The convergence of cryptocurrency and politics has always been the subject of intense and strongly opinionated debates. The opinions of bigshots and industry leaders in the cryptocurrency space have the potential to cause massive shockwaves in the market. Elon Musk and Justin Sun are known to stir up the crypto markets from time to time, causing massive swings in prices.
Following a failed assassination attempt on Trump during a rally on July 13, both Musk and Sun have publicly endorsed Donald Trump for the US presidential elections. How does this impact the crypto landscape? Let’s find out!
Reactions from the Crypto Community on Politics
Musk took to X and declared his support for Trump, claiming that he “fully endorses” the former president for the upcoming elections and wishing him a rapid recovery. Following this, Sun extended his support to Trump, labeling him a “good candidate” for the future of cryptocurrency market growth.
The crypto community’s response to these endorsements was relatively quick and striking, as a significant chunk of the community believed the support could directly affect the broader cryptocurrency market. Bitcoin (BTC) witnessed a 2.17% rise in value, touching the $65,000 mark at press time. Among altcoins, Ethereum (ETH) followed suit and spiked by 1.07%. ETH was trading at $3,495 at the time of writing.
However, Donald Trump’s memecoin, MAGA, stole the show, witnessing a monumental soar of over 50% to touch $10.15 within 24 hours of the assassination attempt. At press time, MAGA’s price stood at $7.53.
Although some crypto analysts are impressed with the rapid gains, many experts have expressed concern over MAGA’s price surge, calling it a temporary bubble that will eventually burst. Additionally, some members of the crypto community disagree with Sun’s endorsement and the current political climate surrounding crypto betting. If Trump comes up with newer laws surrounding cryptocurrency adoption and regulation, it might be a win for the community. However, the presidential candidate has not yet made any such promises.
Political and Social Implications on the Presidential Race
Critics contend that Musk and Sun’s public endorsement may have an impact on the broader political landscape in addition to the cryptocurrency market. It may also have some direct repercussions on the presidential elections.
Furthermore, Political betting sites can offer unique opportunities. Due to the rapid volatility, bettors can develop innovative strategies and take advantage of market dynamics. The constantly fluctuating prices can enhance the excitement and potential returns, adding an extra layer of intrigue for the bettors. This dynamic environment can attract savvy investors and traders, potentially driving interest and engagement in political betting, which could positively influence the price of crypto shortly.
The presidential election outcome may also be influenced by the broader social implications of these endorsements, such as media coverage. Following the announcements on X, the majority of social media platforms experienced a surge in activity. From industry leaders to novice beginners, most people have participated in lengthy debates and formed their opinions on the matter. As a result, there might have been a psychological stir among US citizens that may tip the scales for votes in favor of Trump.
According to the latest statistics, Donald Trump is miles ahead of current President Joe Biden in terms of winning probability. Trump has a 71% chance of winning the elections (determined via political crypto betting), as opposed to Biden’s meager 17%. It is also predicted that there is a 51% chance that the Republicans will make a clean sweep in the US presidential elections. Following Musk and Sun’s announcements, these statistics may pave the way for Trump to claim an enormous victory in the upcoming elections.
Conclusion
With the presidential elections just months away, Musk and Sun have publicly portrayed their firm stance and placed their confidence in Donald Trump. As we move closer to the elections, we might witness many other factors that can shape the future of the cryptocurrency landscape in the US.
With the SEC introducing new laws and exercising indomitable power over regulations, the overall cryptocurrency market has recently experienced some rough waters. Sun’s confidence in Trump implies that a reelection of Trump as US president could bring about positive changes in regulation and adoption.