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Could Trump use Bitcoin (BTC) to turn the US around?

Wed 02 Aug 2023 ▪ 3 min of reading ▪ by Fitah
Getting informed Regulation

Donald Trump has declared in a speech that he will build the greatest economy in the history of the world. The former US president has in fact announced his candidacy for the 2024 presidential election. One might wonder whether his approach will be in favor of the crypto sector. Having always shown a certain reticence towards bitcoin (BTC), the crypto market was nonetheless doing well during his term of office. His re-election could breathe new life into this heavily repressed market.

A drawing of Donald Trump as a superhero

Building the biggest economy in history

Building the greatest economy in history is a recurring theme for former President Donald Trump. He has previously claimed that he built the greatest economy in history during his time in office through tax cuts and high levels of regulation. He intends to turn around the American economy destroyed by Biden by adopting an approach based on “freedom, individual responsibility and simple common sense”.

Excerpt from Trump’s speech

While the current president is repressive towards cryptos, Trump’s ideology seems more liberal. In fact, he launched his own NFT collection this year. What’s more, bitcoin (BTC) seemed to flourish during his presidency. During Trump’s four years in office, the Bitcoin price rose by over 2600%, from $1100 to $30,000.

His re-election could be positive for Bitcoin and the crypto industry

However, there’s no denying Trump’s uneasy relationship with cryptocurrencies. He’s already had occasion to declare in 2019 that he’s no fan of bitcoin (BTC) and other cryptos. Crypto assets have a very volatile and wind-based value, he explained. They can encourage illicit behavior, he added.

That doesn’t stop some analysts from thinking that if Trump wins, bitcoin could win too. After all, the crypto market was at its best during his presidency. Stock markets have also climbed. It remains to be seen whether the former president will favor bitcoin (BTC) in his campaign to build the largest economy in the history of the world.

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Fitah avatar
Fitah

Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.