Crypto has emerged as a key issue in the 2024 U.S. presidential election, with many in the industry supporting former President and Republican nominee Donald Trump due to his pro-crypto policy stance, which is seen as a potential driver for growth in the sector.
As opinion polls suggest a close race, some crypto traders, like Satoshi Flipper, argue that the potential impact of a Trump victory has not yet been fully priced into the market.
Satoshi Flipper believes that if Republicans win, it would strengthen the ongoing bull market for Bitcoin and altcoins.
Prediction markets like Kalshi and Polymarket have also shown growing support for Trump, with his victory probability rising to around 60%, sparking concerns about possible manipulation, though proponents of prediction markets, such as Kalshi founder Tarek Mansour, dispute this notion.
Teen Bitcoin millionaire Erik Finman expressed optimism about a Trump victory, telling Cointelegraph that it would create a pro-crypto environment in the U.S. and attract significant investment in the crypto markets.
Finman stated, “His policies will ignite the crypto market, fueling massive growth across the board,” and predicted that “if Trump wins, I believe Bitcoin could hit $100,000 during his second term.”
Pseudonymous analyst Crypto Rand added, “The most bullish aspect of the Trump administration is simply his non-hostile stance toward cryptocurrencies. This attitude alone is a game-changer.”
However, not everyone shares this optimism.
Businessman Mark Cuban, who supports Democratic nominee Vice President Kamala Harris, argued that even if crypto markets initially “pump for a few weeks” following a Trump win, his economic policies could ultimately be inflationary and hinder Bitcoin’s price performance.
Trump has promised several pro-crypto policies, including firing SEC Chair Gary Gensler “on day one.”
While experts say he may not be able to do this directly, he could demote Gensler and nominate a new, more crypto-friendly candidate, subject to Senate approval.
Basel Ismail, CEO of Blockcircle, believes a new SEC chair supportive of crypto would boost Bitcoin adoption and pave the way for altcoin resurgence.
With several altcoin ETFs, including XRP and Solana, awaiting approval, Bloomberg analyst Eric Balchunas suggested that a Trump-appointed SEC commissioner might expedite the process.
Trump’s ambitious pro-crypto vision includes making the U.S. the “world capital of crypto” and establishing a crypto advisory council, which Crypto Rand sees as a highly significant yet overlooked commitment.
