After the assassination attempt on Republican presidential candidate Donald Trump, bitcoin’s value experienced a dramatic surge. It jumped to $63,000 and continued climbing past $65,000 in the days following the incident. The sudden price jump caught many by surprise, especially considering the negative sentiment surrounding bitcoin in the weeks leading up to the incident. Now, with gold reaching a new all-time high, it is expected that bitcoin will soon follow. So, what’s the connection between Trump and bitcoin, and why did this event cause such a reaction? You might be wondering, “Why would a political figure impact cryptocurrency?” Let’s break it down.
Weekend Market Reactions
One thing to remember about cryptocurrency markets is that they never sleep. Unlike traditional financial markets that take weekends off, crypto is always buzzing. So, when the news about Trump hit, investors immediately reacted. At first, there was panic. Initially, everyone was shocked, of course, because Trump could have died just like that. Bitcoin plummeted hard. But once it became clear that he was okay, bitcoin soared.
Pro-Crypto Sentiments
Why did bitcoin rebound so quickly? Well, it’s tied to Trump and the Republican Party’s recent support for cryptocurrencies. They’ve been very vocal about their pro-crypto stance. Given the possibility that Trump might win the presidential election in November, investors felt encouraged to put their money into bitcoin, anticipating favorable policies. The appointed running mate of Trump, J.D. Vance, is also known to be pro-crypto, which is another factor that enhances the positivity towards bitcoin.
Bitcoin Nashville 2024
Trump’s involvement with bitcoin doesn’t stop there. He’s scheduled to appear at a bitcoin event in Nashville, Tennessee, later this month. In June, he met with several bitcoin miners and commented that they might be “the last line of defense” against digital currencies issued by central banks. This is particularly relevant as central banks around the world are exploring the launch of digital currencies, which many believe are a threat to (financial) freedom.
A Chat with Elon Musk
Adding another layer to this story, the Trump campaign has made it possible for supporters to donate using cryptocurrencies. Also, Trump reportedly discussed crypto policy with billionaire Elon Musk in the past. Following the assassination attempt, Musk expressed his support for Trump, which seemed to boost bitcoin’s value even more.
So, what do you think about Trump’s impact on bitcoin? It’s clear that political events can have a surprising influence on the crypto market.