A neon sign indicates that Bitcoin is accepted inside the venue of the Paralelni Polis project, an organization combining art, social sciences and modern technology, in Prague, Czech Republic, on Friday, Jan. 5, 2024. Bitcoin has been on a tear ahead of an upcoming Jan. 10 deadline that could see the US Securities and Exchange Commission approve the first exchange-traded fund tied directly to the assets spot price. Photographer: Milan Jaros/Bloomberg 
“The Republican party has been pro-crypto and the increased probability of a Trump presidency is a positive which is boosting crypto markets,” said Benjamin Celermajer, chief investment officer at Magnet Capital.
One key question in global markets now is whether the “Trump trade” will gain momentum, based on the argument that his return to the White House would usher in tax cuts, higher tariffs and looser regulations. The organizers of a Bitcoin conference due to be held in Nashville, Tennessee on July 27 said he’s still scheduled to address the event.
Read more: Global Markets Ramp Up the ‘Trump Trade’ After Rally Attack
Bitcoin “gained momentum” after the attempted assassination bolstered Trump’s chances of reelection, Tony Sycamore, market analyst at IG Australia Pty, wrote in note. The token traded at $62,819 as of 10:28 am in New York.
Advocates of the original cryptocurrency argue it acts as a store of value and hedge against political upheaval, a contentious claim given its inherent volatility.
Meeting Miners
Trump in June met with Bitcoin miners and in a subsequent post on his Truth Social account said Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”
The crypto sector is trying to bolster candidates seen as favorable to digital assets, including through big donations to the Fairshake political action committee. The industry has emerged as an influential player in the 2024 election in part to push back against a regulatory clampdown spearheaded by the Securities and Exchange Commission.
Trump’s campaign accepts donations in digital assets and a person familiar with the matter earlier said Trump discussed crypto policy with billionaire Elon Musk.
Bitcoin hit a record high of almost $74,000 in March, fueled by demand for dedicated US exchange-traded funds. The token then slipped back amid moderating inflows, apparent sales of seized tokens and fears of disposals by creditors of the failed Mt. Gox exchange.
Bitcoin investment products took in $1.35 billion last week, marking the third straight week of inflows and the highest amount since the start of June, according to CoinShares Ltd. data. Overall, crypto investment products saw $1.44 billion in inflows in the week ended July 12, according to CoinShares.