The 2024 Election and Bitcoin: Will Donald Trump Make America a Crypto Hub Again?

The Republicans have taken their perceived love of Bitcoin a step further by backing Americans' right to own and mine Bitcoin.

The Republicans have shown their support for Americans’ right to own Bitcoin. They plan to end the Democrats’ crackdown on crypto, which they deem "unlawful and unAmerican." They also aim to ensure every American has the right to self-custody their digital assets.

Moreover, the Republicans propose to legalize Americans' right to mine Bitcoin. They wish to make America a global crypto hub and have even included this goal in the 2024 GOP platform draft.

With the presidential election approaching, the crypto community hopes for a bipartisan crypto policy. A victory for Donald Trump is expected to uplift Bitcoin from its current slump.

Many anticipate Bitcoin will reach a new all-time high if Trump wins. He has positioned himself as the pro-crypto candidate, promising to mine the rest of all Bitcoins in America if elected.

From hosting Bitcoin miners at Mar-a-Lago to accepting crypto for his campaign's donations, Trump has engaged heavily with the crypto world. He has also promised to support crypto companies and interact with the industry's elites.

So, it follows that a strong Republican presence in Congress is expected to lead to clear and favorable crypto policies.

However, some of Trump's policies, like tougher immigration criteria, more tariffs on foreign goods, and tax cuts, will increase the deficit and spike up inflation and Treasury yields.

Standard Chartered believes these policies will create a “fiscal dominance” where the deficit and debt grow so large that the Federal Reserve becomes powerless against inflation.

This would naturally affect crypto markets since they are interconnected. However, Bitcoin, which is seen as a hedge against inflation just like gold, will benefit the most from it.

“A steeper curve and higher break-even rates than real yields should push Bitcoin's price higher, as the cryptocurrency serves as a hedge against declining confidence in the U.S. Treasury market,” Standard Chartered analysts said.

But there is still the matter of Joe Biden possibly bowing out of the race before the election. If that happens, whoever the Dems decide to replace him with will increase their chances of a win. Whether the chance will be tiny or huge remains to be seen.

In their draft, the Republicans also criticize Biden's executive order on artificial intelligence. They believe him to be the enemy of innovation who just wants to “impose left-wing ideas on technology development.”

They promise to repeal this and support AI development for the benefit of free speech and human flourishing.

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