Professional Capital Management CEO Anthony Pompliano believes a return to the White House for former President Donald Trump would be positive for Bitcoin BTC/USD. So could a second term for Trump be the catalyst crypto needs?
What To Know: Wednesday on CNBC’s “Squawk Box,” Pompliano argued that Trump’s recent support of Bitcoin appears to be genuine.
“Donald Trump has positioned himself as a pro-bitcoin, pro-crypto candidate. I actually think that if you watch his public comments, he has followed pretty much the exact thought process and journey that most bitcoiners follow,” Pompliano said.
When someone first hears about Bitcoin, they think, “there’s no way this could be real,” but then they look into it more and they start to get interested. From there they start paying attention to price and eventually become supporters after coming to understand some of its principles and the ethos around it, he said.
Trump appears to be a genuine bitcoin supporter and the Republican Party is building support from crypto market participants as the Democratic Party remains bifurcated on the subject, Pompliano said.
Related Link: Nancy Pelosi Urges Biden To ‘Make That Decision’ On Political Future – ‘Time Is Running Short’
“Ultimately I think that people for decades have been voting for their wallet. Bitcoin and crypto is just the latest version of that. So when they go into that ballot box in November, they are going to look for a pro-crypto or pro-bitcoin candidate,” he said.
When asked if a Trump presidency is the catalyst that bitcoin needs to take its next leg higher, Pompliano responded saying that the only catalyst bitcoin needs is time.
Although crypto rallied in anticipation of the approval of spot Bitcoin ETFs in January, it turns out a lot of the flows were from retail investors, Pompliano said. He expects more institutional money to begin flowing into ETFs in the second half of the year, which should drive prices higher, he said.
“I still think Bitcoin’s got a very good future ahead of it,” Pompliano said, adding that he anticipates Bitcoin prices moving higher as we get into September and seasonal summer trends fade.
Anthony Scaramucci, meanwhile, says President Joe Biden would be better for crypto. The former White House Communications Director and Skybridge Capital founder advised his fellow cryptocurrency community members to support Biden over Trump in the 2024 presidential election.
A Trump administration would be better for crypto regulation in the short term, Scaramucci recently said, but "in the long term, he's going to create havoc and unpredictability in the legal system."
$BTC Price Action: According to Benzinga Pro, bitcoin was down 0.33% over a 24-hour period, hovering around $57,610 at the time of writing.
Read Next:
Photo: Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
