The potential return of former president Donald Trump to the White House would trigger a surge in bitcoin's value, according to analysts quoted by the Financial Times. The concept of a "Trump trade" is gaining popularity among cryptocurrency traders as the former president is "perceived to have pro-cryptocurrency positions and policies".
Recently, the performance of the flagship cryptocurrency has been hampered by a miner sell-off and regulatory actions by authorities in the United States and Germany. Expected repayments from the Mt. Gox bankruptcy also exacerbated market volatility, causing bitcoin to fall below $54,000 for the first time in months.
Still, analysts remain optimistic that a Trump victory could lead to a major rally in Bitcoin, with the potential to hit another all-time high in August and reach $100,000 by Election Day.
Financial Times: Former President Trump Could Return to the White House, Which Would Trigger a Big Surge in Bitcoin's Value
2024-07-07 19:39:24
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