Bitcoin’s price remained below $65,000 on Friday as Donald Trump chose not to mention Bitcoin or crypto during his speech at the Republican National Congress (RNC). This was unexpected given the heavy bets placed on Polymarket, where $180k out of $800k total bets speculated he’d address the topic.
During his 90-minute speech, Trump focused on generic issues like taxes, immigration, and trade policy. Bitcoin and other crypto assets had been rallying in anticipation of his speech, particularly after he was shot in Pennsylvania, raising hopes for his election win.
Historical data shows that American presidents have limited impact on asset classes like cryptocurrencies. Notably, Bitcoin surged from $800 to over $20,000 during Trump’s first term and hit a record high of $73,800 during Biden’s tenure. Despite regulatory challenges under Gary Gensler, the market saw approvals for spot Bitcoin ETFs.
This scenario underscores the importance of time over presidential influence in the crypto industry. The broader implication is that while political figures may influence short-term market sentiments, the long-term growth of crypto relies more on broader adoption and technological progress.
