Donald Trump made being the candidate who supported Bitcoin an important issue in his most recent campaign, showing up at a Bitcoin conference and even proclaiming that all bitcoins (BTC) would be mined in the US.
His administration has also rolled back regulation put in place by his predecessor, pausing and dropping various Securities and Exchange Commission (SEC) actions and seeking rule changes from regulators.
Additionally, Trump is tied to a multitude of crypto businesses that he can profit from during his presidency.
Read more: ANALYSIS: Eric and Donald Trump Jr. are cashing in on crypto
Additionally, the crypto industry was quick to support Trump’s run for the White House, with several executives giving donations so large they were actually illegal and needed to be refunded.
However, despite this alignment between the president and the industry, BTC has seen its relative price increase much less under Trump than it did by the same point in Biden’s term.
- Under Trump, BTC has seen its price appreciate 7%, climbing from approximately $101,000 to $108,000.
- Meanwhile, under Biden, BTC saw its price soar a massive 73%, jumping from $36,000 to $62,000.
Among other things, some traders have pinned the blame for BTC’s struggles on Trump’s global trade war, even suggesting the recent escalation might have been responsible for the recent flash crash.
Regardless of the reason, BTC saw a much larger relative price increase under Biden than Trump, despite Biden’s less permissive stance towards the industry.
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Source: https://protos.com/chart-was-biden-or-trump-better-for-bitcoin/
