Donald Trump is the victorious and charismatic Republican Presidential Candidate, all set to take the office as the 45th American President. Trump’s ideology and power packed appearances have begun to cause fear among the equity market participants. Many market pundits have predicted a prolonged and sharp fall in global commodities prices if Trump gets elected. Contrary to these speculations, the markets plunged temporarily and rose back again with minimal impact. But in those brief moments of sheer scare, Bitcoin saw a lot of promise owing Trump’s presidency. Let’s look into the details of how Trump’s presidency can indeed be favorable for Bitcoin:
Trump and Bitcoin:
While Hillary had openly condemned cryptocurrencies, Trump has been very understanding about the concept. Even during the campaign, Trumps statements have impacted the Bitcoin market to an extent. Especially during Brexit, Trumps statements about many Trade deals have fueled the Bitcoin price boost. The day trump became the President elect while the global markets tanked, Bitcoin prices soared owing to inflow of funds from other currencies.
The favorable economic policies:
When it comes to fintech, a lot is dependent on the regulations imposed by a particular state. The economic policies might trigger or hinder the fintech growth, depending on their are handling. Trump has had “removing regulatory reforms” in his agenda which would prove advantageous for fintech. The regulations revolving around fintech are very old and don’t have the adaptability to adjust to changing times. This implies that the regulatory environment may, finally, become far more welcoming for Bitcoin and Blockchain Technology.
Adding to this, any renegotiation of NAFTA agreement in the favor of US will help setting up better export opportunities for US citizens. This might see increase in terms of volumes for Bitcoin across borders for export payments.
Trump’s non tolerance towards remittance:
A ‘Wall’ to stop Mexican immigrants has been the central theme of Trump’s Election campaign. The strong underlying belief behind this propaganda is that the remittance money is getting out of US soil. If Trump goes on to his execute his regressive policies against remittance, then Bitcoin would be the only option for ease of transfer. This would surely make Bitcoin a better trusted and most opted source adding to Bitcoins increasing growth and adoption.
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