Trump’s promise to make the USA the “crypto capital of the world” if he wins is currently influencing the Bitcoin price. But investors are slowly becoming skeptical.
Since Donald Trump promised to become “Bitcoin President,” the price of Bitcoin has recently risen rapidly. Experts already saw potential for further price gains before the US election.
This was reported by the “Tagesschau”, among others. These statements mark a turnaround.
During his presidency, Trump made negative comments about Bitcoin. Now he is increasingly campaigning for votes from the crypto community.
Effects on the Bitcoin price
Trump’s crypto offensive is having an impact on the market. The Bitcoin price rose towards an all-time high in the last few trading days.
Prominent crypto investors like the Winklevoss twins are betting on a Trump election victory. Also capital market strategist Jürgen Molnar from the broker RoboMarkets.
He expects Bitcoin to reach the $100,000 mark in the medium to long term if Trump wins.
Price rise after Trump promise
As “finanzen.net” reports, profit-taking occurred after the price climbed above $63,000.
Large investors, so-called whales, have sold over 20,000 BTC in the last 24 hours. This corresponds to a value of around 1.28 billion US dollars (the equivalent of around 1.1 billion Swiss francs).
“finanzen.net” emphasizes that such sales phases are common after strong price increases.
Investors are becoming increasingly skeptical
But the Bitcoin price is currently consolidating after the significant increase. According to “Börse Frankfurt”, Republican candidate Donald Trump’s chances of winning on the betting markets have fallen.
This has led to price pressure on Bitcoin. Experts can see that shortly before the US election, nervousness in the crypto market is becoming noticeably greater.
Investors realized that a Trump victory was not guaranteed. But despite short-term fluctuations, the long-term trend remains intact.
Impact on Trump
The outcome of the election also has financial consequences for Trump himself. “Tagesschau” reports that Trump’s assets depend heavily on the price development of the Trump Media & Technology Group (TMTG) share.
His 57 percent stake in TMTG is currently worth around $4 billion. The US magazine Forbes estimates Trump’s current net worth at $6.2 billion (5.3 billion Swiss francs).
