- Trump’s crypto support fueled a Bitcoin spike, pushing its market value above $90,000
- According to Standard Chartered, the Republican victory could push the crypto market to $10 trillion by 2026
From initially rejecting Bitcoin [BTC] To become an outspoken proponent of cryptocurrencies during the 2024 election campaign, the 47th President of the United States has embraced a new identity as the “crypto president.”
During his campaign, he promised to build a “strategic national Bitcoin stockpile” and criticized the Biden administration’s hardline stance on crypto. He even introduced his own crypto project, signaling a profound change in his stance on digital assets.
At a recent conference, Trump even pointed out:
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they will dominate, and we cannot let China dominate.”
Bitcoin’s market cap after the election
After the 2024 elections, BTC surged past the $90,000 mark, surpassing the previous all-time high of $73,000 set in March. Because of the samethe total value of all cryptocurrencies has increased by more than $650 billion, while the same value is $3.2 trillion.
This increase can largely be attributed to the optimism surrounding the new government. Crypto enthusiasts are now hopeful of a more favorable stance on digital assets, compared to the Biden administration’s approach.
How could a Republican sweep benefit the crypto market cap?
Amid growing speculation, investment bank Standard Chartered has predicted that the cumulative market capitalization of cryptocurrency could reach $10 trillion by the end of 2026 – possibly following a Republican move that could usher in pro-crypto policies.
In fact, according to a recent report, the bank expects that government support measures could quadruple the value of the market – to more than $10 trillion over the next few years.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, commented as much:
“The rising tide should lift all digital assets; those most exposed to end-use cases will benefit the most.”
The report also suggested that while the creation of a Bitcoin reserve under the new government is unlikely, it could have significant consequences if it were to happen. Especially because it can lead to a ‘low probability but high impact event’.
That’s why Kendrick said it best when he said:
“With a Republican victory in the US elections now looking likely, we believe we have entered the crypto summer.”
In conclusion, if Bitcoin reaches this level, its total value could even exceed $4.3 trillion – surpassing the entire money supply of the British pound.
Credit : ambcrypto.com
