Donald Trump’s Tariffs and Economic Strategies: A Win for Bitcoin?

Howard Lutnick, CEO of Cantor Fitzgerald, has endorsed Donald Trump as the best candidate for America's wealthy, praising his commitment to American workers, economic growth, and support for cryptocurrency alongside tariff implementation.

In a podcast with Anthony Pompliano, Lutnick argued that Trump’s “America First” policy led to 3% GDP growth and wage increases during his presidency, with tariffs protecting jobs and boosting domestic manufacturing. He criticized Democratic policies like the American Rescue Plan for over-incentivizing the economy, resulting in inflation that harms the middle and working classes while benefiting the rich.

Lutnick believes that Trump’s focus on tariffs is crucial for protecting American prosperity, suggesting that if taxes are necessary, they should target foreign producers instead of American citizens. He emphasized the historical success of tariffs in generating public investment without burdening the populace.

Regarding Bitcoin , Lutnick advocates for viewing it as a commodity, akin to gold or oil, which aligns with Trump’s economic vision and could lead to increased wealth for Americans. He anticipates that greater institutional acceptance of Bitcoin will enhance its value.

Reports indicate that Trump’s potential victory in the 2024 election could trigger a Bitcoin price surge, possibly reaching $92,000. Lutnick sees Trump’s protectionist policies and Bitcoin’s nature as non-governmental commodities as avenues for increasing prosperity in the U.S.