The Trump Vs. Biden Debate Could See Bitcoin Approach $100,000: Here's Why
One of the most anticipated events between now and the elections in November is the debate between presidential candidates Joe Biden and Donald Trump. The debates, scheduled for June 27 and Sept. 10, are anticipated to provide both candidates with opportunities to clarify their policy stances and appeal to voters ahead of the election. While the primary topics of the debate are expected to include border security, inflation, abortion, health care and others, crypto remains a peripheral but significant issue for some.
Over the past several months, crypto has become an increasingly important and divisive issue for some voters. Some estimates suggest that up to 20% of swing state voters consider crypto a key issue in the election, potentially influencing their voting decisions. This is likely attributed to the numerous regulatory clashes in 2024, particularly involving spot Ethereum ETFs and Binance lawsuits. These have brought major attention to crypto and have caused many to take a side on the issue.
Regarding the debate, crypto is expected to be a topic of discussion. Donald Trump has come out in support of crypto in recent months, speaking at an NFT event and saying, "The Democrats are very much against it [crypto]. And I say this, a lot of people are very much for it ... and I’m fine with it. I want to make sure it’s good and solid ... but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump."
While Biden's administration hasn't adopted as firm a stance on crypto as Trump’s, it has taken actions against it. These actions have angered some in the crypto community and pleased some outsiders. These policy moves have included proposals to significantly increase taxes on Bitcoin mining operations and a veto of the SAB 121 bill, which supports crypto legislation.
Additionally, several large financial firms have contributed hundreds of millions of dollars to a political action committee (PAC) aimed at promoting crypto adoption. This PAC has received over $161 million in donations, surpassing the combined contributions from the airline and health care industries. The PAC is nonpartisan and simply looks to fund candidates who are pro-crypto or are open to hearing more about it.
With this in mind, the debate could potentially include crypto as a topic. If this occurs, it will likely attract significant attention and investment to Bitcoin. Additionally, analysts at Standard Chartered predict that Bitcoin could reach as high as $150,000 in the event of a Trump victory. If Trump expresses positive views on crypto during the debate, the token price may approach Standard Chartered's predicted value.
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