Dubbed a “Trump trade” by some investors, Bitcoin is seen as potentially benefiting from Donald Trump’s pro-crypto stance. Trump recently launched a crypto platform, World Liberty Financial, alongside his sons, intended to provide financial security and seamless transactions. While details about the platform are limited, supporters believe a Trump victory could bring more favorable cryptocurrency regulation. Matthew Sigel, Head of Digital Assets Research at VanEck, told CNBC that this setup mirrors the 2020 pattern, where Bitcoin remained stable before the election, followed by a high-volatility rally as new buyers entered the market post-election.
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Bitcoin Surges Above $71,000
Bitcoin briefly surged past $71,000 for the first time since June, gaining nearly 5% in a day amid rising inflows into exchange-traded funds (ETFs) and growing speculation around the impact of the upcoming U.S. Presidential election. The cryptocurrency has risen over 60% so far this year, though it remains about 5% below its all-time high of $73,750, which was reached in March 2024. Betting markets like Betfair, Bovada, and BetOnline have shown increased odds of a Trump victory, which some analysts believe is bolstering Bitcoin’s recent performance.
