• Donald Trump plans to ease crypto regulations and make America the world capital for digital assets like Bitcoin.
  • Kamala Harris campaign now accepts crypto donations, according to Fortune.
  • Fred Krueger weighed in on the impact of the presidential elections on Bitcoin's future.

Bitcoin (BTC) is down 3% on Thursday despite positive sentiments surrounding Republican Presidential candidate Donald Trump's plans to make America the world's crypto capital.

Trump states plans for crypto if elected, Harris makes move

As the November elections draw closer, candidates are increasingly taking actions that emphasize the role of crypto voters in the upcoming elections.

In a speech at the Economic Club New York, Republican Presidential candidate Donald Trump reiterated that he'll support the crypto industry if elected in the upcoming elections in November.

"Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin," said Trump.

Trump has been trying to woo crypto voters in the past few months, following a variety of efforts that involve accepting crypto donations, engaging with prominent crypto figures, dedicating a section of the GOP 2024 platform to crypto and even attending key crypto events like the Bitcoin conference in Nashville.

While many have waited for Democratic presidential candidate Kamala Harris's stance on crypto, Fortune reported that Coinbase's CFO confirmed that the Vice President's campaign has begun accepting crypto donations via the exchange.

Despite the news, Trump leads Kamala by 7% in the crypto prediction market Polymarket. Kamala had previously taken the lead for most of August, but as the election draws closer, crypto players seem to be favoring a Trump win.

Bitcoin investor Fred Krueger weighed in on the election's impact on Bitcoin, stating that "what's at stake isn't the price of Bitcoin, but its integration into the American financial system." He also shared a sentiment similar to most crypto investors who are hedging their crypto positions with a bet on the presidential elections via Polymarket.

Bitcoin is down over 3% in the past 24 hours despite Trump's positive speech. According to popular trader Peter Brandt, Bitcoin is trading within an inverted expanding triangle and needs to set a new all-time high to get the bull market back on track.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP