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Trump’s potential re-election could benefit Bitcoin
Standard Chartered: Trump’s potential re-election could benefit Bitcoin
A research note published by Standard Chartered suggests that if Donald Trump secures a second term as US president in November, it could have a positive impact Bitcoin (BTC). According to Geoffrey Kendrick, digital asset researcher at Standard Chartered, a Trump administration would likely be less harsh on Bitcoin than a potential Biden administration.
While Biden administration officials have taken a relatively tough stance on digital assets, Trump expressed a different view in a March interview, saying that if re-elected he would not crack down on Bitcoin or other cryptocurrencies. The report also suggests that import tariffs under the Trump presidency could lead several large reserve managers to buy Bitcoin in 2025.
Kendrick also points out that if Trump wins, foreign government buyers of US Treasuries may choose to shift their investments to alternative financial assets such as Bitcoin as a precautionary measure. This potential shift in demand could push the price of the cryptocurrency higher.
Trump’s previous stance on cryptocurrency was more critical, but he appears to have softened his stance. During a town hall event in South Carolina earlier this year, he acknowledged the growing acceptance of Bitcoin, saying that “a lot of people are embracing it” and that he can “live with it one way or another.” However, he still referred to cryptocurrencies as “crazy new currencies.”