The highly anticipated presidential debate between Donald Trump and Joe Biden did not mention Bitcoin or cryptocurrency. This is notable because the industry has attracted the attention of many politicians this year.
Even so, experts believe that Trump’s re-election could signal a shift towards more favorable regulatory conditions for the cryptocurrency industry in the US.
Is Trump the preferred candidate?
Bitfinex analysts have highlighted Trump’s support for Bitcoin and other cryptocurrencies, saying the Trump administration could focus on establishing a “clear and constructive” regulatory framework. construction,” including promoting “innovation and investment” in the cryptocurrency sector.
This could lead to increased adoption of digital assets and stronger integration of cryptocurrencies into the financial system, potentially driving further growth in the industry.
Several industry players have publicly supported Trump, including the Winklevoss brothers, who recently expressed their support by donating $2 million in Bitcoin to his campaign. More recently, Kraken founder Jesse Powell announced he had donated $1 million to the former President’s election campaign.
Bitfinex analysts believe that such gestures “signify a growing perception of Trump as a candidate who favors innovation within the crypto and traditional finance (TradFi) communities.
Trump’s recent public endorsement of Bitcoin and acceptance of cryptocurrency donations for his campaign have highlighted his shift from his critical stance during his previous presidency to a more pro-digital asset stance. He has also recently called himself the “CryptoPresident.”
Trump is leading after a recent debate despite not mentioning cryptocurrency.
Source: projects.fivethirtyeight.com
Bernstein analysts believe that cryptocurrency could become a ‘Trump trade’ in the current election cycle as the Republican Party’s prospects improve.
Republicans see a favorable stance toward the industry as a way to appeal to voters and secure campaign funding from super PACs that back pro-crypto politicians.
The word ‘Trump Trade’ originally referred to the simultaneous rise in US stocks, Treasury yields and the dollar following Donald Trump’s victory in 2016.
“The Republicans see crypto not just as a vote bank but also as a meaningful source of funding. If the election sentiment is more Republican, crypto will become a ‘Trump trade’ and the hope of a favorable regulatory regime will change the ‘use case’ narrative around blockchains.”
Itadori
According to CryptoPotato
