Key Points
- President Trump’s support for cryptocurrencies has led to a surge in Bitcoin’s market value, exceeding $90k.
- Standard Chartered predicts that a Republican sweep could push the crypto market to $10 trillion by 2026.
The 47th President of the United States, initially dismissive of Bitcoin (BTC), has become a strong proponent of cryptocurrencies during his 2024 election campaign. This shift has earned him the title of the “crypto president.”
During his campaign, he pledged to establish a “strategic national Bitcoin stockpile” and criticized the Biden administration’s hardline stance on cryptocurrencies. Additionally, he launched his own cryptocurrency project, indicating a significant change in his views on digital assets.
Bitcoin’s Market Cap Post-Election
After the 2024 election, BTC’s value soared beyond the $90,000 mark, breaking its previous record high of $73,000 set in March. As a result, the total value of all cryptocurrencies increased by over $650 billion, reaching $3.2 trillion.
The new administration’s optimism is largely responsible for this surge. Cryptocurrency enthusiasts are now anticipating a more positive attitude towards digital assets than the Biden administration’s approach.
Impact of a Republican Sweep on the Crypto Market Cap
Standard Chartered, an investment bank, has forecasted that the total cryptocurrency market capitalization could reach $10 trillion by 2026. This is possible if a Republican sweep leads to the implementation of pro-crypto policies.
The bank’s recent report suggests 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, saying, “The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most.”
The report also indicated that while the establishment of a Bitcoin reserve under the new administration is unlikely, it could have significant implications if it were to happen. This could lead to a “low-probability but high-impact event.”
Kendrick further added, “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 exceed $4.3 trillion, surpassing the entire British pound money supply.
