On November 5, 2024, former President Donald Trump's shift from crypto skepticism to advocacy is reshaping the cryptocurrency landscape, potentially driving Bitcoin prices toward new all-time highs. His campaign has seen significant engagement in crypto, with Polymarket reporting over $3 billion in betting volume on the election outcome.
Trump's acceptance of cryptocurrency donations and meetings with Bitcoin mining executives signal a strategic pivot that could bolster the industry. His running mate, Sen. JD Vance, is viewed as a pro-crypto ally, further enhancing Trump's appeal to crypto investors.
During a keynote at Bitcoin 2024, Trump pledged to maintain U.S. government Bitcoin holdings, which he termed a strategic national stockpile. Analysts anticipate that a Trump victory could push Bitcoin prices to between $80,000 and $90,000, driven by favorable market conditions and increased retail demand.
In the memecoin sector, tokens like MAGA (market cap: $166 million) are capitalizing on Trump's popularity, while World Liberty Financial, with Trump as its chief crypto advocate, struggled to gain traction with only $10 million raised in its public token sale.
Despite the election's outcome, experts believe Bitcoin's fundamentals will continue to thrive, with or without political backing. The anticipated increase in fiscal deficits and national debt could further weaken the U.S. dollar, creating a favorable environment for Bitcoin.