The Bitcoin price today is up as Donald Trump made a crypto payment using the flagship crypto while buying food for supporters during a campaign stop in New York. This development again highlights how much the former US President could impact the cryptoâs price, with analysts predicting a Bitcoin price surge if Trump wins.
Bitcoin Price Surges Following Donald Trumpâs Crypto Payment
Bitcoin is up over 9% since the former US President used the crypto to make a payment at the PubKey bar in New York during a campaign stop. Trump bought almost $1,000 worth of burgers and drinks for the supporters at the bar.
The moment was historic as Donald Trump became the first president to transact in BTC. As such, this explains why the BTC price has surged following this event. Nate Geraci, the President of the ETF Store, highlighted how âhighly noteworthyâ this was for the cryptocurrency. He claimed that this shows that Bitcoin now matters.
Earlier this year, Trump declared his support for flagship crypto and other cryptocurrencies. He has gone as far as calling himself the âCrypto President.â His newfound love for crypto is also believed to have led him to launch his DeFi crypto project â World Liberty Financial.
Based on Trumpâs pro-crypto stance, experts like Bernstein analysts have projected that the flagship crypto could rise to as high as $90,000 if he wins the November elections. The Bitcoin price today proves that these analysts might have a point, seeing how it has surged since Donald Trumpâs crypto payment in New York.
Specifically, Trumpâs victory could spark a bullish sentiment towards BTC, just like it did following his payment. A crypto community member, known as âChairmanâ on the X platform and with over 800,000 followers, stated that Bitcoin would hit $100,000 if Trump wins. Jake Gagain, a crypto influencer, remarked this was âso bullish.â
Meanwhile, although Trumpâs crypto payment could have impacted the Bitcoin price today, it is also worth mentioning the Fed rate cut, which has also provided bullish momentum for the flagship crypto.
Bitcoinâs Fate Rests On The Elections
Economist Alex KrĂŒger stated that Bitcoinâs path is still âheavily dependentâ on who wins the US presidential elections. The economist suggested that the Bitcoin price would surge if Donald Trump wins in November. Besides BTC, KrĂŒger also indicated that altcoins will enjoy a parabolic rally if the former US President comes out on top. He advised market participants to max long these coins if Trump is coming up ahead in the counts on Election night.
The latest Polymarket data shows that Donald Trump has a 48% chance of winning the elections while Kamala Harris has a 51% chance. Following his stop at the Bitcoin bar in New York, Trump urged crypto voters to go out and vote. He added that they cannot lose if they vote.
Indeed, the crypto voters will have a say in the upcoming elections. During an event organized by the âStand With Cryptoâ non-profit organization, Coinbaseâs CEO Brian Armstrong stated that the crypto electorates exist and that they will have a voice in this election.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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