30s Summary

Former US President Donald Trump’s alleged commitment to cryptocurrency-friendly policies has rallied significant support in the crypto world ahead of the 2024 presidential elections. Major platforms predict a 60% chance of a Trump win, stirring controversy over potential manipulation. Young Bitcoin millionaire Eric Finman and other crypto enthusiasts believe a Trump win could foster greater cryptocurrency adoption in the U.S. However, skeptics like Mark Cuban back opposing candidates for their crypto-friendly policies. Trump’s prospective removal of Gary Gensler, the current US Securities and Exchange Commission chair critical of cryptocurrencies, is also being closely watched.

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The world of cryptocurrency is making waves in the 2024 presidential elections. Many major players in the world of crypto have shown their support for former US President Donald Trump after he promised to adopt policies that are more accommodating towards cryptocurrency – which some believe could really boost the industry.

It’s a tight race, and while crypto buffs like Satoshi Flipper insist that the crypto market hasn’t taken a potential Trump win into account yet, majority of the predictions available on platforms like Kalshi or Polymarket skew towards Trump winning – with about a 60% chance.

However, these predictions have not gone unchallenged and have stirred up fears of manipulation, although people like Kalshi founder Tarek Mansour have firmly rebutted such claims.

Young Bitcoin millionaire, Eric Finman, seems pretty certain about a Trump win and reckons that such a result would pave the way for the U.S. to embrace cryptocurrency, drawing in more money into the crypto market.

Despite these predictions, not everyone is convinced, including business tycoon and Shark Tank celebrity Mark Cuban, who has thrown his support behind Kamala Harris in hopes of more crypto-friendly policies.

Trump has made many pro-crypto policy promises. One major promise is his intention to sack Gary Gensler, the current chair of the US Securities and Exchange Commission who has been critical of cryptocurrencies, on his first day as President and possibly replace him with someone more aligned with his pro-crypto stance.

According to Basel Ismail, CEO of investment analytics platform Blockcircle, this kind of move could help Bitcoin’s adoption and revive the popularity of alternative cryptocurrencies or altcoins.

Bloomberg ETF analyst Eric Balchunas believes that Trump could appoint a commissioner who would approve more cryptocurrencies as ETFs.

Trump seems to be committed to making America the hub of cryptocurrency, a promise that has not gone unnoticed. For instance, Crypto Rand, a pseudonymous crypto market analyst and trader, commends Trump’s intent to set up a crypto advisory council, while Erik Finman believes cutting back regulatory bottlenecks would encourage more capital to flow into the crypto markets.

However, some, like Alex Thorn (head of research at Galaxy), argue that Trump’s policies could benefit altcoins more than Bitcoin. He reckons that altcoins stand to gain more from clear regulations, which could cause them to surge and even outshine Bitcoin.

While the sectors within cryptocurrency that stand to gain most from a Trump victory is up for debate, Trump’s personal involvement with cryptocurrency – promoting his new project, World Liberty Financial, and even holding a few meme coins – is undeniable.

Finally, while Erik Finman reckons a Trump victory would catalyze industry growth, Crypto Rand believes the artificial intelligence and DePIN sectors have better chances to lead the market surge.

Even though Trump’s broader economic policies seem favorable for crypto – with promises to lower capital gains taxes – some concerns about the impact of potential inflationary policies have been raised. For instance, Mark Cuban fears that Trump’s commitment to imposing tariffs could trigger inflation, drive up interest rates and eventually have a negative effect on cryptocurrency.

As it stands, no one can predict with certainty how Trump’s pro or anti-crypto stance would pan out if he were to win the 2024 election. Nonetheless, it’s clear that crypto is a significant factor in the pending elections and we can only wait to see how things unfold.

Source: Cointelegraph