Donald Trump has indeed created history. He is the only Presidential candidate in American history to win a Presidential Election after losing one election in 2020. The overwhelming positive statements from Trump during his campaign have created a positive image for Bitcoin, altcoins, and other ICOs. The surge in Bitcoin’s prices will create a ripple effect on other altcoins. It will also enthuse many investors who are joining new ICOs hoping to make a lot of money. Let us explore briefly what Trump said about Bitcoins and the impact of it.
The Presidential campaign of Donald Trump was unique. This is because he repeatedly expressed support for cryptocurrencies and vowed to turn America into the “crypto capital of the planet”. He also urged the creation of a strategic reserve for Bitcoin. The implications of these public utterances have created a euphoria among crypto enthusiasts and companies. Additionally, apart from these public endorsements, Trump also took donations from crypto companies in Bitcoin. He held closed-door meetings with crypto investors and launched a new venture with family members to trade cryptocurrencies.
The most probable reason behind the euphoria that the crypto enthusiasts are feeling is that Trump has been bitterly critical of SEC chairman Gary Gensler and wants to sack him. Gary during the current Biden administration has led the charge for initiating government crackdowns on the crypto firms. He also has called for stricter regulations. Therefore, people believe that the upcoming Trump administration will play a pivotal role in reducing the federal government’s interference in crypto affairs and implementing more favorable policies.
On Tuesday 12 November 2024, Bitcoin was trading near $90,000. The smaller cryptocurrencies such as Elon Musk’s Dogecoion also gained bullish sentiment. Although the election victory of Donald Trump has been the main reason, there are other strong reasons too. The recurrent inflows into spot ETFs have become the main driving force behind the upsurge of Bitcoin returns. Many also opine that the spot crypto ETFs have witnessed some of the largest inflows on record in the days.
The cumulative impact of the upsurge can positively influence many ICOs such as Grey HAT. This is because many investors will feel more confident in investing as the euphoria around Bitcoins continues. It can lead to more demands for wallets and trading platforms. Overall, favorable policies can widen the scope of tokens to garner more positive responses from abroad. In the long run, Bitcoin could be the guiding force for other cryptocurrencies, if Trump implements his promises.
Cryptocurrencies may enter a golden phase if Donald Trump indeed implements his election promises during his Presidency. The positive vibes created by him can catapult many ICOs toward success and earn investor confidence. There is a genuine feeling that the upcoming Trump administration may adopt a more lax approach than the current Biden administration. Eventually, this can lead to widespread acceptance of cryptocurrencies and make them a viable alternative to fiat currencies.