Is Crypto a Good Investment Now That Trump Will Be President?
Written by
T. Woods
Edited by
Cory Dudak
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Now that Donald Trump has gone from being a former president to the new president-elect, many are wondering how his electoral victory will impact the crypto industry, and whether or not now is the time to invest.
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Despite historically being skeptical of crypto for years, during the 2024 campaign Trump changed course and embraced crypto, going to far as to suggest in a July Bitcoin conference the creation of a federal Bitcoin reserve. Moreover, as Time reported, the crypto industry invested more than $100 million in races across America in a bid to elect pro-crypto candidates into office. As such, after Trump was declared the election’s victor, Bitcoin hit a new record high of over $75,000 and a number of crypto stocks boomed. Many crypto investors believe Trump will deregulate the industry, and Bitcoin is now up 77% in 2024, according to AP News.
Bitcoin is expected to continue to rise, said Russ Mould, the investment director at British online investment platform AJ Bell, who noted, “Bitcoin is the one asset that was always going to soar if Trump returned to the White House… Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go.”
If there was ever a time for those curious about crypto as an investment, it’s likely right now, as some — such as Mould — are speculating that the market could “smash through $100,000.”
That said, a warning: invest with caution.
Susannah Streeter, the head of money and markets at Hargreaves Lansdown, warned in the AP News piece that “investors should only dabble in crypto with money that they can be prepared to lose. Because we’ve seen these wild swings in the past.”
Now might indeed be the time to invest, but as Streeter noted, do so only with disposable income, as crypto markets can vacillate wildly.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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