A research note released by Standard Chartered suggests that if Donald Trump secures a second term as the President of the United States in November, it could have a positive impact on Bitcoin (BTC). According to Geoffrey Kendrick, a digital assets researcher at Standard Chartered, a Trump administration would likely be less stringent towards Bitcoin compared to a potential Biden administration.
While officials in the Biden administration have taken a relatively tough stance on digital assets, Trump expressed a different view in a March interview, stating that if re-elected, he would not crack down on Bitcoin or other cryptocurrencies. The report also suggests that import tariffs under a Trump presidency could lead to several large reserve managers buying Bitcoin in 2025.
Kendrick further notes that if Trump were to win, foreign government buyers of U.S. treasuries might opt to shift their investments to alternative financial assets like Bitcoin as a precautionary measure. This potential shift in demand could drive up the price of the cryptocurrency.
Trump’s previous stance on cryptocurrency was more critical, but he seems to have softened his position. During a town hall event in South Carolina earlier this year, he acknowledged the growing acceptance of Bitcoin, stating that “many people are embracing” it and that he can “live with it one way or the other.” However, he still referred to cryptocurrencies as “crazy new currencies.”