As the 2024 U.S. presidential election approaches, former President Donald Trump’s pro-crypto stance has gained attention from Bitcoin ($BTC) enthusiasts and analysts. Trump’s proposed policies, including plans to remove SEC Chair Gary Gensler and create a crypto advisory council, signal a notable shift.
The #Bitcoin bull market starts when Trump wins the U.S. election! pic.twitter.com/QT3nlMPANN
— Crypto Rover (@rovercrc) October 26, 2024
By revisiting regulatory hurdles, he aims to centralize crypto within national policy. Trump’s approach to crypto contrasts with previous years and could represent a catalyst for unprecedented industry growth. Crypto Rover, a prominent crypto analyst, shed his word on the upcoming events through an X post.
Crypto Industry Gains Momentum and Bitcoin Returns to Life
The notion that a Trump victory could propel Bitcoin’s growth has fueled anticipation within crypto markets. Prediction markets like Kalshi and Polymarket have seen Trump’s victory probability climb to around 60%, with market analysts like Satoshi Flipper pointing out that a potential Trump win remains unpriced in the market.
Experts argue that unlike some of his competitors, Trump’s non-hostile stance toward cryptocurrencies has become a central campaign theme, attracting considerable support from crypto-focused voters.
Potential Shifts at the SEC
Among the notable policy changes Trump has proposed is the removal of SEC Chair Gary Gensler. While he may not have unilateral power to dismiss Gensler, Trump could push for a crypto-friendly SEC chair, pending Senate approval.
Industry leaders, including Basel Ismail of Blockcircle, believe a pro-crypto SEC chair could expedite the approval of Bitcoin ($BTC) and altcoin ETFs. Bloomberg analyst Eric Balchunas suggests Trump’s SEC appointments could substantially change regulatory processes, potentially accelerating ETF approval.
Some analysts predict that Trump’s policy changes would favor altcoins, as greater regulatory clarity might help them gain ground. Industry figures like Alex Thorn from Galaxy Digital note that while Bitcoin has long benefited from favorable regulation, Trump’s proposals could drive a resurgence in altcoins, enhancing diversity within the market.