Key Takeaways:
Bitcoin (BTC) shed its losses over the past week and skyrocketed beyond the $60,000 per token valuation after former president and White House frontrunner Donald Trump suffered an injury during an assassination attempt.
The pro-crypto, billionaire, Republican party nominee’s defiant response to the failed attempt on his life also improved the chances of him winning the presidential election in November, according to crypto-based prediction platform Polymarket.
Bitcoin Hits $62,000 After Pro-Crypto Candidate Trump Survives Assassination Attempt
The world’s largest cryptocurrency by market capitalization rose as much as 2.8% on July 13th, topping at $61,420 – its highest level in almost two weeks. Meanwhile, altcoins reacted to the news mixedly, with the second-largest cryptocurrency Ether (ETH) posting modest gains.
Trump was shot in the right ear after gunfire erupted at his rally in Pennsylvania on Saturday. The assassination attempt led to the death of one spectator and critically injured two others who were in attendance. The alleged shooter, identified as 20-year-old Thomas Matthew Cooks, is deceased after being taken down by special forces.
Traders took to Bitcoin as they anticipated that the assassination attempt would embolden the pro-crypto former President’s chances of winning the election and returning to the Oval Office in November. Some others took refuge in the apex cryptocurrency fearing political instability as an aftermath of the event.
Soon after the tragic incident, Trump went on social media to announce that he was “fine” and is looking forward to speaking at the Republican National Convention happening in Milwaukee on Monday.
Data from Polymarket shows that Trump’s odds of returning to the White House jumped around 10 points to 70%. Meanwhile, President Biden’s chances of being reelected are currently in the gutters at 16%.
Trump’s Support For Bitcoin A Recognition of Its Progress
Trump has emerged as the champion for Bitcoin and cryptocurrencies this election cycle, with the community preferring him over other candidates. The 45th President, a skeptic of digital currencies during his time in office, has promised to protect the rights of those holding Bitcoin.
Last week, organizers of the Bitcoin 2024 Conference announced that Trump will be speaking at the world’s largest crypto convention due to be held in Nashville, Tennessee on July 27th.
Bitcoin 2024 organizer and chief executive of the Bitcoin Magazine, David Bailey, said in a statement that Trump agreeing to speak at the event is a “recognition of Bitcoin’s adoption and progress towards that original vision”. Bailey is also a key adviser on Bitcoin and crypto for the Trump campaign.
Trump is expected to speak for 30 minutes on the last day of the convention. Reports also suggest that Trump discussed crypto policy with billionaire Tesla CEO and father of Dogecoin, Elon Musk.
Trump Wants All Remaining Bitcoins To Be Mined In The USA
In June, Trump met with representatives of Bitcoin mining firms Marathon Digital, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy, and Exacore at the Mar-a-Lago resort in Palm Beach, Florida. The technologists responsible for securing the $1.3 trillion Bitcoin blockchain helped the former president understand the concept of the network and its native cryptocurrency.
In a subsequent post on Truth Social, Trump said that Bitcoin may be America’s “last line of defense” against a CBDC. He also wants all the remaining Bitcoins to be “MADE IN THE USA”, which he believes would help the country become “energy dominant”.
Bitcoin miners, venture capitalists, and crypto executives who were present at the meeting have since raised over $12 million for the Trump campaign. The campaign accepts donations in BTC, ETH, Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB).
The Winklevoss brothers, founders of crypto exchange Gemini, recently announced their endorsement of Trump, claiming that he is a “pro-Bitcoin, pro-crypto, and pro-business President”. Cameron and Tyler Winklevoss donated $1 million each in BTC to Trump’s campaign.
In recent months, Trump was seen leaning more toward Bitcoin and cryptocurrencies. He even launched a series of non-fungible tokens (NFTs) that have raked in millions of dollars in sales.
In a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya last month, Trump said he would be the “Crypto President”.
Bitcoin and Crypto Major Talking Points of The 2024 Election
Bitcoin’s surge following the Trump assassination attempt is evidence of the crypto sector trying to bolster candidates they see as favorable to digital assets. The industry has emerged as a major talking point in the 2024 election, in part to push back on regulatory clampdown spearheaded by the US Securities and Exchange Commission (SEC).
The world’s most valuable cryptocurrency hit a record high of nearly $74,000 in March. This milestone was fueled by the launch of exchange-traded funds (ETFs) backed by Bitcoin from leading Wall Street asset managers, such as BlackRock and Fidelity, and investors’ demand for it.
However, Bitcoin failed to sustain this momentum and slipped back down due to a host of reasons. From the German and US governments’ alleged sales of tokens seized from criminals to reimbursement of customers by crypto exchanges Gemini and the now-defunct Mt. Gox.
At the time of writing, Bitcoin (BTC) is trading at $62,905 – up 4.5% in the last 24 hours.
Latest news: JPMorgan Expects Crypto Market To Rebound In August
