Impact On the Crypto Market if Donald Trump Wins US Presidential Election

Published by

Mustafa Mulla

July 15, 2024

A recent survey conducted for the Financial Times and the University of Michigan’s Ross School of Business highlights the opinions of American voters regarding financial stability under potential presidential candidates. Nearly half of the voters believe they will be better off if Donald Trump wins the presidential election.

Although, Trump has shown strong support for Bitcoin (BTC) in the past, recognizing its potential as a strategic reserve asset for the United States.

Crypto Future Under Trump Leadership

According to a nationwide poll conducted for the Financial Times and the University of Michigan’s Ross School of Business, 45% of voters, including 40% of independents, believe they would be “much” or “somewhat” better off financially under Trump.

On the flip side, only 35% feel they would be worse off. Despite strong economic data showing growth, low unemployment, and falling inflation, current President Joe Biden has struggled to convince voters that his economic policies are effective.

Meanwhile, the recent assassination attempt on Trump during a campaign rally in Pennsylvania has added a layer of uncertainty to the political climate. Despite this, the incident has boosted Trump’s popularity, as indicated by a surge in his odds of winning the November election from 60% to 71% on Polymarket, an Ethereum-based prediction market.

Trump’s Support for Bitcoin

Historically, Trump has shown strong support for Bitcoin, viewing it as a potential strategic reserve asset for the United States. His favorable stance on Bitcoin could have significant implications for the cryptocurrency market if he wins the election.

Recently, Trump met with leading bitcoin mining executives at his Mar-a-Lago estate, promising to advocate for bitcoin mining if elected. Additionally, his participation in the Bitcoin 2024 conference in Nashville from July 25 to 27 is expected to draw significant attention.

However, the failed attempt also led to a big increase in Trump-themed meme coins like MAGA (TRUMP), TREMP, and Maga hat (MAGA), reflecting growing optimism among crypto investors.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.