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Donald Trump Narrative Takes Over Crypto: Is a $200,000 Bitcoin Possible?

by Matoy
May 9, 2024
in Breaking News, Crypto, Opinion
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  • Former U.S. President Donald Trump and the Federal Reserve could help the Bitcoin price rocket to $200,000 by 2025, giving the cryptocurrency a market capitalization of around $4 trillion.
  • The likelihood of U.S. fiscal dominance with the monetization of government debt by the Federal Reserve is growing, which could contribute to the Bitcoin price surge.
  • A potential Trump victory in the 2024 election could accelerate the withdrawal of foreign official U.S. Treasury buyers and lead to looser regulation and approval of U.S. spot Bitcoin ETFs.

Bitcoin has stalled after surging last week. Some analysts think it could rocket to $200,000 per coin by 2025 if certain conditions are met. This would give the cryptocurrency a massive $4 trillion market capitalization.

Bitcoin Price Stalls After Last Week’s Rally

Last week, Bitcoin roared back from its slump. However, it has since stalled at around $62,000 per Bitcoin. This price is still up almost 50% since the start of 2024. Now, the market braces for a potential shock announcement from a sovereign wealth fund for Bitcoin investments.

NEW: 🇺🇸 Donald Trump could help propel #Bitcoin to $200,000, states Forbes

— BlockNews.com (@blocknewsdotcom) May 9, 2024

How Trump and the Fed Could Spark a Bitcoin Surge

Donald Trump and the Federal Reserve could help drive Bitcoin to $200,000 per coin by 2025. This would give Bitcoin a market cap of about $4 trillion.

Geoff Kendrick, head of FX and crypto research at Standard Chartered, sees a growing risk of “U.S. fiscal dominance.” This refers to the monetization of government debt by the Fed. Kendrick believes this scenario would boost Bitcoin as investors seek alternatives to the dollar.

A second Trump term could accelerate this, Kendrick argues. Trump’s presidency saw more aggressive selling of U.S. debt by foreign buyers compared to Biden’s. Kendrick also thinks Trump would take a friendlier stance toward Bitcoin regulation. This would provide a “passive boost” if the dollar declines.

Recently, Trump has softened his anti-crypto rhetoric. He now says he doesn’t want to ban Bitcoin. Trump has also embraced crypto by issuing digital trading cards to supporters.

Bitcoin’s Growing Role in U.S. Politics

Bitcoin and crypto will likely play a bigger role in the 2024 election compared to previous cycles. One survey found 21% of swing state voters see crypto policy positions as important. Meanwhile, crypto industry groups have raised around $100 million for the 2024 congressional races.

If Kendrick’s predictions are right, Bitcoin could be on the cusp of another massive bull run. However, as always with Bitcoin, uncertainty reigns. Its price has stalled lately after last week’s jump. But the right combination of political and economic factors could set the stage for Bitcoin to soar to new heights.

Tags: cryptoTrump
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