How Crypto Investors Are Bracing for Volatility and What It Means for Bitcoin’s Future
Since President Biden withdrew from the race in July, the crypto community has been increasingly favoring Trump. After the failed assassination attempt on July 12th, bitcoin surged from $56,000 to $65,000, fueled by the belief that the former president would benefit from the incident.
Trump’s stance on crypto has evolved over time. While in office, he expressed doubts about cryptocurrencies, warning about their potential use in illegal activities like drug trafficking. He even viewed bitcoin as a rival to the dollar. However, in a surprising turn, Trump has now embraced crypto wholeheartedly. He has promised to make the U.S. a “bitcoin superpower” and the “crypto capital of the planet” if he is reelected. To show his support, his campaign has begun accepting bitcoin donations.
Furthermore, Trump has indicated that he would replace SEC Commission Chair Gary Gensler, a figure disliked by many in the crypto community. This shift in Trump’s position has resonated with most crypto enthusiasts, who are now rallying behind him.
It seems that Trump’s newfound support for crypto has won him favor within the community, marking a significant change from his earlier skepticism.
