With a speech that promises a new dawn for bitcoin (BTC) and cryptocurrencies in the United States, the former president and current candidate for the Republican Party, Donald Trump, is running as the great defender of the cryptoasset industry in that country.
As November 5, the date on which the elections will be held, approaches, many digital asset investors hope to see Trump return to the White Houseconvinced that his mandate could be the definitive boost that bitcoin and cryptocurrencies need.
Trump has focused much of his campaign on positioning himself as the ideal candidate for the growth of bitcoin and digital assets.
From your perspective, Your country must become a fertile ground for industry and has included in his speeches a fervent defense of this technology, seeking to gain followers among bitcoin investors and key figures in the cryptocurrency industry in the United States.
The Republican candidate emphasized the importance of the United States leading the bitcoin industry, warning: “If we don’t do it, China will.” His vision goes beyond seeing bitcoin as an alternative asset; he considers it the modern equivalent of the steel industry of a century ago.
In his role as potential president, Trump pledged to turn the United States into the “crypto capital of the world” and the bitcoin superpower.
Among his promises is to give greater impetus to Bitcoin mining, ensuring that These currencies are generated mainly within the country. These statements, made during this year’s Bitcoin Conference – one of the most important events in the industry – were received with enthusiasm by supporters of digital assets.
Republicans and enthusiasm for bitcoin
Interest in cryptocurrencies is not new among those who sympathize with the Republican Party. A June poll by Paradigm revealed that party voters generally support financial freedom, a value that is reflected in their preference for a favorable approach to cryptocurrencies.
This study showed that the majority of Republican voters consider cryptocurrencies to be a positive force for the economy and reinforce support for Trump.
This preference for free market policies and reducing taxes is favorable for bitcoin investors, those who see in Trump a figure that promises stability and growth for the sector.
The survey has confirmed that markets tend to lean towards candidates from parties that defend free market policieslike the Republicans.
This approach generally reduces taxes and simplifies regulations, which increases companies’ net profits and reduces compliance costs.
Thus, the Republican candidate positions himself as the “pro-market” candidate in these elections, which for investors represents less uncertainty and greater predictability in policies.
Trump has also criticized the Joe Biden administration’s anti-cryptocurrency policies and promised to form a Bitcoin and Cryptocurrency Advisory Council that would design transparent regulatory policies to boost the industry.
In his campaign, he assured that America must once again be a nation that protects property rightsprivacy and freedom, and declared that bitcoin does not pose a threat to the US dollar.
The Trump effect on the bitcoin market
The relationship between cryptocurrencies and the support they receive from Trump is not limited only to campaign promises.
One event in particular has highlighted Trump’s influence on the bitcoin market: the failed assassination attempt he suffered on July 13 in Pennsylvania, after which the price of bitcoin rose from $57,000 to $66,000as seen in the following graph of TradingView.
This price increase reflects the perception that Trump is an ally for the cryptocurrency industry and that its security is linked to the stability and growth of digital assets.
The investment of key figures in the world of cryptocurrencies
Since the beginning of his campaign, Trump has gained the support of influential businessmen in the cryptocurrency sector.
The twins Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, in principle, they donated one million dollars each in BTC to support his candidacy.
But, that was just the beginning, since they have not stopped providing money to the campaign. According to CNBC, They are the biggest donors individuals in digital assets in this electoral cycle, donating a combined total of 10 million dollars.
Another member of the cryptocurrency sector like Marc Andreessen, who runs the venture capital firm Andreessen Horowitz with Ben Horowitz, donated 2.5 million of dollars to Right For America, a super PAC (political committee that raises and invests money to influence elections) that supports Trump’s campaign, Bloomberg reported.
For his part, Michael Saylor, president of MicroStrategy, the publicly traded company with the largest holdings of bitcoin, pointed out that Republicans are far ahead of Democrats in their opinion on cryptocurrencies and bitcoin.
While he is not a donor to the Republican campaign, he noted that “there is no doubt that Republicans have taken a very pro-cryptocurrency stance, (…) Trump in particular.”
Doubts about Trump’s authenticity
Not all investors are convinced of Trump’s support for bitcoin. Arthur Hayes, co-founder of the BitMEX exchange, has expressed skepticism about the former president’s support for crypto assets, as reported by CriptoNoticias.
Hayes believes that Trump is a shrewd politician who will say whatever it takes to get re-elected. “Once in office, everything related to cryptocurrencies will be a distant memory.”
According to the investor, “wooing the cohort of young, politically active and nouveau riche investors could give Trump the election. As a result, Trump is burnishing his pro-cryptocurrency credentials by saying all the right things.”
TO Trump cares about being elected and will say whatever it takes to get votessays Hayes. “If Democrats were in favor of cryptocurrencies, Trump would be against them,” he asserted.
What Hayes expressed may be related to what Trump thought about bitcoin in the past.
In 2021, Trump had a completely opposite perspective on bitcoin and cryptocurrencies. In one interview with Fox Business He said bitcoin is a “scam” that affected the value of the US dollar.
Trump’s electoral career
At the moment, Trump leads in decentralized prediction market Polymarketwhere he is given a 65% chance of returning to the White House. His rival, the vice president and candidate for the Democratic Party, Kamala Harris, has 34%.
Since September, the difference between one candidate and the other was quite short, reaching between 1 and 4 points. Everything has changed since October when Trump broke away from Harris.
However, in surveys the story is different. According to the latest national poll from The New York Times and Siena College, Harris and Trump are tied in voting intention with 48%just a little over a week before the electoral elections are held.
“Harris has difficulty overcoming Trump in an electorate that seems impossible and immovably divided,” says the American newspaper.
Trump’s proposals around bitcoin and cryptocurrencies have captured the attention of investors in a context of anti-cryptocurrency policies. The promise of a pro-bitcoin administration and the support of influential figures in the digital sector make Trump the preferred candidate of those who want to see the United States as a leader in the cryptocurrency industry. If he becomes president… Will Trump keep those promises or will they just be campaign words? Only time will tell.
