Trump’s Election Victory Could Send Bitcoin to $100K and Boost Altcoins Further

The 2024 U.S. presidential election has placed cryptocurrency at the center of the political debate. Many in the industry are backing former U.S. president and Republican nominee Donald Trump, with his pro-crypto promises seen as a potential catalyst for the market’s growth.

With the race still competitive according to opinion polls, some crypto traders, like Satoshi Flipper, argue that the possibility of a Trump victory hasn’t been fully factored into the market yet. He believes a Republican win could strengthen the ongoing bull market for Bitcoin (BTC) and altcoins.

As the election approaches, prediction markets like Kalshi and Polymarket are showing increasing odds of a Trump win, raising his chances to around 60%. While some express concerns about potential manipulation in prediction markets, others, like Kalshi founder Tarek Mansour, strongly defend their legitimacy.

Teenage Bitcoin millionaire Erik Finman is highly optimistic about a Trump win, claiming that it would create a more pro-crypto environment in the U.S. and attract massive investment into the crypto space. “His policies will ignite the crypto market, driving massive growth across the board,” Finman said. He believes Bitcoin could reach $100,000 during Trump’s second term.

Pseudonymous crypto analyst Crypto Rand shared similar sentiments, telling Cointelegraph, “The most bullish aspect of the Trump administration is his non-hostile stance toward cryptocurrencies. This attitude alone is a game-changer and positions the U.S. to lead the global crypto market.”

However, not everyone is convinced. Mark Cuban, businessman and Shark Tank star, who is backing Kamala Harris for more crypto-friendly policies, argues that a Trump win could cause a brief crypto rally before prices decline again. Cuban believes Trump’s economic policies could cause inflation, which might hinder Bitcoin’s price momentum.

Trump’s Pro-Crypto Policies: What to Expect

Trump has promised a series of pro-crypto policies that appeal to single-issue crypto voters. One of his main pledges is to remove SEC Chair Gary Gensler from office on his first day as president. Although Trump may not have the power to directly fire Gensler, experts believe he could demote him and nominate a replacement more aligned with his views on crypto. However, the final decision would rest with the U.S. Senate.

Basel Ismail, CEO of Blockcircle, believes that a new SEC chair supportive of crypto would encourage Bitcoin adoption and lead to a resurgence of altcoins. Several altcoin ETFs, including those for XRP and Solana (SOL), are already awaiting SEC approval.

Eric Balchunas, a Bloomberg ETF analyst, also noted that Trump could appoint an SEC commissioner who might fast-track the approval process for altcoin ETFs. “If Trump wins, I think we could see other coins getting ETF status as well,” he told Cointelegraph.

Trump’s Ambitious Vision for Crypto

Trump has repeatedly emphasized his desire for the U.S. to become “the world capital of crypto.” While his commitment to forming a crypto advisory council has received little attention, Crypto Rand believes this is a significant step forward.

Crypto Rand argues that the U.S. Senate, Congress, and the SEC have repeatedly shown their lack of understanding of the crypto industry. A commission composed of industry experts could help shape more appropriate regulations, offering better guidance for the growing market.

Erik Finman echoed these sentiments, noting that Trump’s dedication to reducing regulatory obstacles would liberate the crypto industry and attract substantial investment into crypto companies.

Alex Thorn, head of research at Galaxy, pointed out that regulatory clarity could benefit altcoins more than Bitcoin. He argues that Bitcoin’s current dominance stems partly from its more favorable regulatory position, but clearer rules for altcoins could allow them to catch up and even outperform Bitcoin.

Finman believes Trump’s victory would be a “rising tide that lifts all boats,” while Crypto Rand anticipates the strongest gains will come from projects in artificial intelligence and decentralized physical infrastructure networks (DePIN). These sectors, he said, have the highest potential to lead the next market pump.

Ismail suggested that decentralized finance (DeFi) and memecoins would also benefit from a Trump win, highlighting Trump’s active promotion of his DeFi project, World Liberty Financial (WLFI), which is integrated with Aave. Additionally, Trump has received multiple memecoins through airdrops, further tying him to the community.

How Will Trump’s Non-Crypto Policies Impact the Industry?

Some observers argue that Trump’s broader economic policies could also benefit the crypto space. Finman suggested that lowering capital gains taxes would encourage investment, fueling further growth in the crypto industry.

However, not all of Trump’s policies are expected to benefit crypto. Mark Cuban pointed out that Trump’s proposed tariffs could have inflationary effects, which could hurt the market. Trump recently reiterated his plan to impose tariffs of at least 10% on all imports, with rates as high as 60% on goods from China.

Cuban believes these tariffs will drive inflation, pushing up interest rates and negatively impacting the crypto market.

Will Trump Maintain His Pro-Crypto Stance?

While Trump now presents himself as a pro-crypto candidate, long-time followers of the crypto market remember his past criticisms of Bitcoin and altcoins. During his previous presidency, Trump called Bitcoin “based on thin air” and even labeled it a scam.

Erik Finman defended Trump’s change of heart, explaining that the former president’s initial skepticism could be attributed to his age and unfamiliarity with the technology. “Trump was born around World War II, so it’s understandable he didn’t grasp Bitcoin at first. His change of stance shows he’s open-minded and willing to adapt when presented with new information,” Finman said.

Crypto Rand agreed that Trump’s embrace of crypto might be driven by political opportunism, but he still views it as positive. “Trump has proven to be an excellent businessman,” Rand noted. “Adapting to new trends, changing your mind, and identifying world-changing industries are essential skills for success.”

This article is for informational purposes only and should not be considered legal or investment advice. The views expressed are solely those of the author and do not necessarily reflect the views of Caffeine and Crypto.