- Trump doubled down on his pro-crypto position in a recent speech
- He still has a 7-point lead on Harris, according to Polymarket
Donald Trump, the Republican presidential nominee, has reinforced his pledge to make the U.S the world capital for Bitcoin [BTC] and crypto. He did so during his Thursday speech at the Economic Club of New York. During his address, he said,
“Instead of attacking industries of the future, we will embrace them. Including making America the world’s capital for crypto and Bitcoin.”
This announcement simply reinforced a similar pledge the former president made last week.
Trump’s latest pivot towards Bitcoin
While he was President, Trump was a top critic of Bitcoin and crypto. In fact, he referred to BTC as a “disaster waiting to happen” and a “scam.” However, he swiftly pivoted during his second attempt to clinch the U.S presidency and emerged as the only pro-BTC president.
Perhaps the key highlight of his pro-crypto position was his appearance at the Bitcoin Conference in Nashville this year. During his keynote speech, he announced a strategic national reserve for the asset.
Outside of that too, Trump’s family has remained active in crypto. It has unveiled new DeFi projections with the latest World Liberty Financial and ‘The Defiant Ones’ to make finance “great again.”
Although the family’s projects have attracted mixed reactions, the former president has wooed a considerable part of the market amid increased donations from crypto firms and individuals.
Owing to this, Fairshake, a U.S pro-crypto super political action committee (PAC), has seen its coffers surge. Especially as top players like Coinbase and Ripple donated to support pro-crypto candidates.
According to Polymarket, Trump’s odds of winning the election are still higher than Kamala Harris’s. At press time, Trump led Harris by 7 points on the predictions site.
Source: Polymarket
Two months is like a century in politics though. So, any update can tip the scale towards either side.
And yet, some market analysts like Lekker Capital’s Quinn Thompson are confident that Trump could win the election. If this does happen, Thompson claimed that the current BTC value would be mis-priced and undervalued.
“We are exactly two months away from the US election. Imagine how mis-priced so many assets are right now if Trump wins. 10yr sitting at 3.77%, Bitcoin at $57,000, and the commodity/energy complex trading in the dumps.’”
