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Trump win could drive Bitcoin to $100K amid pro-crypto policies

Trump win could drive Bitcoin to $100K amid pro-crypto policies

GrafaGrafa2024/10/22 07:35
By:Liezl Gambe

The 2024 U.S. presidential election has become closely tied to the cryptocurrency market, with industry insiders eyeing a potential Donald Trump victory as a catalyst for a major crypto surge. 

Analysts and traders argue that Trump’s pro-crypto stance could push Bitcoin (CRYPTO:BTC) toward the $100,000 mark while propelling altcoins even further. 

According to prediction markets like Polymarket, Trump’s win probability has risen to 60%, raising hopes among some crypto advocates. 

Teen Bitcoin millionaire Erik Finman expressed optimism, stating, “His policies will ignite the crypto market, fueling massive growth across the board.” 

Trump’s promise to replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is seen as a game-changing move by crypto proponents. 

Experts suggest that appointing a crypto-friendly SEC leader could pave the way for Bitcoin and altcoin exchange-traded funds (ETFs), including XRP and Solana

CEO Basel Ismail of Blockcircle believes that a shift in leadership at the SEC could boost Bitcoin adoption and create a surge in altcoin activity. 

Echoing this sentiment, Bloomberg ETF analyst Eric Balchunas noted that a new SEC commissioner could bring more flexible crypto regulations. 

However, not everyone is convinced of long-term gains. 

Investor Mark Cuban warned that while Trump’s policies might create a short-term rally, they could also increase inflation through tariff measures, impacting the broader crypto market. 

Finman argued that Trump’s reduction of regulatory hurdles could be a “rising tide that lifts all boats,” while Crypto Rand, a market analyst, sees gains concentrated in artificial intelligence (AI) and decentralized networks. 

Crypto Rand cautioned that Trump’s support for crypto may be opportunistic, aimed at rallying new voters and campaign contributions.

At the time of writing, the Bitcoin price was $67,516.30.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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