In an interesting development, former President Donald Trump endorsed Bitcoin (BTC-USD) on social media platform Truth Social (NASDAQ:DJT) and stated that all Bitcoin mining should be done in the U.S. He claimed that this will help the U.S. achieve “energy dominance.” Trump seems to be increasing his support for the cryptocurrency after he was labeled “the best choice for Bitcoin” by Bitcoin Magazine.
In fact, he said Bitcoin mining is a crucial tool for defending against central bank digital currencies (CBDCs) and criticized President Biden’s stance, which he argues benefits China and Russia. It’s also worth mentioning that Biden has faced criticism from the crypto community due to SEC Chairman Gary Gensler’s enforcement actions and Senator Elizabeth Warren’s anti-crypto stance.
Trump has consistently backed Bitcoin during the 2024 election while promising to protect it from regulation at the Libertarian National Convention. Specifically, he said, “I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency.”
Interestingly, the crypto industry has raised over $100 million as it grows eager to influence the election. Major contributions include firms like Ripple (XRP-USD) and Coinbase (NASDAQ:COIN).
Is Bitcoin a Good Investment?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 10 indicators are Bullish, compared to five Neutral and seven Bearish indicators.
