From initially rejecting Bitcoin [BTC] to becoming a strong supporter of cryptocurrencies during the 2024 campaign, the 47th President of the United States has adopted a new identity as the “crypto president.”
Throughout his campaign, he promised to create a “strategic national Bitcoin reserve” and criticized the Biden administration’s tough stance on cryptocurrencies.
He even introduced his own cryptocurrency project, signaling a profound shift in his stance on digital assets.
In fact, at a recent conference, Trump also pointed out that:
“If we don't embrace cryptocurrency and Bitcoin, China will, other countries will, they will dominate and we can't let China dominate.”
Bitcoin Market Cap Post Election
Following the 2024 election, BTC surged past the $90,000 mark, surpassing its previous all-time high of $73,000 set in March.
As a result, the total value of all cryptocurrencies has increased by more than $650 billion, with a similar increase of $3.2 trillion.
This increase can largely be attributed to optimism surrounding the new administration. Crypto enthusiasts are now hoping for a more favorable stance towards digital assets, compared to the Biden administration’s approach.
How Can the Republican ‘Seat Battle’ Benefit Crypto Market Cap?
Amid growing speculation, investment bank Standard Chartered has predicted that the cumulative cryptocurrency market capitalization could reach $10 trillion by the end of 2026 – which could happen if the Republican Party wins and can introduce pro-crypto policies.
In fact, according to a recent report, the bank predicts that government support actions could quadruple the market’s value – to more than $10 trillion over the next few years.
Commenting on the same, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered noted:
“The rising tide will lift all digital assets; the most vulnerable will benefit the most.”
The report also suggests that while the creation of a Bitcoin reserve under the new administration is unlikely, it could have significant implications if it were to occur.
Especially when it could lead to a “low probability but high impact event.”
Therefore, Kendrick said it best when he said:
“With the possibility of a big Republican win in the US elections, we believe we have entered the crypto summer.”
In short, if Bitcoin reaches this level, its total value could even exceed $4.3 trillion – Far exceeding the entire money supply of the British pound.
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