September 17, 2024
Bitcoins and the wider cryptocurrency market took a hit after a shocking assassination attempt on Republican presidential nominee Donald Trump, in the latest development to rock the presidential campaign.
Details are emerging that Trump, who has long expressed support for the Bitcoin, aims to turn the US into the crypto capital of the planet, as well as the Bitcoin superpower of the world.
While many had long speculated on Trump's intentions to shake up the global financial order, this revelation puts huge pressure on the White House hopeful to prove his cryptic promises to voters.
Support for Bitcoin, in particular, has made him something of a poster boy for the cryptocurrency, though detractors are now using the high-profile assassination attempt to raise questions over the legitimacy and long-term prospects of his alleged plans.
Not since the turn of the millennium, has the US witnessed such tumultuous scenes on the campaign trail. And this event, coupled with the high stake claims over Bitcoin and cryptocurrency potential has made this election cycle unlike anything else the world has witnessed before.
And this got us thinking - what would a US with a pro-Bitcoin Trump as President look like? Will Bitcoin go mainstream, and might we really see the beginning of a cryptocurrency-based financial order that does not require central banks and the US dollar?
Even though financial experts have not denied that digital currencies can be the pathway for making new, faster and more effective transactions, especially online, they have been warning the American people to be prepared for likely market fluctuations, in the event of such a drastic overhaul in economic direction.
A flurry of financial institutions from across the world have re-echoed these concerns and added that while cryptos may bring many benefits to business and finance, from faster transaction times to greatly enhanced levels of commercial stealth and confidentiality, key regulatory and stability issues still need to be addressed urgently to forestall the situation described by experts as an unpredictable powder keg awaiting ignition.
As markets react with increased volatility over the looming uncertainty surrounding the Bitcoin, one can only hope that the economic future of the United States does not depend on the full implementation and success of all of Trump's promises on the crypto front.
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