Bitcoin’s price went up today after Donald Trump used the popular cryptocurrency to pay for food during a campaign stop in New York. This shows once again how much Trump can influence Bitcoin’s price, with experts predicting a rise if he wins. Bitcoin has increased by over 9% since Trump used it to pay nearly $1,000 for burgers and drinks at the PubKey bar for his supporters.
This moment is historic as Donald Trump became the first president to use Bitcoin for a transaction. This explains why Bitcoin’s price has surged since then. Nate Geraci, President of the ETF Store, noted how “highly noteworthy” this is for the cryptocurrency, stating that it shows Bitcoin now matters.
Earlier this year, Trump expressed his support for Bitcoin and other cryptocurrencies, even calling himself the ‘Crypto President.’ His interest in crypto is believed to have led him to start his own DeFi project, World Liberty Financial.
Given Trump’s pro-crypto position, experts, including analysts at Bernstein, predict that Bitcoin could rise to $90,000 if he wins the November elections. Today’s price increase suggests they might be onto something, especially after Trump’s recent crypto payment in New York. Trump’s victory could boost positive sentiment toward Bitcoin, similar to the reaction after his recent payment. A crypto community member known as ‘Chairman’ on X, with over 800,000 followers, predicted that Bitcoin could reach $100,000 if Trump wins. Crypto influencer Jake Gagain called this outlook “so bullish.”
While Trump’s payment likely influenced Bitcoin’s price today, it’s also important to note that the Fed’s rate cut has contributed to the positive momentum for the cryptocurrency.
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Economic Impact of Trump’s Potential Victory on Bitcoin
Economist Alex Krüger noted that Bitcoin’s future is “heavily dependent” on the outcome of the US presidential elections. He suggested that Bitcoin’s price could surge if Donald Trump wins in November. Krüger also mentioned that altcoins might see a significant rally if Trump emerges victorious, advising investors to heavily invest in these coins if Trump is leading on Election night.
Recent data from Polymarket shows that Trump has a 48% chance of winning the elections, while Kamala Harris has a 51% chance. After his visit to the Bitcoin bar in New York, Trump encouraged crypto voters to make their voices heard, emphasizing that they can’t lose if they vote.
Crypto voters are set to play a key role in the upcoming elections. At an event hosted by the ‘Stand With Crypto’ non-profit organization, Coinbase’s CEO Brian Armstrong highlighted that the crypto electorate is real and will have a say in this election.
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