Attempted Assassination of Donald Trump Results in Bitcoin’s Sudden Surge

Cryptocurrencies are not immune from external factors that are often beyond the scope of ordinary users. Wars, hyperinflation, political disturbances, and some major macroeconomic events can impact the price of all leading cryptocurrencies including Bitcoin. Donald Trump and his party the Republican party have voiced their support for the crypto sector many times. The recent assassination attempt has sparked fears about the intense politically charged environment of the US and many are asking valid questions about security lapses. The event also caused a surprising surge in the prices of Bitcoin. 

Bitcoin Touched $61,000 After The Incident

While addressing a rally in Pennsylvania, Donald Trump narrowly escaped death and immediately responded defiantly. Trump said that he was shot in the right ear after gunfire erupted. However, he quickly ducked after that and security guards covered him from all sides. He raised his fist and asked the rallying crowd to fight. Thomas Matthew Crooker, aged 20 was the shooter and he used an AR-style rifle to kill Trump. The US Secret Service guarding Trump quickly neutralized him during the incident. 

Bitcoin gained a considerable degree of momentum after the daring assassination attempt of Donald Trump. The positive gains are related to the overall pro-cryptocurrency statements of Donald Trump. In June this year, Trump met a few Bitcoin miners and assured them that he would resist mainstream digital currencies. In the US, it is called the CBDC or the Central Bank Digital currencies. Trump also argued that the cryptos are the last line of defense against CBDC. Since March, his political campaign has formally accepted donations in digital assets such as cryptos.

Expert Opinions and Market Reactions

Many experts such as Edul Patel, believe that the surge in Bitcoin over the incident has happened because the chances of Trump reclaiming the Presidency have gone up. Many people expect the assassination attempt may boost enough sympathy votes for Trump to make him victorious in the Presidential elections. 

The reason behind the rise of Bitcoin prices after the assassination attempt is that many perceive Trump as a great supporter of cryptocurrencies in general. There is a greater likelihood that if Trump wins then cryptocurrencies may prosper faster in the US because he may implement policies favoring them. 

Also Read-Donald Trump Calls for the US to Become “Crypto Capital of the Planet”

Bottom Line

The rise in prices of Bitcoin can be due to notable incidents. This is especially so, if the incident’s immediate outcome may positively affect the perception about the cryptocurrency in general. Donald Trump’s position towards cryptocurrencies is always positive and encouraging which is why many experts and crypto enthusiasts support his reelection. It is also true that compared to the Democrats, the Republicans are more disillusioned with centralized fiat currencies and favor cryptocurrencies. The culmination of these sentiments along with the tragic incident has led to Bitcoin’s price surge.