The bitcoin price has shot toward $70,000 per bitcoin, up from under $60,000 last week, as MicroStrategy founder Michael Saylor reveals his huge $100 trillion "endgame."
Now, as Tesla billionaire Elon Musk warns the U.S. could collapse into "bankruptcy," the sale of a new cryptocurrency backed by former U.S. president Donald Trump has sent the bitcoin price and crypto market sharply higher—as Trump's odds of retaking the White House next month climb.
"There are just three weeks to go until the U.S. election. If we can believe Polymarket, Trump now has a 56% chance of winning the presidency and a Republican sweep is now at 39%," Geoff Kendrick, head of crypto research at Standard Chartered Bank, said in an emailed note, referring the odds on the crypto-powered Polymarket betting platform.
"That means that in conditional probability space if Trump wins there is a 70% chance of a Republican sweep. Digital Assets have finally started to move higher on this."
10/16 update: Donald Trump has posted a video on X, declaring "crypto is the future" and calling on people to "embrace this incredible technology and lead the world in the digital economy."
In the video, Trump directed people to the website of his new crypto project, World Liberty Finance, despite the website struggling to stay online.
Trump's adoption of bitcoin and crypto via his family's World Liberty Financial crypto project and his non-fungible token (NFTAPENFT +0.5%) collections as well as his promises to relax crypto regulations have pushed Harris toward a more crypto-friendly stance.
Speaking earlier this year at a bitcoin conference, Trump promised to create a U.S. bitcoin strategic reserve if reelected and predicted the bitcoin price could eventually eclipse gold.
World Liberty Financial's new WLFI cryptocurrency went on sale today, selling some 220 million tokens to more than 1,700 unique wallets within the first twenty minutes, it was reported by Coindesk.
