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On May 9, Former President Donald Trump says “Biden doesn’t even know what” crypto is and if you like crypto you “better vote for Trump”. He states to be “good with crypto”, and claims that he doesn’t want crypto to leave the US. Besides, Donald Trump announces he is accepting presidential campaign donations in cryptocurrency, which shows his strong interest in this digital asset.

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Cryptocurrencies, like any other asset class or business in the country, tend to be affected by the political and legal landscape of the United States. Bitcoin, the original cryptocurrency, will inevitably see some effects after the upcoming US Presidential election in 2024.

By now it is clear that there are two important candidates who might become the next President of the United States: Joe Biden and Donald Trump. The last two terms saw variations in fiscal policies, as expected. One of the most important things that affect Bitcoin is the US Treasury buyers and sellers’ market. Historically, the US government debt is considered a safe investment, albeit with low returns. Investors with money to spare park their money in US debt and get paid an interest rate annually that ensures that the net value of their money does not deteriorate over time.

Trump vs Biden

However, there has been an increasing interest in alternative investment routes, specifically in the term of President Trump. Incidentally, Bitcoin was one of the beneficiaries of this change in investment portfolios. In the 4 years of Donald Trump’s presidency, a whopping net 205 billion dollars of US government debt was sold annually. This is huge compared to the following 3.5 years of Joe Biden’s term, in which this figure was only about a quarter of the previous one, clocking in at 55 billion dollars on average per annum. It is obvious that with a Donald Trump presidency, people tend to sell their US government bonds and invest elsewhere. This could potentially lead to an increase in Bitcoin buyers, growing its demand and inevitably swelling its price as well.

Moreover, Trump has issued statements this year during his presidential campaign suggesting he is much more open to regulating and supporting Bitcoin coming into the mainstream fiscal arena than before. For instance, he recently accepted that Bitcoin has grown a lot in influence over the years. This stance could lead to him being more accepting towards Bitcoin and ease regulations. All of this would result in a higher demand for Bitcoin and as a result, a higher price as well. Needless to say, crypto enthusiasts are excited to see what lies ahead of the next presidential election.

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Trump Says He Is Fine With Crypto! Bitcoin Could Benefit From A Trump Win

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