Trump Defeating Biden Would Be Good for Bitcoin: Standard Chartered

Analysts from the British bank Standard Chartered today noted that a second presidential term for Donald Trump could benefit Bitcoin.

Donald Trump has previously been an opponent of cryptocurrencies. But if he wins in November and becomes President of the United States for a second term, Bitcoin will benefit, according to British financial giant Standard Chartered.

Analysts from the British bank Standard Chartered today noted that a second presidential term for Donald Trump could benefit Bitcoin.

On Tuesday, Standard Chartered digital asset expert Jeffrey Kendrick noted that the incoming Trump administration will not be as categorical about Bitcoin as the Biden administration.

And if Trump wins, international official buyers of US government bonds may, out of caution, want to switch to alternative financial assets such as Bitcoin, he added, which will help boost the price of that asset.

“Although officials in the Biden administration have taken a fairly hard-line stance on digital assets, Trump said in an interview in March that if elected, he would not pursue sanctions against Bitcoin or other digital assets,” the review said.

It adds that import tariffs under a Trump presidency could lead to “several large asset managers buying BTC in 2025.”

Back in March, Trump, who has previously denounced Bitcoin, said he enjoyed making profits and experimenting with the asset and other cryptocurrencies.

“I get not only money from this, but also pleasure,” Trump shared his thoughts.

“Crazy new currencies, that’s what I call them.

These are absolutely crazy new currencies, be it Bitcoin or others.”

Last month, Standard Chartered predicted that newly approved Bitcoin ETFs would continue to be popular, and the influx of investment could see Bitcoin's price soar to $150,000 by the end of this year.