Former President Donald Trump’s support for cryptocurrency has captured the attention of Bitcoin enthusiasts and analysts as the 2024 U.S. presidential election approaches. Trump’s proposed policies, such as the removal of SEC Chair Gary Gensler and the establishment of a crypto advisory council, indicate a significant shift in his approach.
The anticipation of a Trump victory has ignited excitement within the crypto market, with many believing that it could fuel Bitcoin’s growth. Prediction markets like Kalshi and Polymarket have seen an increase in the probability of Trump winning, with market analysts like Satoshi Flipper pointing out that this potential outcome has not yet been fully priced in.
Unlike some of his competitors, Trump has taken a non-hostile stance towards cryptocurrencies, making it a central theme of his campaign and garnering support from crypto-focused voters. This support, coupled with his proposed policy changes, could have a profound impact on the industry.
One notable change Trump has suggested is the removal of SEC Chair Gary Gensler. Although Trump does not have unilateral power to dismiss Gensler, he could push for a crypto-friendly replacement with Senate approval. Industry leaders, including Basel Ismail of Blockcircle, believe that a pro-crypto SEC chair could expedite the approval of Bitcoin and altcoin ETFs. Bloomberg analyst Eric Balchunas also suggests that Trump’s SEC appointments could significantly alter the regulatory processes, potentially speeding up the approval of ETFs.
Furthermore, analysts predict that Trump’s policy changes could benefit altcoins, as greater regulatory clarity may help them gain traction. Figures within the industry, like Alex Thorn from Galaxy Digital, believe that Bitcoin has long benefited from favorable regulation, but Trump’s proposals could lead to a resurgence in altcoins, bringing more diversity to the market.
