The Crypto Vote 2024

Trump also pledged to build a strategic Bitcoin reserve, mirroring Robert Kennedy Jnr's proposal to build a Bitcoin Federal Reserve equal to its gold reserves.

Former US President Donald Trump has pledged to build a strategic Bitcoin reserve and legalize BTC if he wins the 2024 US Presidential Election.

Trump’s BTC pledges follow Robert Kennedy Jnr’s proposal to build a Bitcoin Federal Reserve.

Increasing US government demand for BTC could counter oversupply jitters and deliver new BTC highs.

Trump Pledges to Build US Strategic Bitcoin Reserve, Legalize BTC

Former US President Donald Trump has pledged to build a strategic Bitcoin reserve, mirroring Robert Kennedy Jnr’s proposal to build a Bitcoin Federal Reserve equal to the government’s gold reserves.

Trump’s pledges come amid growing interest from US politicians in cryptocurrencies. In a recent letter to the Democratic National Committee (DNC), Democrat representatives highlighted the importance of crypto among key voters in battleground states.

According to the representatives, over 20% of voters in key battleground states identified crypto as a major issue in the 2024 election.

The Democrats’ stance on crypto could impact Kamala Harris's chances to woo crypto voters, as betting agency Polymarket gives Trump a 60% chance of winning the 2024 US Presidential Election vs. 38% for Kamala Harris.

US BTC-Spot ETF Market Flows in Focus After Trump Pledges

On Monday, July 29, the US BTC-spot ETF market will likely respond to Trump’s pledges.

A sharp increase in net inflows could signal a possible BTC breakout and a return to the all-time high of $73,808.

Significantly, a positive ETF market reaction to Trump’s pledges could counter the possible effects of Mt. Gox’s repayments to its creditors.

After the recent transfers to crypto exchanges Kraken and Bitsamp, Mt Gox still needs to transfer 80.128k BTC ($5.55 billion) to its creditors.

The repayments to its creditors increase the risk of oversupply. Mt. Gox collapsed in February 2014, when BTC was below $600. Creditors could lock in sizeable profits but also adversely impact demand-supply trends. Oversupply could send BTC to sub-$50,000 if the US Spot ETF market cannot absorb the selling volume.

Investors should remain alert. Mt. Gox-related updates, US BTC-spot ETF flow data, and US politics will influence BTC demand. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.

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