Key Points
- Bitcoin (BTC) price remained under $65,000 as Trump did not mention crypto in his RNC speech.
- Despite political influence, historic data shows limited presidential impact on Bitcoin and crypto stocks.
Bitcoin’s price stayed under $65,000 on Friday. This was the case even as Donald Trump refrained from discussing cryptocurrency during his speech at the Republican National Congress (RNC) event.
Trump’s Speech and the Crypto Market
On Friday morning, Bitcoin (BTC) was trading at around $64,200, approximately the same as the previous day. During his much-anticipated speech at the RNC, Trump did not touch on one of the most controversial topics in the financial sector: cryptocurrency.
Many, including Polymarket users, expected him to at least reference the digital asset sector, as he had done in several recent speeches. However, Trump’s address centered on broader issues such as taxes, immigration, geopolitics, and trade policy.
Presidential Impact on Crypto
Despite the anticipation, Bitcoin, altcoins, and other crypto-related stocks had been on the rise before his speech. The surge began over the weekend following an incident in Pennsylvania, which raised hopes of him winning the general election.
Polymarket users are of the view that Trump is likely to win the election. However, analysts warn that it’s too early to predict, and a lot could change before November. For instance, Joe Biden could step down, and a younger candidate could take his place.
The crypto community tends to view Trump more favorably. They hope he will appoint a crypto-friendly SEC chair, cut back on regulations, and even establish a US Bitcoin strategic reserve.
However, historical data shows that the US president does not significantly impact stocks and cryptocurrencies. For instance, Bitcoin performed well during Trump’s first term, jumping from $800 to over $20,000. During Biden’s first term, it reached a record high of $73,800, with most crypto stocks hitting their all-time highs.
This happened even as Gary Gensler faced accusations of legislating through courts when he sued companies like Coinbase, Binance, and Kraken. Notably, Gensler’s tenure saw the approval of spot Bitcoin ETFs, and it’s anticipated that spot Ether funds will be approved.
As Anthony Pompliano recently pointed out, presidents don’t significantly impact Bitcoin. He argued that the only factor that truly matters in the crypto industry is time.
