Former critic Trump now supports crypto, influencing the 2024 presidential race.
Demand for US exchange-traded funds and Trump's agenda boost Bitcoin 51% this year.
Global stocks struggle amid mixed earnings season and AI-driven rallies.
Former President Donald Trump
Donald Trump
Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.
Quick Facts
Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician
Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.
Donald Trump - Career Highlights & Events
2016 – Elected as the 45th President of the United States from the Republican Party. 2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments 2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money" 2024 – Campaign signals potential openness to crypto-friendly reforms 2025 – Elected as the 47th President of the United States from the Republican Party.
A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.
President once a vocal critic of cryptocurrency, has now become a surprising supporter. This change is happening as crypto gains importance in the 2024 presidential election, with significant donations being made to political action committees backing this shift.
Trump’s support has helped boost Bitcoin, which has risen about 11% over the past month. This is a sharp contrast to the less than 2% increase in global stock markets. Bitcoin’s rise coincides with Trump’s stronger political position, following a high-profile debate with President Joe Biden and his recovery from an assassination attempt.
Speculations Are At New Highs!
The excitement around Trump’s new stance grew after Dennis Porter suggested that Trump might declare Bitcoin a strategic reserve asset.
This has led to speculation that Trump and JD Vance could lead a presidency focused on cryptocurrency. The anticipation is further fueled by Trump’s upcoming speech at a Bitcoin conference on July 27, where he is expected to discuss his potential crypto policies.
Stocks Are Drowning
Global stocks are under pressure due to uncertainty about future company performance and a mixed start to the second-quarter earnings season. Investors are hoping for continued momentum from the earlier rally driven by AI and tech firms. Bitcoin’s correlation with stocks has become the most negative since 2023, showing a major shift in market trends.
It’s Been a Big Year for Bitcoin
Bitcoin has jumped about 51% in 2024, driven by demand for US exchange-traded funds and Trump’s crypto-friendly agenda. In comparison, MSCI’s global stock index has only gained about 12% this year. Trump has promised to end the “hostility” the crypto industry has faced from Biden’s regulators and Democratic lawmakers if he is elected.
He also suggested that Bitcoin could help the US become “energy dominant.”
Differing Views
Sean McNulty, Director of Trading at Arbelos Market, says, “Bitcoin is now a proxy for a Trump victory.” He notes that, unlike Bitcoin, stocks don’t have clear winners or losers linked to a Trump trade.
This indicates that Trump’s support for cryptocurrency has created a unique situation, tying Bitcoin’s future closely to the outcome of the upcoming election.
Also Check Out: Understanding Trump’s Changing Stance on Bitcoin: From Calling it ‘Scam’ to Attending Nashville Conference
Keep watching Coinpedia as this story develops.