Is Buying Bitcoin the Ultimate ‘Trump Trade’ in 2024?

October 10

The US Presidental candidate has set out his stall on the digital asset, even proposing a national stockpile

Bitcoin (), the world’s best-known cryptocurrency, is non-political in the most literal sense, as it’s a decentralized and largely neutral form of money.

However, between the two main candidates for the 2024 US Presidential Election, former President Donald Trump’s pro-crypto stance is currently much clearer than his rival, Vice President Kamala Harris.

Indeed, Trump has a significant interest in supporting the trade, with his campaign having raised over $4 million in cryptocurrency by July 25. Today, Trump’s official campaign website proudly accepts cryptocurrency donations.

Yet, Trump’s support for decentralized digital currencies seems to go beyond accepting crypto campaign contributions. Indeed, the former president appears to be all in on the concept of Bitcoin as a “by the people, for the people” form of money, whereas Harris’s current stance on cryptocurrency is harder to pinpoint.

Harris a “Blank Page” on Bitcoin

One of the main reasons Bitcoin ownership is often considered a “Trump trade” is simply because Harris hasn’t made a definitive for-or-against statement about cryptocurrency. As recently as August 27, Bloomberg described Harris’s stance on cryptocurrency as a “blank page.”

Nevertheless, it’s entirely possible that Harris will elucidate her stance on Bitcoin prior to the November 5 election. On that topic, Michael Novogratz of Galaxy Digital predicted that Harris “will pivot” to a pro-cryptocurrency position, and remarked that “being anti-crypto is a little bit like being anti-dog. It’s just not smart politics”.

Trump Takes a Stand on Crypto

Conversely, in July, at the 2024 Bitcoin Conference in Tennessee, Trump made his stance on cryptocurrency crystal clear. He unequivocally declared his support for the digital asset, made the case for a strategic national crypto stockpile, and urged attendees to “never sell your Bitcoin.”

Furthermore, Trump proclaimed that, under his leadership, the U.S. “will be the crypto capital of the planet and the Bitcoin superpower of the world”. He also depicted current President Joe Biden and Harris as anti-cryptocurrency, arguing that their administration’s “repression of crypto and Bitcoin is wrong and it’s very bad for our country”.

Along with all of that, Trump seemed to suggest that Bitcoin adoption will increase, and with it, the token’s price.

“Most people have no idea what the hell it is. So what happens when everyone figures it out? That’ll be something.”

Trump Owns and Uses Cryptocurrency

All of this raises the question of whether Trump is just talking the talk. However, when it comes to cryptocurrency, the former president does appear to have some skin in the game.

In August, a financial disclosure revealed that Trump owned at least $1 million worth of cryptocurrency. That’s quite the u-turn on his Trump’s earlier declaration that cryptocurrency was a scam.

In fact, In September, Trump became the first U.S. president to use Bitcoin to make a purchase, buying burgers for his supporters at a Bitcoin bar in New York City.

‘Crypto Bros’ Have a Crucial Choice to Make

Overall, Trump clearly seeks to present himself as a cryptocurrency aficionado and Bitcoin supporter. Meanwhile, Harris’ position on crypto isn’t crystal clear yet, though there’s still time before the election for her to take a strong stand on decentralized digital assets.

Either way, crypto “bros” and “sisters” have a crucial opportunity to vote with both their ballots and wallets in 2024. Politics aside, owning Bitcoin doesn’t have to strictly be a “Trump trade,” as increased adoption could lead to significantly higher cryptocurrency prices regardless of who occupies the White House next year.

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