The Trump/Vance Ticket Looks Very Promising for Bitcoin

The odds that Donald Trump will win reelection have vastly improved following the assassination attempt on July 13th.

These increased odds have also made investors bullish about Bitcoin (BTC), as both Trump and his running mate JD Vance have shown considerable interest in supporting Bitcoin and the wider cryptocurrency market. If Vance is elected as vice president, he will be the first elected official in that office to hold Bitcoin.

Donald Trump is considered the pro-Bitcoin candidate, and he has repeatedly voiced his support for cryptocurrency as a viable form of currency moving forward and spoken about limiting legislation for crypto so that trading can continue uninhibited. His stance on the topic is that he wants crypto technology to grow and improve, and he does not want to stand in the way of that progress.

Bitcoin’s Current Status

Bitcoin is now at $64,807 (BTC/USD), with a slight drop in trading from Wednesday, down just 0.05%. We expected a small hump in the upward trend before the coin picks up momentum again. However, in this slower trading period, it would not take much to move Bitcoin in either direction.

Trading at $27.8 billion per 24-hour period, there is still plenty of interest in Bitcoin trades, but investors are wary at this point after Bitcoin has climbed for several days. They are starting to wonder if the steam has run out and if Bitcoin has peaked for now.

Bitcoin previously climbed past $73,000 earlier this year, and it could do so again. Those sky-high predictions for Bitcoin from early in 2024 that said the coin might reach $100,000 or $150,000 seem to be greatly overblown at this point, but the coin could still set a new record high before the end of the year.

If Trump wins the election this November, we expect to see Bitcoin surge for a while in anticipation of less restrictive legislation and full government support for its continued expansion and legitimacy.