Donald Trump’s crypto agenda has raised $12 million in donations

Former US President Donald Trump has further strengthened his stance on the crypto sector by announcing that he intends to accept the title of “Crypto President” at a recent fundraising event.

Additionally, within the first hour of taking office, he promised to quickly reverse the current administration's adversarial stance on the crypto industry.

Trump's Crypto Presidency Could Push Bitcoin To $150,000

Hosted by venture capitalists David Sachs and Chamath Palihapitiya, Trump's fundraising event brought out celebrities from the crypto sphere. The guest list included Gemini exchange co-founders Tyler and Cameron Winklevoss, unnamed Coinbase executives and other industry leaders. The event gave Trump $12 million to oust Biden.

In an extensive social media post, Sachs explained that he had received Trump's presidential confirmation. He mentioned that the current administration is concerned about economic management, border security, foreign policy and legal issues.

“Voters have had four years of President Trump and four years of President Biden. In technology, we call this the A/B test. On economic policy, foreign policy, border policy and legal fairness, Trump has performed better. He's a president who deserves a second term,” Sachs said. .

Read more: Bitcoin price prediction for 2024/2025/2030

Meanwhile, banking giant Standard Chartered has predicted that Bitcoin could rise to $150,000 if Trump secures re-election in the upcoming November election. Jeff Kendrick, head of digital assets research at Standard Chartered, said the Republican candidate would show more support for the emerging industry than President Joe Biden. Biden recently rejected efforts to repeal SAB 121—an SEC policy criticized for stifling growth in the emerging sector.

“I'm expecting $100,000 as we get closer to the US election and $150,000 by the end of the year,” Kendrick said.

While the US has traditionally taken an anti-crypto stance, recent developments show that the crypto industry is actively involved in changing the environment in the upcoming election. Stuart Alderotti, Chief Legal Officer of Ripple, emphasized the importance of the participation of this crypto in the selection process.

“It's great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn't vote, it's all noise. Politicians on both sides need to understand that votes are on the line,” Alderoty said.

Read more: Crypto Regulation: What are the Pros and Cons?

Indeed, available data suggests that Trump's pro-crypto stance has significantly improved his chances of re-election. According to Polymarket, a popular crypto-based prediction platform, Trump now has a 56% chance of winning, while Biden's chances are 35%. Polymarket says this marks a new high for Trump's re-election hopes.