Former President Donald Trump has reaffirmed his commitment to the crypto sector, claiming that he intends to become the “crypto president.” This announcement was made during a recent fundraising event where Trump also promised to quickly overturn the current administration’s unfavorable stance towards the crypto industry within the first hour of taking office. The event, hosted by venture capitalists David Sacks and Chamath Palihapitiya, raised $12 million to support Trump’s bid to regain the presidency in the upcoming elections.
Prominent figures from the crypto sphere attended the fundraiser, including the Winklevoss twins, co-founders of the Gemini exchange, undisclosed Coinbase executives, and other industry leaders. In a social media thread, Sacks explained his endorsement of Trump’s presidency, citing concerns with the current administration’s handling of various issues such as the economy, border security, foreign policy, and legal matters. Sacks argued that Trump’s performance in these areas outweighed that of President Biden, making him deserving of a second term.
A banking giant, Standard Chartered, has predicted that Bitcoin could reach $150,000 if Trump wins re-election in the November elections. Geoff Kendrick, head of digital assets research at Standard Chartered, stated that Trump has shown more support for the crypto industry compared to Biden, who recently rejected efforts to repeal SAB 121—an SEC policy criticized for hindering the sector’s growth. Kendrick believes that if Trump secures another term, Bitcoin could reach $100,000 and potentially $150,000 by the end of the year.
Despite the historically anti-crypto stance held by the US government, recent developments indicate a shift in the industry’s favor. Stuart Alderoty, Ripple’s chief legal officer, highlighted the importance of crypto participation in the electoral process, emphasizing that politicians need to understand that votes from the crypto community are on the line. Data from Polymarket, a crypto-based prediction platform, shows that Trump’s pro-crypto stance has significantly improved his chances of re-election, with a 56% probability of winning compared to Biden’s 35%.
In conclusion, Trump’s continued support for the crypto industry has garnered attention and praise from key players in the sector. His promise to embrace the title of “crypto president” and overturn the current administration’s stance on crypto regulation has fueled optimism among industry participants. If Trump secures re-election in the upcoming November elections, experts predict that Bitcoin could reach $150,000 by the end of the year. This shift towards a more crypto-friendly environment in the US could potentially have far-reaching implications for the industry as a whole.
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