Throughout the current election cycle, former President Donald Trump has been vocal about his endorsement of digital currencies, attracting support from various followers who advocate for his re-election.
Autism Capital recently highlighted Elon Musk’s optimism regarding a potential economic revival in the U.S. should Trump secure another term.
They featured a video of Musk speaking at an event, during which he expressed,
Strong Backing from the Crypto Community
In addition, Crypto Rover, the founder of @cryptoseacom, presented election projections indicating that Trump stands at a 64.8% likelihood of winning.
He further stated,
“Bernstein’s $725 billion prediction suggests that in the event of a Trump victory, #Bitcoin could soar to $90,000 by the year’s end. Optimistic!”
This underlines the mounting support Trump is receiving from the cryptocurrency community and beyond.
Despite the upcoming debate between President Trump and Vice President Kamala Harris on September 10th, many are convinced that the election dynamics are unlikely to witness a substantial shift.
On the same note, X (formerly Twitter) user Crypto_McKenna concurred,
Reservations Regarding Trump’s Fresh Strategy
Despite the prevailing enthusiasm surrounding Trump’s potential victory, a recent report by The Wall Street Journal raised alarms about potential conflicts of interest linked to his re-election campaign.
The report shed light on the World Liberty Financial project, which, though shrouded in mystery, aims to bolster the proliferation of “U.S.-pegged stablecoins globally” and reinforce the supremacy of the U.S. dollar.
This move could introduce additional layers of complexity and scrutiny, potentially paving the way for new conflicts of interest in the event of Trump securing another term.
The unease regarding Trump’s potential impact on cryptocurrency regulations stems from concerns that he may advocate for policies that serve his personal ventures, like World Liberty Financial.
There are also fears that businesses might be lured into investing in Trump’s financial endeavors to curry favor with his administration.
During his previous term, Trump’s commercial transactions raised ethical concerns, with documents from 2022 revealing that foreign officials spent substantial amounts at the Trump International Hotel in hopes of securing favorable agreements.
While the president cannot directly manipulate the dollar’s value, his economic policies could indirectly influence it.
Further Considerations
Even within the cryptocurrency community, Trump’s backers face criticism for his initiative, with Nic Carter of Castle Island Ventures branding it as a “major misstep.”
Adding to the dissent was Jordan Libowitz, a representative of the watchdog group Citizens for Responsibility and Ethics in Washington, who remarked,
“Supporting cryptocurrency isn’t necessarily troublesome; the concern arises when personal gain is intertwined with it.”
Despite these reservations, the Polymarket prediction platform remains unaffected.
In the latest update, Trump leads with 52% of the forecasted votes, while Harris has seen a decline from 47% to less than 45%.