Trump’s Brush with Death Sparks Bitcoin Rally
Former President Donald Trump’s survival of an assassination attempt has sent shockwaves through the cryptocurrency market, with Bitcoin surging to a two-week high of over $62,000.
The digital currency’s unexpected rally has been attributed to investors betting on Trump’s potential victory in November, given his vocal support for cryptocurrencies. Despite once criticizing Bitcoin as “highly volatile” and “based on thin air,” Trump has become an outspoken advocate for the crypto industry in recent months.
“He has pledged to support crypto mining in the US if he wins a second term and previously attacked rival Joe Biden as having ’no idea’ what crypto is.”
Trump’s pro-crypto stance has won him the backing of some Bitcoin enthusiasts, with one CEO even committing over $100 million to help Trump get elected.
Trump’s support for crypto mining has been a significant factor in the recent Bitcoin surge.
Carol Alexander, a professor of finance at the University of Sussex, has cautioned that the price spike is merely a “knee-jerk reaction” to the shooting, and the rally is unlikely to last. However, traders are optimistic that a Trump victory in November would be a boon for the crypto industry.
Bitcoin’s volatility has led to dramatic price swings in the aftermath of major news events.
As the crypto industry continues to evolve, one thing is clear: Trump’s influence has become a significant factor in shaping the market. Whether his impact will be lasting remains to be seen, but for now, Bitcoin enthusiasts are reveling in the surge.
The future of Bitcoin hangs in the balance as the presidential election draws near.
