Fresh Perspective on Trump’s Influence on Crypto Industry
Former President Donald Trump recently expressed his strong support for the crypto sector, declaring his aspiration to be known as the “crypto president” at a fundraising event. Additionally, he vowed to reverse the current administration’s negative stance on cryptocurrencies within the first hour of taking office. This event, organized by venture capitalists David Sacks and Chamath Palihapitiya, attracted key personalities from the crypto world.
Impressive Guest List at Trump’s Fundraiser
- Participants included Tyler and Cameron Winklevoss of Gemini exchange fame.
- Several undisclosed executives from Coinbase were also present.
- The event successfully raised $12 million to support Trump’s campaign against Biden.
Sacks’ Endorsement of Trump
In a detailed social media thread, David Sacks elaborated on his decision to endorse Trump’s presidency. He highlighted concerns regarding the current administration’s approach to economic issues, border security, foreign policy, and legal matters, indicating Trump’s superior performance in these areas compared to Biden.
Sacks remarked, “The voters have experienced four years of President Trump and four years of President Biden. In tech, we call this an A/B test. With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term.”
Predictions for Bitcoin Price Movement
- Standard Chartered predicts a potential surge in Bitcoin’s price to $150,000 if Trump secures re-election in the upcoming November elections.
- Geoff Kendrick, head of digital assets research at Standard Chartered, emphasized Trump’s favorable stance towards the crypto industry compared to Biden.
Kendrick stated, “As we approach the US election I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory.”
Crypto Industry’s Role in Elections
- Recent developments indicate a shift in the anti-crypto sentiment traditionally held by the US.
- The crypto industry is actively engaging in the electoral process to influence a more supportive environment.
- Ripple’s chief legal officer, Stuart Alderoty, stressed the importance of crypto participants exercising their voting power to make a substantial impact.
Alderoty emphasized, “It’s great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn’t vote it all just becomes noise. Politicians on both sides of the aisle must understand that votes are on the line.”
Impact of Trump’s Pro-Crypto Stance on Election Odds
Data from Polymarket reveals that Trump’s favorable position towards cryptocurrencies has significantly boosted his chances of re-election. The platform indicates that Trump currently holds a 56% probability of winning, while Biden trails at 35%. This represents a notable increase in Trump’s re-election prospects.
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