Bitrabo Editorial
Republican lawmakers, influenced by former President Donald Trump’s pro-crypto views, are now backing the adoption of Bitcoin (BTC) in the United States.
The Republican National Committee (RNC) recently endorsed a draft of their 2024 platform that includes strong support for Bitcoin and the cryptocurrency industry, marking a departure from the current regulatory approach under President Biden.
Republicans Embrace Bitcoin
The draft platform titled “Build the greatest economy in history” emphasizes reducing regulations, promoting job growth, fostering innovation, and ensuring affordability, catering to the needs of crypto firms and supporters who advocate for transparent and sensible regulations.
The Republicans also aim to counter what they see as the Democrats’ excessive regulation on cryptocurrencies, reject the idea of a Central Bank Digital Currency (CBDC), and promise to uphold the right to mine Bitcoin and self-custody digital assets free from government interference.
Driving Price Predictions
Advisors to former President Trump, including Vivek Ramaswamy, have proposed considering Bitcoin as a reserve asset to stabilize the US dollar in case of a victory in the upcoming elections, potentially leading to a surge in Bitcoin prices if Trump wins.
An energy policy proposed by Trump could also benefit crypto mining companies by encouraging the use of alternative energy sources, which might contribute to the long-term growth of the BTC price, according to asset manager Julius Baer.
While these policies could impact the crypto market, their implementation hinges on the outcome of the November elections, leaving uncertainty in the market for now.
Currently, Bitcoin is trading at $56,360, experiencing a 10% decline in the past week and nearly 20% drop in the last 30 days.
Image Source: DALL-E, TradingView.com