Trump and Bitcoin: What His Victory Means for Bitcoin Investors?

As the U.S. election approaches, the market begins to bet on Trump's victory, particularly having a significant impact on the Bitcoin market.

Bitcoin Soars with the 'Trump Trade'

Bitcoin prices surged to a three-month high before the election, closely linked to market expectations of Donald Trump's potential victory. On October 21, Bitcoin prices reached $68,496.98, up more than 6% in the past week and over 8% in the past month. This trend shows a strong momentum for the 'Trump trade,' as the market sees his victory as good news.

Trump's Lead and Its Relation to the Cryptocurrency Market

According to Polymarket data, Trump's approval rating is 61.1%, leading Kamala Harris's 38.8%. This lead, combined with his relatively lenient policies on cryptocurrency regulation, is considered a driving force behind Bitcoin's rise. Trump's policies, such as tariffs, taxes, and immigration, are seen as inflationary measures that could further boost the dollar while uplifting the cryptocurrency market.

Expert Opinions

Chris Weston, head of research at Australian brokerage Pepperstone, pointed out that as the U.S. election day approaches, investors are examining whether to start positioning for election trades. He mentioned that election risks could affect the market, especially regarding portfolio management costs related to dollar fluctuations.

Brad Bechtel, global head of forex at Jefferies, believes that rising real interest rates provide support for the dollar, particularly against the other three major currencies. He expects that if Trump wins, this trend may continue post-election.

What Trump's Victory Means for Bitcoin?

Alex Thorn, head of research at Galaxy Digital, released a policy assessment comparing the two presidential candidates' positions on cryptocurrency issues. The results showed that Trump outperformed Harris on seven out of nine core indicators. This indicates that if Trump wins, the cryptocurrency market may see greater upside potential, while Harris's victory would pose relatively smaller downside risks.

As the election approaches, Trump's victory could bring significant benefits to the Bitcoin market. #BTC芁挑战7W性慳äș†ć— $APE