Crypto Earthquake: Trump’s Shock Declaration Sparks Wild Speculation

The bitcoin price has been on a rollercoaster ride, and it’s about to get even wilder. Former President Donald Trump’s shock declaration that he will be the “crypto president” has sent shockwaves through the crypto community. The bitcoin price has rocketed from around $15,000 per bitcoin in the aftermath of the FTX crypto exchange collapse in late 2022 back to its peak of $70,000, helping the ethereum price more than double and XRP add almost 60% as the wider crypto market rebounds.

Bitcoin price chart

Now, as tech billionaire Michael Dell sparks wild speculation that his computer company could follow MicroStrategy and Elon Musk’s Tesla into bitcoin, rumors are swirling that President Joe Biden could talk about crypto policy during his first presidential debate with Trump on Thursday, June 27.

“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.

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-crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin, and shiba inu.

Donald Trump

Earlier this month, it was reported that 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.

Mark Cuban

The bitcoin price has rocketed higher over the last few months, climbing back to its all-time high of around $70,000 per bitcoin. As the crypto market continues to rebound, one thing is certain - the upcoming presidential debate will be a wild ride for crypto enthusiasts.

Bitcoin price chart