Russell Starr, Former CEO and Head of Capital Markets at DeFi Technologies, opened up about Bitcoin and the impact of elections on Bitcoin price. In an interview with David Lin, Russell discussed the movements in stock markets observed on the Monday following the attempted assassination of former President Donald Trump. He attributed the market shifts to several key factors.
“The most crucial factor, in my opinion, was the cessation of Bitcoin sales by the German government,” Russell said. This reduction in selling pressure contributed to a more stable and potentially bullish market environment for Bitcoin.
Additionally, Trump’s evolving stance on cryptocurrency was discussed as a pivotal element. Trump has increasingly positioned himself as a pro-crypto libertarian, advocating for the integration of cryptocurrency into the US economic framework. This alignment is further evidenced by Trump’s running mate, JD Vance, who supports a weaker US dollar to bolster the US economy.
Combining these factors—a reduction in Bitcoin selling by the German government and Trump’s pro-crypto stance—has led to a stronger Bitcoin price, according to him. A continued upward trend in Bitcoin’s value is predicted, especially if Trump secures a victory and further vocalizes his support for Bitcoin.
“I wouldn’t be surprised that with a Trump victory you see it moving into that $150,000 level. This is a huge trading opportunity for individuals,” he added.
Discussing Trump’s shift in perspective, he said that his earlier anti-Bitcoin stance has changed considerably. Fundamentally, Trump’s platform now includes the belief that a weaker US dollar and a pro-crypto stance are beneficial for the economy. This ideological shift aligns with broader economic strategies, including skepticism about the US dollar as the global settlement currency.
Looking forward, according to him, a pro-Bitcoin government might actively adopt Bitcoin. Even if direct adoption doesn’t occur, a pro-crypto stance from regulatory bodies like the SEC could significantly impact the market.
He also discussed how on the campaign trail, Trump has pledged to oppose Elizabeth Warren’s anti-crypto policies and halt Joe Biden’s efforts to undermine the crypto industry. Trump’s commitment to protecting crypto holders’ rights and preventing the creation of a central bank digital currency is clear.