Bitcoin Is Braced for a Washington Earthquake in the Coming Week

Former U.S.'s president Donald Trump has embraced bitcoin and crypto in recent months while ... [+] president Joe Biden has adopted an anti-crypto stance

The bitcoin price has surged sharply in recent months, recovering to its all-time high of around $70,000 per bitcoin. Now, former president Donald Trump has declared he will be the "crypto president" if he wins the 2024 election—putting him starkly at odds with the Biden administration's anti-crypto stance.

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Trump, who has already sold millions of dollars worth of his own crypto-based digital trading card non-fungible tokens (NFTs), has ramped up his pro-crypto rhetoric in recent weeks, including accepting campaign donations in bitcoin, ethereum, solana, dogecoin and shiba inu.

"Both candidates have well-documented stances on cryptocurrencies and financial regulations. The market has already priced in their positions, so any reiteration of these views during the debate is unlikely to introduce new volatility. While the debate might touch on regulatory frameworks that could impact cryptocurrencies, the specifics of such regulations usually emerge from detailed policy announcements and legislative processes rather than debate soundbites," Bitfinex analysts wrote in emailed comments.

"The upcoming U.S. presidential debate between Joe Biden and Donald Trump, with its new format and stricter rules to ensure a more structured discussion, is unlikely to have a significant impact on the bitcoin price but could on the broader cryptocurrency market," they added.

Earlier this month, it was reported the Biden campaign is holding discussions about accepting bitcoin and cryptocurrency donations through Coinbase, according to The Block, citing anonymous sources.

Last week, an email leaked from California congressman Ro Khanna's office to Bitcoin Magazine revealed officials from the Biden administration, the House and the Senate, along with Shark Tank billionaire Mark Cuban, are due to meet in early July for "the most significant meeting between policymakers and innovation leaders in blockchain to date."

Cuban, an outspoken supporter of president Joe Biden, has warned Trump could win the 2024 election due to Biden's opposition to crypto.

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"The upcoming U.S. presidential debate between Joe Biden and Donald Trump, with its new format and stricter rules to ensure a more structured discussion, is unlikely to have a significant impact on the bitcoin price but could on the broader cryptocurrency market," Bitfinex analysts wrote in emailed comments.

"Both Biden and Trump have well-documented stances on cryptocurrencies and financial regulations. The market has already factored in their positions, so any reiteration of these views during the debate is unlikely to introduce new volatility. While the debate might touch on regulatory frameworks that could impact cryptocurrencies, the specifics of such regulations usually emerge from detailed policy announcements and legislative processes rather than debate soundbites."

Trump has leaned into bitcoin and crypto in recent weeks after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him starkly at odds with the Biden administration's anti-anti crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin and shiba inu.

Earlier this month, it was reported the Biden campaign is holding discussions about accepting bitcoin and cryptocurrency donations through Coinbase, according to The Block, citing anonymous sources.

Last week, an email leaked from California congressman Ro Khanna's office to Bitcoin Magazine revealed officials from the Biden administration, the House and the Senate, along with Shark Tank billionaire Mark Cuban, are due to meet in early July for "the most significant meeting between policymakers and innovation leaders in blockchain to date."

Another Trump critic and Biden supporter Anthony Scaramucci, managing partner at hedge fund SkyBridge Capital who served as Trump's short-lived director of communications in 2017, has said Biden's opposition to crypto wouldn’t continue into a second term.

"I have talked to many people on the Biden campaign, people like [Coinbase investor and venture capitalist] Ron Conway ... [who] will take a softening approach to crypto," Anthony Scaramucci, Trump's short-lived former director of communications and managing partner at hedge fund SkyBridge Capital, told Laura Shin on her Unchained podcast.

"I also think that the anti- crypto nonsense which is really sponsored by senator Elizabeth Warren and [Securities and Exchange Commission chair] Gary Gensler is behind us," Scaramucci said, adding the crypto industry "has already won."

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-braced-washington-earthquake-coming-week.html

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