Can Trump's open support for Bitcoin accelerate the arrival of a bull market?

Former US President Trump announced plans to accept cryptocurrencies as campaign donations, a move that marks a major shift at the crossroads of politics and technology. The announcement was made during an exclusive dinner for his “photo edition” NFT buyers.

The announcement was conveyed through a series of video clips shared by Frank Degods, a well-known figure in the NFT space. Trump addressed his supporters, assuring them of his commitment to cryptocurrency donations for his campaign.

Trump's announcement coincided with his candidacy in the 2024 presidential election.

Trump's embrace of cryptocurrency has long gone beyond a simple fundraising strategy; it has evolved into a fighting slogan for his supporters. Comparing his position with President Biden's, Trump hinted at a fundamental difference between the current ZF and the emerging cryptocurrency sector. He went on to urge the crowd to say:

“If you like any kind of cryptocurrency, and it comes in so many different forms, if you support cryptocurrencies, you'd better vote for Trump.”

Financial analysts are evaluating the potential impact of Trump's presidency on the cryptocurrency market. Global financial institution Standard Chartered said Trump's second administration might bode well for digital assets.

Analyst Jeff Kendrick wrote, “In a situation where the US treasury dominates, we think Bitcoin (BTC) will provide a good hedge against de-dollarization and declining confidence in the US Treasury market.”

In an interview with CNBC not long ago, Trump said that if re-elected as president, his governance philosophy would not go through regulators to crack down on the use of Bitcoin or other cryptocurrencies. Bitcoin needs to be widely used.

Trump said he noticed that many of the recently launched Trump-branded sneakers were paid for in cryptocurrency. When asked if he bought bitcoin, Trump said he doesn't have any bitcoins, but sometimes lets people pay via bitcoin.

I have to say that this is a trend, and it will definitely be an opportunity. It is also something that many cryptocurrency enthusiasts, participants, and holders look forward to. In terms of the general environment: Bitcoin ETFs, halving the market, and Ethereum's Cancun upgrade are all favorable to the coin community. With the support of such fundamentals, capital aspects, and news aspects, many or less can add a few points to the coin community. The final step depends on how the technology is going. Friends who have time should take a closer look at the market and pay attention to the next level trend. Whether it is rising or falling, probably around mid-May, they should always know.

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