Key Points
- President Trump’s support for cryptocurrencies has led to a surge in Bitcoin’s market value, surpassing $90k.
- Standard Chartered predicts a potential $10 trillion crypto market by 2026, following a Republican sweep.
The 47th President of the United States, who initially dismissed Bitcoin (BTC), has become a prominent advocate for cryptocurrencies during his 2024 election campaign. This has earned him the nickname “crypto president.”
His campaign promises included establishing a “strategic national Bitcoin stockpile” and criticizing the Biden administration for its stringent crypto policies. He also launched his own cryptocurrency project, indicating a significant change in his stance on digital assets.
Bitcoin’s Post-Election Market Cap
Following the 2024 elections, Bitcoin’s value skyrocketed past $90,000, breaking its previous record of $73,000 set in March. This led to a $650 billion increase in the total value of all cryptocurrencies, reaching $3.2 trillion.
This surge is largely credited to the optimism surrounding the new administration. Crypto enthusiasts anticipate a more positive approach towards digital assets compared to the Biden administration.
Republican Sweep’s Impact on Crypto Market Cap
Investment bank Standard Chartered predicts that the total cryptocurrency market capitalization could reach $10 trillion by 2026. This prediction is based on the possibility of a Republican sweep bringing in crypto-friendly policies.
According to a recent report, the bank believes that supportive government actions could quadruple the market’s value to over $10 trillion in the coming years.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, commented on this, stating, “The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most.”
The report also suggested that while the establishment of a Bitcoin reserve under the new administration is unlikely, it could have significant implications if it were to happen. Kendrick optimistically stated, “With a Republican sweep in the U.S. election now looking likely, we believe we have entered the crypto summer.”
If Bitcoin reaches this level, its total value could even surpass $4.3 trillion, exceeding the entire British pound money supply.
