There is no shortage of people who are convinced that Bitcoin (BTC) will reach a new record price next year. The price has risen sharply in 2023 and there are signals that this may continue even further. VanEck makes a very remarkable prediction; The price could reach a new all-time high if Trump becomes President of the United States.
The US government suddenly throws strict crypto regulations in the trash
Government and Regulation
“Bitcoin will explode in 2024 because of Trump”
The asset manager writes this in a research report published on Seeking Alpha. It makes not one but 15 predictions for the crypto market in 2024. One of them is that Donald Trump will win the US presidential election. VanEck expects to have a slim majority of 290 votes. In total, the president can receive 538 votes; with 270 or more, one candidate has a majority.
There is also no shortage of parties making predictions about who will win the 2024 political elections. Still, this isn’t the company’s only bold prediction. Globally, more than 45% of the world’s population would vote – there will be more elections than just in the USA. This percentage would be a record.
According to VanEck, a Trump victory could see the price of Bitcoin reach new records. The Republican Party appears to have been much better for the US crypto industry last year than the Democratic Party with Biden. A Trump victory could continue this positivity.
At the same time, Trump has been vocal about Bitcoin and cryptocurrencies in recent years. He explained in 2019 that crypto is not money, but hot air. In 2021, he added that the asset class is very dangerous. Now something seems to have changed, as earlier this week he introduced another NFT series.
I am not a fan of Bitcoin and other cryptocurrencies that are not money and whose value is very volatile and based on air. Unregulated crypto assets can facilitate unlawful behavior, including drug trafficking and other illegal activities.
– Donald J. Trump (@realDonaldTrump) July 12, 2019
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Will the SEC adopt a different policy if Trump returns to power?
One of the things VanEck said Trump would change would be the hostile attitude of the Securities and Exchange Commission (SEC). The SEC has found that almost all of these have been the case since the Biden administration took office Altcoins are unregistered securities on American crypto exchanges.
Since then, there have been numerous lawsuits against crypto exchanges. Coinbase CEO Brian Armstrong believes that if the SEC continues its current policies, it will destroy industry regulation and give foreign countries a competitive advantage. This could also change if Trump returns to power, as a new administration typically appoints a new top leader like the SEC.
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