Donald Trump used to be anti-cryptocurrency. But if he wins in November and becomes president of the United States for a second term, Bitcoin British bank Standard Chartered said it could benefit.
Jeffrey Kendrick, a digital asset researcher at Standard Chartered, said in a note on Tuesday that the incoming Trump administration will likely be less tough on Bitcoin than the Biden administration.
And if Mr. Trump wins, foreign official buyers of U.S. debt could become wary and move to alternative financial assets such as Bitcoin, which would drive up asset prices, he added. .
“While Biden administration officials have taken a relatively tough stance on digital assets, President Trump said in an interview in March that he would not crack down on Bitcoin or other digital assets if elected.” says the memo.
He added that due to import tariffs under the Trump administration, “several large reserve managers will be purchasing BTC in 2025.”
Back in March, who was Trump? beaten before Bitcoin—Said He enjoyed making money and playing with assets and other cryptocurrencies.
“It makes money and it’s fun,” he said. “Crazy new currencies, that's what I call them. Whether it's Bitcoin or any other currency, they're crazy new currencies.”
Donald Trump, who served as President of the United States from 2017 to 2021, is likely to face off against current President Joe Biden as the Republican candidate in the November election.
Standard Chartered last month predicted that the popularity of newly approved Bitcoin ETFs will continue and that inflows could send the price of Bitcoin soaring to $150,000 by the end of this year.
Edited by Andrew Hayward
