Behind Trump's participation in the Bitcoin Conference: US elections may bring a turnaround in the crypto market
Elections often stimulate dynamic changes and growth in the market, which is usually achieved by increasing the money supply.
Historically, Bitcoin ($BTC) has tended to perform well during periods of monetary inflation.
$BTC current price is higher than previous election periods:
The current price of $BTC is higher than any previous election period (we also saw a record high before the halving).
Some people worry that this may lead to an early peak, while others believe that we are witnessing the birth of a super cycle.
Cryptocurrency battlefield in the United States:
Republicans are generally positive about cryptocurrencies, but what about Democrats?
The Biden administration and the SEC have traditionally been opposed to cryptocurrencies.
However, signs of change have recently been shown through multiple cryptocurrency ETFs.
Democratic shift:
Recently, multiple Democratic members of Congress and the Senate voted to repeal SAB Order 121. The order previously imposed significant restrictions on financial institutions' contact with Bitcoin ($BTC).
SAB 121 marks a significant change to the long-standing accounting treatment for custodial assets and threatens the industry’s ability to provide safe and secure custody of digital assets for customers. Other non-bank digital asset platforms subject to SAB 121 are not required to meet the same capital, liquidity, or other prudential standards as banks and therefore do not face the economic pressures created by SAB 121. Restricting banks’ ability to provide these services leaves customers with few well-regulated and trusted options for protecting their digital asset portfolios and ultimately exposes them to greater risk.
