Trump Defeating Biden Would Be Good for Bitcoin: Standard Chartered

Donald Trump used to be anti-crypto. But if he wins in November and becomes United States President for a second term, Bitcoin could benefit, according to British banking giant Standard Chartered. 

In a Tuesday note, Standard Chartered digital assets researcher Geoffrey Kendrick said that another Trump administration would not be as strict on Bitcoin as a Biden one might be.

And if Trump wins, then foreign official buyers of U.S. treasuries may want to shift to alternative financial assets like Bitcoin out of caution, he added—which would push the asset’s price up. 

“While officials in the Biden administration have taken a relatively tough stance on digital assets, Trump said in a March interview that if elected, he would not crack down on Bitcoin or other digital assets,” the note reads.

It adds that import tariffs under a Trump presidency would lead “several large reserve managers to be buying BTC in 2025.” 

Back in March, Trump—who previously slammed Bitcoin—said he’d enjoyed making money and playing around with the asset and other cryptocurrencies. 

“I make money with it, I have fun with it too,” he said. “Crazy new currencies, that’s what I call them. They’re crazy new currencies, whether it’s Bitcoin or others.”

Donald Trump—who was U.S. President from 2017-2021—will likely go head-to-head against current president Joe Biden as the presumptive Republican candidate in the November elections.

Standard Chartered last month predicted that the newly approved Bitcoin exchange-traded funds ETFs will continue to be popular, and inflows could lead the price of Bitcoin to rocket to $150,000 by the end of this year.

Edited by Andrew Hayward