Can a Pro-Bitcoin Government Move Bitcoin to $150,000? Examining Trump’s Pro-Crypto Position
Russell Starr, the former CEO and Head of Capital Markets at DeFi Technologies, opened up about Bitcoin and the impact of elections on the price of Bitcoin. In an interview with David Lynn, Russell discussed the move in the stock markets on Monday following the assassination attempt on former President Donald Trump. He attributed the market change to several key factors.
“In my opinion, the most important thing was to stop the sale of Bitcoin by the German government,” said Russell. This reduction in selling pressure has contributed to a more stable and capable market environment for Bitcoin.
In addition, Trump's changing stance on cryptocurrency has been discussed as a critical component. Trump has positioned himself as a crypto libertarian, advocating for its integration into the American economic framework. This alignment is further confirmed by Trump's rival, JD Vance, who supports a weak US dollar to bolster the US economy.
The combination of these factors — the German government's sale of Bitcoin and Trump's pro-crypto stance — led to a strong Bitcoin price increase, he said. In particular, if Trump secures a victory and further voices his support for Bitcoin, the price of Bitcoin is predicted to continue to trend upwards.
“I wouldn't be surprised if you see it move to the $150,000 level with a Trump win. This is a great marketing opportunity for individuals,” he added.
Discussing Trump's change of heart, his previous anti-Bitcoin stance has changed dramatically. Basically, Trump's platform now includes the belief that a weak US dollar and a pro-crypto stance are good for the economy. This ideological shift is consistent with broader economic strategies, including skepticism about the US dollar as the global settlement currency.
Looking forward, according to him, a pro-Bitcoin government may actively accept Bitcoin. Even if direct adoption does not occur, a pro-crypto stance from regulatory bodies such as the SEC could have a significant impact on the market.
On the campaign trail, they discussed how Trump spoke out against Elizabeth Warren's anti-crypto policies and to stop Joe Biden's efforts to undermine the crypto industry. Trump's commitment to protecting the rights of crypto holders and preventing the creation of a central bank digital currency is clear.
