Trump is seen as a pro-innovation candidate by Crypto and TradFi Startups: Bitfinex

The highlight of the expected presidential debate between Donald Trump and Joe Biden did not feature any discussion of Bitcoin or crypto. It was interesting how much attention the industry paid this year.

Despite this, experts believe that if Trump is re-elected, it could signal a change in regulatory conditions more favorable to the crypto industry in the US.

Trump the preferred candidate?

In a statement to CryptoPotato, Bitfinex analysts highlighted Trump's support for Bitcoin and other cryptocurrencies. He added that the Trump administration could focus on developing a “transparent and supportive” regulatory framework that includes promoting “innovation and investment” in the crypto sector.

This could lead to an increase in digital assets and a stronger integration of cryptocurrencies into the financial system, which could lead to further growth in the industry.

Several industry players have publicly endorsed Trump, including the Winklevoss twins, who recently pledged their support by donating $2 million in Bitcoin to his campaign. Recently, Kraken founder Jesse Powell announced a $1 million donation to the former president's campaign.

Bitfinex analysts believe that such signs “show the growing awareness of Trump as a pro-innovation candidate in the crypto and traditional finance (TradFi) communities.”

Trump's recent public endorsement of Bitcoin and his acceptance of crypto donations to his campaign underscored that he has instead taken a more positive stance on digital assets, departing from his critical position during his presidency. He recently named himself “CryptoPresident”.

According to the latest information, Trump seems to be leading after the recent debate, although he did not mention anything about crypto.

‘Trump Business'

Bernstein analysts believe that crypto could become the main ‘Trump Trade' in the current election cycle as Republican prospects improve and their standard bearers adopt a pro-crypto stance.

Republicans see the favorable stance on the industry as a way to woo voters and get campaign cash from super PACs that support pro-crypto politicians.

The first ‘Trump trade' refers to the rise in US stocks, Treasury yields and the dollar following Donald Trump's victory in 2016.

“The Republican side sees crypto not only as vote bank, but also as a meaningful source of funding. If election sentiment shifts more Republican, crypto will end up as a major ‘Trump business' and the prospect of a favorable regulatory regime will change the ‘use case' narrative around blockchain.”