Il Capo of Crypto, a renowned cryptocurrency analyst, recently shared his theory on the potential impact of the upcoming elections on the crypto market.
According to Il Capo, Donald Trump has already taken significant steps to gain votes from the crypto community. This strategy includes accepting campaign donations in cryptocurrencies, openly supporting the crypto industry, and promising to release Ross Ulbricht at the beginning of his term. Il Capo also predicts that Trump will announce significant tax benefits for crypto users.
Data shows that 14.4% of American adults own or use cryptocurrencies. However, when potential voters who are cryptocurrency users are considered, this rate increases to 22%. Il Capo states that a large part of this number would have voted for Trump before these statements, while another large part would not vote for Trump even with this new approach.
According to Il Capo, Democrats will sooner or later realize that they have lost this battle to win voters from the crypto industry.
Out of pride, they may decide to continue attacking the crypto ecosystem even harder rather than trying to win votes from the crypto community. Il Capo reminds that the US government holds approximately $15 billion worth of crypto and says they will probably sell these cryptos to raise money for the election campaign, to drive down prices to have more arguments to attack the industry, and to prevent leaving these assets to the next president.
Il Capo expects Trump to continue to take a pro-crypto stance in the coming months and Biden in the next few weeks. However, he predicts that Biden will eventually become even more aggressive towards the crypto industry. This would fit a scenario where prices continue to rise for a few more weeks but then see a significant correction before the elections (possibly from July-August to November).
According to Il Capo, the future of the market will depend on who will be elected. According to the analyst, if Trump is elected, 2025 could be a very good year for the market.
*This is not investment advice.
