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Cryptocurrency News Articles

Donald Trump’s Endorsement of Bitcoin Has Indian Crypto Industry Players Hyped

Nov 05, 2024 at 04:10 pm

In a year marked by Bitcoin halving, Bitcoin Exchange-traded funds (ETF) getting approved, and the 2024 US election candidate Donald Trump’s endorsement of the digital asset

Donald Trump’s Endorsement of Bitcoin Has Indian Crypto Industry Players Hyped

Indian crypto industry players are hyped with anticipation of seeing a significant rally in token prices if Trump wins.

In the past month, Bitcoin price grew by 12 percent briefly rising to $71,000, its highest since June. Bitcoin ETFs also embraced the on-going volatility of election-driven ‘Trump Trades’.

On November 2, ETFs tracking Bitcoin recorded net inflows of $917.2 million, the biggest one-day jump since March.

BlackRock's iShares Bitcoin Trust ETF, the largest spot bitcoin fund by assets under management, alone pulled in $872 million in net flows, according to media reports.

Indian crypto industry players too, are banking on it and are hopeful for a relatively longer period of Bitcoin and crypto rally if Trump wins.

According to Sumit Gupta, Co-founder, CoinDCX, if Trump were to win, appointing more crypto-friendly regulators could have a significant impact on the US crypto space.

"Reducing regulatory uncertainty would likely further encourage greater institutional participation, potentially boosting Bitcoin’s price and sparking a broader rally among altcoins," he told Moneycontrol.

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“U.S. elections have historically impacted financial markets, and crypto is no exception. The 2024 race is already stirring market responses as investors weigh possible outcomes. If Trump’s pro-crypto stance gains traction with voters, it may inspire a bullish sentiment, encouraging anticipation of a friendlier regulatory landscape for digital assets,” said Balaji Srihari, Business Head, crypto investment platform CoinSwitch.

He added, “Many analysts believe that if Trump returns to office, Bitcoin prices could see a significant boost. Some optimists even predict that his presidency might push Bitcoin toward six-figure valuations.”

Not just Bitcoin, other tokens like Ethereum, Solana and their ETFs too have been riding on the rally.

Bitcoin's performance in the recent months have been robust, even nearing critical resistance levels amid macroeconomic shifts, industry insiders said.

There has been an inflow of over $50 billion into newly launched Bitcoin ETFs highlighting strong institutional participation, which brings not only capital but also a long-term perspective to the market. As Ethereum and Solana ETFs gain momentum, the crypto asset class too continue to mature and attract diverse investors.

Nischal Shetty, founder and CEO of the currently troubled and country’s largest crypto exchange WazirX, believes that Trump’s advocacy for crypto as a tool to advance the financial system is a testament of the growing global support for the asset class. He called the recent price movement an expected outcome of ongoing speculations over the winning candidate.

Shetty compared it with the incumbent president Joe Biden’s way of never opposing virtual digital assets while prioritizing implementing legal frameworks to avoid possible negative impact on investors or institutions backing these tokens, which has set the ball rolling for greater adoption and trust.

“If Trump does end up getting re-elected, eases a few hurdles for mainstream crypto adoption without setting off any major overhaul which could set back the industry in an unprecedented way, it would be a good example for the rest of the world to follow,” Shetty said.

He added, “However, both candidates are pro crypto and while their ideas on crypto adoption and mainstream utility has been different, the industry will benefit from whoever comes to power.”

Gupta noted that while the US election may influence short-term sentiment, investors are largely focusing on the enduring fundamentals of digital assets: technological innovation, rising institutional adoption, and global regulatory advancements.

"Indian crypto users, too, are likely to observe these developments closely, given the worldwide impact of US financial trends," he added.

News source:www.moneycontrol.com

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