Originally published on: October 17, 2024
In a shocking turn of events, former President Donald Trump has shifted from a vocal critic of Bitcoin to a major advocate for the cryptocurrency. This change of heart has not gone unnoticed, with many attributing Bitcoin’s recent surge to Trump’s newfound support.
On October 15, Trump made waves by declaring that “Crypto is the future,” praising the technology as “incredible” and expressing his desire for the US to lead the way in digital assets. This statement came as a surprise to many, especially considering Trump’s previous criticisms of Bitcoin as a “scam” and a tool for unlawful activities.
Analysts at Standard Chartered even went as far as to predict that Bitcoin could reach $125,000 by the end of the year if Trump were to win the 2024 presidential election. This speculation has only added fuel to the fire of Bitcoin’s recent rally.
Trump’s pivot towards crypto began with the launch of his own NFT collection, marking a significant shift in his stance on digital assets. The success of this venture, which raised millions of dollars, signaled Trump’s growing acceptance of the crypto industry.
As the US presidential election approaches, Trump has positioned himself as a pro-crypto candidate, advocating for Bitcoin mining and even making a public Bitcoin transaction. Despite his previous criticisms, Trump’s embrace of crypto has left many wondering what the future holds for the industry under his potential leadership.
Will Trump’s newfound support for Bitcoin be a lasting one, or will it falter if he is reelected as president? Only time will tell, but one thing is for sure – the crypto community is paying close attention to this unexpected turn of events.
