Will Donald Trump as the US President in 2024 Favor Bitcoin?

• Donald Trump hinted to favor crypto if he becomes the US President in 2024.
• Earlier in 2019, Trump called Bitcoin highly volatile and “based on thin air”.
• Bitcoin grew significantly during Trump’s presidency.

Former US President Donald Trump is once again running for the presidential elections for 2024. Recently, Trump has hinted that if he wins the elections, he plans to primely position crypto and Bitcoin (BTC) in the market.

However, the former President shares a complicated history with crypto and especially, Bitcoin. In 2019 he tweeted that he is not a big fan of crypto and considers Bitcoin’s value to be highly volatile and “based on thin air”.

Trump has also called BTC “dangerous” in 2021 while adding “unregulated crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity.” All of Trump’s tweets have since been deleted along with his Twitter account which was suspended in 2021.

Yet, gold-backed cryptocurrency platform Illumishare CEO, Ben Sharon foreshadowed that voters might go for crypto-savvy politicians, regardless of their political alliance while stating:

Considering his antecedents for implementing cash-based palliatives, the crypto ecosystem may stand a better chance for targeted growth in the long term under the former president

Although BTC hit its peak price of $69,000 in November 2021 after Joe Biden took over the US as the new president, Bitcoin grew significantly under Trump’s presidency.

Sharon also expressed that once investors acknowledge Trump’s potential return, digital asset prices will most likely hike, forcing a share of flagship cryptos to close marginally more positively in 2022 than currently anticipated.

Furthermore, Sharon claimed that in the event these projections become reality, Bitcoin can expect to close above $30,000, and Ethereum may hit over $2000. The predictions can in fact manifest into reality since the Republic party representatives including Patrick McHenry and Bill Huizenga have previously expressed concern about the US SEC causing challenges for developments in the digital asset ecosystem.

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