Trump Likely to Win Re-election... Bitcoin Recovers to Around $66,000 [Bitcoin Now]

Up 14.93% from a week ago
'Virtual Asset President' Trump
Keynote Speech at Bitcoin Conference at the End of This Month

Former President Donald Trump (left), officially nominated as the Republican presidential candidate, and J.D. Vance, U.S. Senator from Ohio, nominated as the vice-presidential candidate
[Image source=Yonhap News]

The Bitcoin market in the third week of July rebounded as the possibility of former U.S. President Donald Trump's re-election increased. This is due to the analysis that the U.S. electorate has solidified around Trump following a shooting incident targeting the former president on the 13th (local time). Trump referred to himself as the 'Cryptocurrency President' and announced that he would accept "Bitcoin as donations."

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9:43 AM on the 20th (Korean time), the price of Bitcoin was $66,500.21, up 4.32% from the previous day. Compared to a week ago, it rose 14.93%, and compared to a month ago, it increased by 2.32%. The year-over-year increase soared to 121.89%.

The reason for the sharp rise in the Bitcoin market is that the recent assassination attempt has raised expectations of Trump's victory in the U.S. presidential election. After the attack, the Trump camp adopted 'Fight Fight Fight,' inspired by Trump's call to 'Fight,' as the Republican Party's new slogan and actively utilized this image.

Once a Bitcoin skeptic, Trump changed his stance 180 degrees this year. According to foreign media, in June, Trump invited executives from U.S. cryptocurrency mining companies CleanSpark and Riot Platforms to his Mar-a-Lago residence in Florida to express his support for cryptocurrencies. According to Matt Schultz, CEO of CleanSpark, who attended the meeting, Trump said, "Bitcoin mining helps stabilize energy supply, and if I get into the White House, I will support mining companies."

Trump recently expressed support for cryptocurrencies in his campaign as well. He plans to deliver the keynote speech at the 'Bitcoin Conference 2024' held in Nashville, Tennessee, on the 27th (local time). According to an invitation obtained by U.S. economic media Bloomberg News, tickets cost up to $844,600 (about 1.175 billion KRW) per person. This is the maximum donation limit an individual supporter can contribute to Trump and the Republican Party's largest joint fundraising committee, the Trump 47 Committee. The cost for a photo with Trump is $60,000 per person.

The market is also digesting the negative impact from the '10-year nightmare' Mount Gox incident. Nobuyaki Kobayashi, the trustee and bankruptcy administrator of Mount Gox, has been continuing to repay creditors with Bitcoin and Bitcoin Cash as originally announced since early this month. On the 16th, Kobayashi announced that some creditors had been repaid through designated cryptocurrency trading platforms for Bitcoin and Bitcoin Cash. The total repayment volume is estimated at 140,000 Bitcoins, worth about $9 billion (approximately 12.4 trillion KRW).

According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, stood at 74 points (Greed) as of that day. This is one level lower than last week's 25 points (Extreme Fear). Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.