Trump Wins Election – Bitcoin Could Hit $100,000
Date: 2024-10-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
Cryptocurrencies have become the center of political discussion in the 2024 US presidential election. Many in the industry support former President Donald Trump, considering his pro-crypto initiatives an important factor for the market development.
Despite the uncertainty in the polls, traders like Satoshi Flipper are confident that a Trump victory has not yet been priced in by the market. In his opinion, a Republican victory would strengthen the current bullish trend for Bitcoin and altcoins.
As the election approaches, betting platforms like Kalshi and Polymarket have increased the probability of a Trump victory to 60%. This raises concerns about manipulation, but proponents of predictive markets like Kalshi founder Tarek Mansour argue that there is no such action.
Bitcoin millionaire Erik Finman believes that a Trump victory will lead to the creation of a pro-crypto environment in the United States and an influx of investment into the crypto market. In his opinion, “Trump’s policies will be a catalyst for the growth of the crypto market, which could lead to Bitcoin reaching the $100,000 mark.”
The Crypto Rand analyst also emphasizes that the main positive aspect of the Trump administration is its loyal attitude to cryptocurrencies, which can help the United States become a leader in this field. However, not everyone shares this optimism. Businessman Mark Cuban, a supporter of Democratic candidate Kamala Harris, believes that if Trump wins, the crypto market could “shoot up” for a few weeks, but then decline due to Trump’s inflationary economic measures.
Trump promises to fire SEC Chairman Gary Gensler on the first day of his presidency, which could lead to the appointment of a new head of the commission who supports cryptocurrencies. This could speed up the adoption of altcoin ETFs such as XRP and Solana, which are currently under review.
ETF expert Eric Balchunas believes that the new SEC chairman appointed by Trump may not adhere to previous procedures, which will pave the way for the approval of ETFs on other cryptocurrencies.
An important aspect is the creation of a cryptocurrency advisory board that could develop more adequate regulations for the industry. Finman also notes that Trump's reduction of regulatory barriers could attract significant investment in the crypto industry.
Experts believe that altcoins may benefit more from Trump's crypto initiatives than Bitcoin. This is due to the fact that Bitcoin's dominance in the market is partly due to more favorable regulations compared to altcoins.
In addition, decentralized finance (DeFi) and memecoins may also benefit from Trump's victory. The latter is actively promoting his World Liberty Financial project, which is planned to be integrated with Aave.
However, not everyone believes that Trump’s economic measures will be positive for cryptocurrencies. Mark Cuban argues that his tariff measures could cause inflation and raise interest rates, which would negatively affect cryptocurrencies.
While Trump has previously criticized cryptocurrencies, calling them a “fraud,” his current pro-crypto stance may indicate flexibility in his views.
