrency investors (voters) are rallying toward former President Donald Trump, who is known for his industry-friendly stance. This is due to expectations that a shakeup of Biden administration officials, who are against cryptocurrency, could have a positive effect on its value.

According to a recent survey by U.S. cryptocurrency venture capital (VC) firm Digital Currency Group (DCG), 20% of U.S. voters consider cryptocurrency as one of the major issues in the upcoming November elections. This survey was conducted among 1,201 voters in multiple states including Michigan, Ohio, Pennsylvania, Nevada, and Arizona. Kristin Smith, CEO of the U.S. Blockchain Association, said, “The influence of the cryptocurrency industry on the U.S. election is stronger than ever,” and “The political influence of the cryptocurrency industry has strengthened to a level unseen in past elections.”

The positions of President Biden and former President Trump on cryptocurrency are sharply divided. The Biden administration and the current ruling Democratic Party are taking a conservative stance on the cryptocurrency market while emphasizing regulation.

ⓒYonhap News

President Biden and the Democratic Party have been pushing for a resolution to invalidate Accounting Guidelines on Cryptocurrency Custody Obligations (SAB 121) and Taxation of Electricity Costs for Cryptocurrency Mining. In particular, SAB121 is a guideline from the U.S. Securities and Exchange Commission (SEC) that requires cryptocurrency custody institutions to record customer cryptocurrency as a liability in their financial statements, which has raised concerns about industry contraction. Especially, SEC Chairman Gary Gensler has consistently made hostile remarks, stating that cryptocurrency needs to be regulated.

On the other hand, former President Trump, a competitor of President Biden, is indirectly expressing a favorable position on cryptocurrency. Although he previously criticized Bitcoin as a fraud threatening the dollar’s status as a reserve currency, he has changed his stance in this election, adding cryptocurrency to his campaign sponsorship options. Bloomberg interpreted this as “Former President Trump has raised much less political donations than President Biden and is under financial pressure due to ongoing legal battles.”

The industry also prefers former President Trump over President Biden. Charles Hoskinson, founder of Cardano (ADA), stated on his X account, “The Biden administration is making a concerted effort to kill cryptocurrency. If you are a cryptocurrency holder and plan to vote for Joe Biden in the November election, please be aware of this.” Tim Draper, a famous Bitcoin investor in the U.S., pointed out, “Biden is driving cryptocurrency entrepreneurs out of the U.S. with his obstinate and unconventional attitude.”

There are also predictions that a Trump presidency could be a positive news for Bitcoin prices. Standard Chartered, a U.S. investment bank, said, “If former President Trump is elected, regulatory environment favorable to cryptocurrency could be created,” and “If Trump’s re-election becomes a reality, Bitcoin prices could rise to $200,000 by 2025.” Eric Balchunas, a Bloomberg ETF analyst, also stated, “The key (to Bitcoin prices) is the election. If former President Trump is elected, the SEC leadership will be replaced, and the new chairman could be more favorable towards cryptocurrency than Gary Gensler.”

Daniel Kim
content@viewusglobal.com

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