Asthe2024U.S.presidentialelectionapproaches,formerPresidentDonaldTrump’spro-cryptostancehasgainedattentionfromBitcoin($BTC)enthusiastsandanalysts.Trump’sproposedpolicies,includingplanstoremoveSECChairGaryGenslerandcreateacryptoadvisorycouncil,signalanotableshift.
The#BitcoinbullmarketstartswhenTrumpwinstheU.S.election!pic.twitter.com/QT3nlMPANN
—CryptoRover(@rovercrc)October26,2024
Byrevisitingregulatoryhurdles,heaimstocentralizecryptowithinnationalpolicy.Trump’sapproachtocryptocontrastswithpreviousyearsandcouldrepresentacatalystforunprecedentedindustrygrowth.CryptoRover,aprominentcryptoanalyst,shedhiswordontheupcomingeventsthroughanXpost.
CryptoIndustryGainsMomentumandBitcoinReturnstoLife
ThenotionthataTrumpvictorycouldpropelBitcoin’sgrowthhasfueledanticipationwithincryptomarkets.PredictionmarketslikeKalshiandPolymarkethaveseenTrump’svictoryprobabilityclimbtoaround60%,withmarketanalystslikeSatoshiFlipperpointingoutthatapotentialTrumpwinremainsunpricedinthemarket.
Expertsarguethatunlikesomeofhiscompetitors,Trump’snon-hostilestancetowardcryptocurrencieshasbecomeacentralcampaigntheme,attractingconsiderablesupportfromcrypto-focusedvoters.
PotentialShiftsattheSEC
AmongthenotablepolicychangesTrumphasproposedistheremovalofSECChairGaryGensler.WhilehemaynothaveunilateralpowertodismissGensler,Trumpcouldpushforacrypto-friendlySECchair,pendingSenateapproval.
Industryleaders,includingBaselIsmailofBlockcircle,believeapro-cryptoSECchaircouldexpeditetheapprovalofBitcoin($BTC)andaltcoinETFs.BloomberganalystEricBalchunassuggestsTrump’sSECappointmentscouldsubstantiallychangeregulatoryprocesses,potentiallyacceleratingETFapproval.
SomeanalystspredictthatTrump’spolicychangeswouldfavoraltcoins,asgreaterregulatoryclaritymighthelpthemgainground.IndustryfigureslikeAlexThornfromGalaxyDigitalnotethatwhileBitcoinhaslongbenefitedfromfavorableregulation,Trump’sproposalscoulddrivearesurgenceinaltcoins,enhancingdiversitywithinthemarket.
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