Donald Trump's Victory Predicted to Affect Crypto Market

November 17, 2024 | 10:21 pm

TEMPO.CO, Jakarta - Crypto market analyst, Desmond Wira, predicts that the elected President of the United States, Donald Trump, will bring his pro-crypto influence to a global level. This is due to the US's position as a superpower country and its significant economic influence on many nations.

"It will automatically follow. As the world's second strongest economy, if he is pro-crypto, it will automatically influence other countries," he said when contacted via instant messaging application on Sunday, November 17, 2024.

Desmond stated that Trump's support for crypto is not without reason. Trump is a wholehearted business advocate. Many consider Trump to view crypto as a new economic industry with significant potential value.

Moreover, according to Desmond, Trump also has business interests related to crypto. Last September, Trump and his children launched a new crypto business called World Liberty Financial.

"The main reason Trump is more pro towards crypto is that he now has financial interests in it," Desmond said.

Additionally, Trump's main supporter, Elon Musk, is known to be a crypto enthusiast. The Tesla CEO is a major fan of Dogecoin, a meme coin crypto. Elon even allows the purchase of Tesla vehicles using crypto payments.

As reported by Reuters, Elon was directly appointed by Trump to lead the Department of Government Efficiency (DOGE) agency. He will lead the agency alongside former Republican presidential candidate, Vivek Ramaswamy. However, according to Desmond, with or without this agency, Trump will still establish a pro-crypto government.

"Whether or not that department is formed, it is clear that Trump's administration is more pro-crypto than Biden's administration," Desmond said.

However, the recent surge in crypto value is seen by Desmond as mere euphoria following Trump's election as the new US president. In the future, many factors will influence whether crypto will continue to grow positively or turn the other way.

"Whether it will continue to grow positively still depends on his government's policies, central bank policies, and the global economic conditions," he said.

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