With presidential candidate Donald Trump recently announcing that his campaign would accept donations in crypto, this has thrown a lifeline to bitcoin, given that a second term for Biden would be extremely negative for the alpha cryptocurrency.
Bitcoin has arrived financially
Bitcoin has come such a long way. Launched in 2009 at the price of less than a cent, this new asset class is now trading for more than $60,000 a coin. 9 new Spot Bitcoin ETFs have opened in the US, and just recently 3 more have started trading on the stock market in Hong Kong.
Even a couple of the biggest banks in the world have added some $BTC to their balance sheets, so therefore it would appear that from a financial perspective, bitcoin has arrived, and now perhaps it’s only up from here?
Wrong. There is still the weight and power of the Biden administration and its regulatory agencies, which has been thrown behind the attempted suppression of bitcoin no matter what it takes.
Bitcoin enters the world of politics
Therefore, in order to surmount this incredibly powerful obstacle, bitcoin has entered the world of politics. Of course, bitcoin is not interested in politics - it is totally neutral as regards politics, geo-politics, and national, as well as the world economy.
That said, it’s Donald Trump, likely to be the biggest threat to another Biden term, who has spotted what could be an incredibly useful advantage in the upcoming US election race.
This is quite a volte-face from Trump, given that he has always sought to diminish the power of bitcoin, and often said that it was only the US dollar that mattered. However, one thing that can be said about Trump is that he is always ready to take advantage of anything he can in order to achieve his ends.
Trump has seized on bitcoin to his advantage
No doubt Trump will have had conversations with Vivek Ramaswamy, who was running for president himself, but having dropped out of the race, then threw his support behind Trump. Ramaswamy definitely gets bitcoin, and therefore perhaps he was able to convince the presidential hopeful of its merits.
That said, Trump’s campaign team would also have looked at this, and will have no doubt seen the potential for swinging many younger voters behind their man, if he was seen as being pro-bitcoin and crypto.
A potential huge boost to bitcoin
Let’s assume that Trump wins in November. The change in bitcoin’s fortunes could be absolutely staggering. As things stand, the Biden administration, perhaps heavily influenced by the banks, has all but declared war on crypto, with laws being put forward in Congress that would have the potential of stopping the alpha currency in its tracks - at least in the US, and probably in Europe, where the big banks also hold sway.
A bitcoin-friendly administration in the US would go a long, long way towards helping bitcoin make that final massive move into mainstream adoption, and would have the potential effect of supplying a huge boost to the bitcoin price as it enters into its last stage of the bull cycle and a possible huge blow-off top.
Backing bitcoin may require a balancing act for Trump
All this said, there is a lot riding on Trump here. It would appear that he is the anti-system candidate who will be taking on a Biden administration that has cosied up to the banks, to the military industrial complex, and to corporate America.
These will need to be his bedfellows as well, if he is to have a successful election race and second presidential term. This is quite a high wire act that Trump and his advisors will need to perform. Even if Trump later decides to ditch bitcoin for more expedient policies, playing a potential key part of such an important presidential race, is likely to put bitcoin in front of governments and their peoples in a way that could only have been dreamed of before this bull market began in early 2023.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
