Donald Trump's Potential Stance on Crypto in 2024
Donald Trump's Potential Stance on Crypto in 2024
Donald Trump, the former US President running for the 2024 elections, has hinted at favoring crypto and Bitcoin (BTC) if he wins. This stance contrasts with his earlier criticisms, where he called Bitcoin "highly volatile" and "based on thin air" in 2019.
Trump's Complicated History with Crypto
Trump has had a mixed relationship with cryptocurrency. In 2019, he tweeted his skepticism about crypto, labeling Bitcoin as "dangerous" and unregulated, potentially enabling illegal activities. However, during his presidency, Bitcoin experienced significant growth, reaching notable milestones.
Bitcoin's Growth Under Trump's Presidency
Despite Trump's past criticisms, Bitcoin saw substantial growth during his term. While Bitcoin reached its peak of $69,000 under President Joe Biden, its expansion during Trump's presidency laid a strong foundation for the crypto market.
Predictions for Crypto Under Trump's Potential Return
Ben Sharon, CEO of Illumishare, suggests that Trump's return could boost digital assets. Sharon predicts that Bitcoin might close above $30,000, and Ethereum could surpass $2,000 if Trump wins. He also notes that voters may favor crypto-friendly politicians, regardless of their political affiliations.
Political Climate and Crypto Regulations
Republican representatives, such as Patrick McHenry and Bill Huizenga, have expressed concerns about the SEC's challenges to the digital asset ecosystem. This political backdrop could create a more favorable environment for crypto growth under Trump's potential presidency.
In summary, while Trump's past remarks on crypto were critical, his potential return to office might surprisingly benefit Bitcoin and the broader crypto market.
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