The date July 13, 2024 will be etched in the memory of Americans for a long, long time.
For some, the day will be reminiscent of the mindless gun violence and sheer failure of Secret Service in protecting the 45th U.S. president Donald Trump. For others, it will be marked as the day Trump resurrected from certain death, set crypto markets buzzing and catapulted himself to become a frontrunner for the upcoming U.S. presidential elections.
A sensational photo emerged of a 78-year-old Donald Trump clenching his fist, yelling “fight, fight, fight”, surrounded by secret service sleuths, even as he bled from his right ear. A photograph like that has the potential to ignite unrest, dismantle regimes and usher in a new wave.
The assassination attempt on Trump during a political rally in Pennsylvania on July 13 sent shockwaves across the world. The incident not just left him with a bleeding ear, but also resulted in the deaths of a 50-year-old unfortunate spectator Corey Comperatore and the alleged shooter- Thomas Matthew Crooks, aged 20.
The attack on Trump had interesting repercussions on the market front in the past 48 hours- US Dollar rose against Asian currencies, Mexican Peso declined and S&P 500 Index futures for September increased by 0.1%.
However, the most striking aftereffect was seen in crypto- a market economy that has, of late, become the battleground of a fierce presidential duel between Trump and President Joe Biden.
Within 24 hours of the attack, Bitcoin (BTC) crossed the threshold of $60,000 again and surged above $63,000 with a 4.4% hike. Altcoins like Ether (ETH), Solana and others also surged by up to 6% after seeing momentum in Bitcoin’s price. MAGA (TRUMP) meme coin saw a massive 47% surge within a day.
If the crypto market hints aren’t clear enough, the polymarket website on Monday gave a whooping 71% odds to Trump becoming president in the upcoming elections.
It goes without doubt that Trump will gain massive sympathy from the unprecedented attack on him and his core base of voters, this time might emerge from the crypto landscape.
How Trump emerged as a frontrunner for crypto voters
Back in April this year, when major U.S. based crypto exchanges and related organizations were engaged in an ugly duel with the Securities and Exchange Commission (SEC), Trump saw it as a perfect opportunity to present himself as a”protector” of America’s share of crypto. He accused the Biden government of waging a “war” on crypto and assured Americans that if chosen to power, he will protect “all their Bitcoins”.
He lobbied hard within the GOP (aka the Republican Party) to present themselves as pro crypto and made promises to appoint friendly representatives in the SEC if chosen to power.
Furthermore, He has also criticized the Biden administration for its stringent regulatory actions against crypto firms, especially those led by SEC Chair Gary Gensler. Trump argues that these actions are stifling innovation. He has pledged to adopt a more supportive regulatory environment if re-elected.
Potential appointees mentioned include individuals like Brian Brooks and Hester Peirce, who favor lighter regulations and clearer rules for the crypto industry.
Trump’s campaign has been actively courting crypto voters by highlighting the GOP’s increasingly favorable stance towards digital assets. This includes promises to protect the freedom and innovation associated with cryptocurrencies. His party has also welcomed donations in Bitcoin for the presidential campaign.
Trump, however, had different views on crypto back in 2021 where he termed them as a “scam”, “highly volatile” and “based out of thin air.” His pro-crypto outlook began as late as the end of 2023 when he sensed discontent among the crypto enthusiasts and companies over the strict regulations introduced by the SEC.
By 2024, Trump’s crypto portfolio surpassed $10 million as he increasingly started mentioning protecting crypto assets from the Biden government.
Market Experts Bank on Trump
Market watchers believe that the attack on Trump has given him a clear head start in the race for presidential elections.
Robert Kiyosaki, renowned author and an advocate for financial independence, went on to state that Trump will go down as the greatest president in America’s history.
Similarly, Mark McCormick, global head of foreign exchange and emerging-market strategy at Toronto Dominion Bank, stated,”“For us, the news does reinforce that Trump’s the frontrunner,”
Katie Biber, Paradigm’s chief legal officer, and Alex Grieve, the company’s government affairs lead wrote in their analysis, “Republicans understand the appeal of crypto and support congressional action to establish clear and predictable rules.”
Can Trump maintain the tempo?
Even as the world reacted to the shocking news of Trump’s attempted assassination, his crypto advisor and CEO of Bitcoin magazine, David Bailey, announced that he will attend the upcoming Bitcoin 2024 event at Nashville.
Within 48 hours of the attack, Trump flew to Milwaukee to attend the Republican Convention, where he is expected to make the first address since the incident.
Till now, Trump has been able to maintain the tempo as voters across the U.S. are closely monitoring his actions. President Joe Biden, on the other hand, has condemned the incident and mourned the loss of an innocent life. However, he is still far behind Trump when it comes to approval within the crypto community as the polymarket website has given him a dismal 18% odds.
While it is difficult to speculate who will win the pre polls on November 4 this year, it is clear as crystal that Trump has won the first round, with his fist clenched.