Posted: November 14, 2024

• Trump’s crypto support fueled a Bitcoin surge, with its market value going past $90k
• According to Standard Chartered, Republican sweep could push crypto market to $10 trillion by 2026

From initially dismissing Bitcoin [BTC] to becoming a vocal supporter of cryptocurrencies during 2024’s election campaign, the 47th President of the United States has embraced a new identity as the “crypto president.”

Throughout his campaign, he promised to create a “strategic national Bitcoin stockpile,” and criticized the Biden administration’s tough stance on crypto. He even introduced his own crypto project, signaling a profound shift in his position on digital assets.

In fact, in a recent conference, Trump also pointed out, 

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate.”

Bitcoin’s market cap post-election

Following 2024’s election, BTC surged past the $90,000-mark, surpassing its previous all-time high of $73,000 set in March. Owing to the same, the total value of all cryptocurrencies has risen by over $650 billion, with the same hitting $3.2 trillion.

This surge can be largely attributed to the optimism surrounding the new administration. Crypto enthusiasts are now hopeful for a more favorable stance on digital assets, compared to the Biden administration’s approach.

How a Republican sweep can benefit the crypto market cap?

Amid growing speculation, investment bank Standard Chartered has projected that the cumulative cryptocurrency market capitalization could hit $10 trillion by the end of 2026 – Possible upon a Republican sweep that could usher in pro-crypto policies.

In fact, according to a recent report, the bank anticipates that supportive government actions could fuel a fourfold increase in the market’s value  – To over $10 trillion over the next few years.

Remarking on the same, Geoff Kendrick, Head of Digital Assets Research at Standard Chartered noted, 

“The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most.” 

The report also suggested that while the creation of a Bitcoin reserve under the new administration is unlikely, it could have significant implications if it were to occur. Especially as it may lead to a “low-probability but high-impact event.”

Hence, Kendrick put it best when he said, 

 “With a Republican sweep in the U.S. election now looking likely, we believe we have entered the crypto summer.”  

In conclusion, if Bitcoin reaches this level, its total value can even surpass $4.3 trillion – Outpacing the entire British pound money supply.