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Gate Research: Donald Trump's Victory - Crypto on the Rise

Gate Research: Donald Trump's Victory - Crypto on the Rise

11/22/2024, 10:46:13 AM
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This paper explores Trump’s 2024 victory and its impact on the crypto market. His pro-crypto policies, Bitcoin ETF approval, and institutional support have driven price surges. Promises to ban CBDCs, support Bitcoin mining, and lower taxes position him as the first pro-crypto president, with Bitcoin projected to hit $100K by 2024’s end.

Key Takeaways

Widespread Crypto Ownership: Over 20% of Americans now own cryptocurrencies, underscoring the substantial influence of digital assets on the 2024 U.S. presidential election.

Bitcoin ETF Approval Boost: The approval of the Bitcoin Spot ETF has significantly heightened public interest and institutional engagement in the cryptocurrency market.

Trump-Bitcoin Correlation: Donald Trump’s victory has exhibited a strong positive correlation with Bitcoin’s price movements, attributed to his pro-crypto stance and campaign promises.

First Pro-Crypto President: Trump’s pledges, including banning CBDCs and supporting Bitcoin mining, make him the first openly pro-crypto president in U.S. history.

Economic Policies Favoring Bitcoin: Trump’s proposed lower tax rates and tariff policies are expected to create an inflationary environment, potentially driving Bitcoin prices higher as a hedge against fiat devaluation.

Institutional Inflows and Sentiment Shift: Consecutive net inflows into Bitcoin ETFs and reduced short positions in CME Bitcoin futures highlight growing institutional confidence post-election.

Analyst Projections: Market experts and on-chain data suggest Bitcoin could reach $100,000 by the end of 2024, driven by favorable macroeconomic and regulatory conditions.

Historical and Geopolitical Context: The interplay of historical election cycles, Bitcoin halving events, and global economic uncertainties further supports the argument for a sustained bull market in crypto assets.

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Author: Elven
Translator: Sonia
Reviewer(s): Addie、Edward、Wayne
Translation Reviewer(s): Ashely、Joyce
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
* This article may not be reproduced, transmitted or copied without referencing Gate. Contravention is an infringement of Copyright Act and may be subject to legal action.
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Crypto Calendar

Ho Chi Minh City Meetup
Metis will bring its BUIDL Hour initiative to Ho Chi Minh City as part of ETHVietnam on August 9.
METIS
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AMA on X
THORChain will hold an AMA on X with Vultisig on August 9th at 15:00 UTC to examine developments surrounding the VULT wallet. The discussion is expected to outline the project’s objectives and its potential impact on cryptocurrency wallet functionality.
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AMA on Discord
Nibiru will host an AMA on Discord on August 9th at 16:00 UTC to demonstrate navigation of the Block Party applications.
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UFO Token will host an AMA on X on August 9th at 14:00 UTC. The session will examine the project’s recent market performance and PulseChain-related developments.
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ETH Vietnam in Ho Chi Minh City
Kadena will participate in the ETH Vietnam conference, scheduled for August 9–10 in Ho Chi Minh City. The event is set to convene blockchain developers and industry professionals for discussions on technological developments within the Ethereum ecosystem.
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