30s Summary
Donald Trump won the 2024 presidential elections by a wide margin which was against the polls’ prediction, leading to a significant surge for Bitcoin and Solana. Thompson from Lekker Capital, which had put all its bets on Trump, saw bitcoin miners producing AI algorithms also enjoy a profit surge. The sweep suggests a socially liberal but financially conservative governance, a potential boost for the crypto sector. Caveat-the Trump win caused a temporary Bitcoin dip, hence Thompson advises aspiring traders to sometimes trust their instincts and play against conventional opinions.
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So, Donald Trump really rocked it in the 2024 presidential election, winning by a huge margin. Polls had the race neck-and-neck, but crypto hedge fund Lekker Capital put all their marbles behind Trump. Quinn Thompson, the brain behind the fund, even broke down his unique perspective for CoinDesk.
On a simple fun note, the video section below has some cool stuff like “Why Bitcoin Will Be the Winner Regardless of U.S. Election Results.”
Shocker right, Trump intimidating everyone with his huge win? Not for Quinn Thompson. He’s been publicly rooting for the dude since March and bet big with his fund. Despite what everyone else was saying, he geared up for the election by buying up solana (SOL) and bitcoin (BTC) miners that had a hand in artificial intelligence. And yeah, you might remember those same skeptics saying the race was too close to call or even leaning toward Vice President Kamala Harris.
Alright, let’s ask the big question. Did the risky move pay off? Hell yeah, it did. Thompson’s gamble quickly turned into his most successful trade since the fund’s start six months ago. He’s keeping mum about the specifics, but we do know this: SOL’s price has rocketed by 13% in just 24 hours and isn’t far from smashing its multi-year high. AI-powered bitcoin miners like Core Scientific (CORZ), Hut 8 (HUT), and HIVE (HIVE) are also riding the wave with roughly a 10% hike, while BTC is tearing it up – soaring 8.7% and reaching a new all-time high at $75,600.
Think about it. People are often too scared to voice their political opinions because it’s such a hot-button issue. But here’s where a macro-focused hedge fund comes in handy. To cash in on these macro trends, you’ve gotta swim against the current and stick to your guns, even when they’re wildly different from popular opinions.
Trump and the Republicans didn’t just win, they swept – clinching the Senate and potentially keeping control of the House of Representatives. In Thompson’s eyes, this points to a socially liberal but financially conservative government. Given the multiple roadblocks thrown up by current President Joe Biden and Trump himself in his first term, this about-turn in policy spells good news for the crypto sector. And Trump, seemingly out of the blue, has pledged to push the U.S. to the front of the global crypto race.
Investing is never a smooth ride. Even with a successful trade, Thompson admits he screwed up by not grabbing profits before the end-of-October dip. Just before Halloween, bitcoin plunged from $72,000 to $67,000 when Trump’s chances to win slipped on Polymarket from 65% to 55%.
Despite the scare, Thompson stuck to his instincts, and his daring bet has indeed paid off handsomely. So all of you aspiring traders out there, take note – sometimes, you’ve got to go with your gut and play against the crowd.