The Trump Trade 2.0 is all set to unlock ahead of the US Presidential Elections 2024 later this year with cryptocurrencies taking center stage. Bernstein analysts noted that Republican prospects and the party’s standard bearer are increasingly taking a pro-crypto viewpoint.
Donald Trump Favours the Crypto Industry
Donald Trump and his Republican party have maintained a pro-crypto stand ever since the beginning of the presidential campaign to win over the pro-crypto votes. Besides, they have also Trump and his party have also been receiving crypto donations
from Super PACs, noted Bernstein analysts Gautam Chhugani and Mahika Sapra.
The term Trump Trade was coined back in 2016 amid the simultaneous surge of Treasury Yields, US Stocks, and the US Stocks, following Trump’s victory back then. The analysts noted that a Trump victory this time could lead to a crypto market rally supported by an improved regulatory environment and rising institutional adoption. Adding further, the Bernstein analysts said:
“The Republican side sees crypto not just as a vote bank but also a meaningful source of funding. If the election sentiment shifts more Republican, crypto would end up as the primary ‘Trump trade’ and hopes of a favorable regulatory regime would change the ‘use-case’ narrative around blockchains.”
Earlier this month in June, Donald Trump met with leaders of several Bitcoin mining firms while extending his support to the industry. He said that he would be addressing the industry’s concerns in case he becomes the US President again. Furthermore, Trump also expressed the desire for all the remaining Bitcoins to be mined in the USA.
“I will end Joe Biden’s war on crypto. We will ensure that the future of crypto and the future of Bitcoin will be made in America.”
Also Read: Political Memecoins Might Be Biggest Winner In Trump Vs Biden Debate
Bitcoin 2024 Convention
As per the latest report from Axios, former President Trump is also preparing to speak at the upcoming Bitcoin 2024 convention in Nashville, scheduled at the end of July.
Organized by Bitcoin Magazine, the Bitcoin 2024 event will take place between July 25-27, soon after the Republican National Convention.
Trump won’t be the first prominent political figure to attend this event. Robert F. Kennedy Jr., an independent contender, is scheduled to speak at the event, alongside former GOP candidate Vivek Ramaswamy, and Senators Bill Hagerty (R-Tenn.) and Marsha Blackburn (R-Tenn.).
