The price of bitcoin has risen from less than $60,000 to $70,000 in the past week as Michael Saylor, the inventor of MicroStrategy, outlines his massive $100 trillion “endgame.”
Now, while Elon Musk, the billionaire behind Tesla, warns that the United States may go into “bankruptcy,” the sale of a new cryptocurrency backed by former US President Donald Trump has caused the price of bitcoin and the cryptocurrency market to soar, and Trump’s chances of winning the presidency again next month are increasing.
The United States election is only three weeks away. In reference to the chances on the cryptocurrency-powered Polymarket betting site, Geoff Kendrick, head of crypto research at Standard Chartered Bank, wrote in an email that “If we can believe Polymarket, Trump now has a 56% chance of winning the presidency and a Republican sweep is now at 39%.”
Accordingly, there is a 70% chance of a Republican sweep in conditional probability space if Trump wins. Finally, digital assets have begun to rise in value.
In a video broadcast on X, Donald Trump declared that “crypto is the future” and urged people to “embrace this incredible technology and lead the world in the digital economy.” This was updated on October 16.
Despite the website’s difficulties staying up, Trump encouraged viewers to World Liberty Finance, his new cryptocurrency venture, in the video.
According to Coindesk, sales of the new cryptocurrency have only reached $9 million, well short of projections of $300 million.
Lorenzo Valente, research associate at bitcoin, cryptocurrency, and tech investor Ark, stated in emailed comments that “many in the crypto industry are skeptical about the timing and substance of Trump’s venture within a month of the presidential election.” He added that the platform’s hiring of seasoned crypto advisors had somewhat allayed criticism.
If Trump wins the presidency again, Kendrick has previously predicted that the price of bitcoin will reach $125,000, up from $75,000 under Democratic Party nominee and vice president Kamala Harris.
Harris has taken a more pro-crypto posture as a result of Trump’s embrace of bitcoin and cryptocurrency through his family’s World Liberty Financial crypto enterprise, his non-fungible token (NFTAPENFT -1%) collections, and his pledges to loosen crypto laws.
At a bitcoin conference earlier this year, Trump stated that if reelected, he would establish a strategic reserve of bitcoin in the United States and that the price of bitcoin will someday surpass that of gold.
While Trump is referred to as the “chief crypto advocate” and his son Barron the “DeFi visionary,” his sons Don Jr. and Eric are also heavily involved in the World Liberty Financial crypto initiative.
According to cofounder Zachary Folkman, “well over 100,000 people” signed up for the so-called whitelist to participate in the WLFI cryptocurrency sale, which is part of the Trump-backed World Liberty Financial decentralized banking project.
At a $1.5 billion valuation, the WLFI cryptocurrency, a governance coin that gives holders a say in the project’s course, was expected to raise about $300 million; however, buyers from the United States must be “accredited investors.”
Folkman stated that World Liberty Financial will enable users to create and engage with liquidity pools, deal with stablecoins, and borrow and lend cryptocurrency during an X Spaces broadcast this week.
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