Digital Asset Market Braces For Political Shifts As Trump Promises Changes, Retribution Against SEC Chair

Former President Donald Trump‘s recent statements about Bitcoin and cryptocurrency have sent ripples through the digital asset community.

During a keynote address at the Bitcoin 2024 conference in Nashville, Trump made bold promises about the future of Bitcoin if he were to return to the White House, including firing SEC Chair Gary Gensler on his first day back in office.

At the Bitcoin 2024 conference, Trump delivered a speech that resonated with the audience. He asserted that Bitcoin and other cryptocurrencies would experience unprecedented growth under his leadership.

"Bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people doing it," Trump declared, drawing enthusiastic applause.

Trump contrasted Bitcoin’s surge during his previous term with its performance under the Biden administration. He highlighted how Bitcoin increased by 900%, from $898 to $35,000, during his time in office. He also emphasized his commitment to replacing Gensler, whom he criticized for being hostile to the cryptocurrency industry.

"I will appoint a new SEC chairman who believes America should build the future and not block the future," Trump announced.

The Impact of Political Promises

Trump’s promises may cause a buzz in cryptocurrency circles, but whether they boost his chances of winning the 2024 presidential election on Nov. 5 remains to be seen.

According to fresh data, bets in favor of Trump dropped from 71% to 58% over the last two weeks. On the other hand, wagers backing the new Democratic presidential nominee, Kamala Harris, soared to 38% after she replaced incumbent president Joe Biden for the race.

Market and Crypto Aficionados React

At the time of writing, Bitcoin was trading at $68,693.74, up 0.89% in the last 24 hours, according to Benzinga Pro. Trump’s remarks have fueled speculation about how various countries might react to a potential U.S. policy shift. For instance, Germany, which has recently sold off some of its cryptocurrency holdings, might reconsider its position if Trump’s proposed policies come into effect.

Where To Learn More

These developments will be a critical topic at the upcoming Future of Digital Assets event by Benzinga, scheduled for November 19, 2024, in New York City. This event will bring together digital asset companies and institutional investors to discuss how political decisions impact market dynamics and regulatory environments. With over 1,000 capital markets leaders and 4,000 one-on-one meetings, the event provides a vital platform for exploring the future of digital assets.

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