The upcoming US presidential elections in November have huge ramifications for crypto, especially after Republican candidate Donald Trump announced his running mate earlier this week.
Trump has picked Ohio Senator JD Vance as his VP pick, giving another piece of good news to the cryptocurrency market.
Vance strongly supports the crypto industry and holds between $100k and $250k worth of Bitcoin, as per his latest self-report.
Unsurprisingly, the market has reacted positively to Vance’s pick, with the Bitcoin price trading as high as $66,000. With the odds of a Trump presidency increasing by the day, experts believe that now could be an excellent time for sidelined investors to buy crypto.
Trump Picks Vance – Why Is It Good For Crypto?
Former President Donald Trump has not been hesitant in expressing his support for the crypto industry, often drawing comparisons with his Democratic opponent’s anti-crypto stance.
His VP pick of JD Vance firmly establishes his pro-crypto stance. Not only does Vance hold Bitcoin, but he also voted for the SAB 121. Politico recently reported that Vance is currently drafting an even more favourable crypto bill than the SAB 121.
More importantly, Vance has openly criticized SEC chairman Gary Gensler for his crypto regulations, even calling him the worst person to regulate the industry.
This very likely means that Gensler could be out of a job by January 2025, if the Trump-Vance ticket does secure a victory in November. This is a decidedly bullish scenario for the crypto market.
Under Gensler, the SEC has repeatedly labelled every major altcoin as a security, including Ethereum and Solana. He has also filed lawsuits against top crypto exchanges such as Binance and Coinbase, accusing them of illegal sale of unregistered securities.
However, the Commission’s stance could become much more favourable towards crypto under a new chairman, especially one picked by Trump and Vance. Moreover, the odds of Solana and XRP ETF approval would see a massive boost.
Consequently, experts are now extremely bullish on crypto. According to FiveThirtyEight, Trump is currently leading Biden by 2 points on average. By contrast, Biden was ahead by nearly 8 points this time in the 2020 cycle. Safe to say that Donald Trump is now the clear favourite to win the White House in November.
As the crypto market starts to price this in, experts believe that Bitcoin and large-cap altcoins could start pushing towards new all-time highs, particularly if the Federal Reserve starts its quantitative easing in September.
Best Crypto To Buy Now
The cryptocurrency market is on the verge of a breakout, providing the perfect opportunity for sidelined investors to get in.
XRP is one of the large-cap altcoins that could explode in case of a Trump victory, Essentially, a new SEC administration would likely mean that Ripple’s landmark victory over the Commission will not be appealed.
It is no surprise that the XRP price has rallied by over 42% over the past week, following the failed assassination attempt of Donald Trump.
As previously mentioned, a Trump victory massively improves the odds of a spot Solana ETF. Therefore, the SOL price could push towards a new all-time high in the coming weeks, making it an excellent crypto to buy.
With the spot Ethereum ETFs to start trading by next week, expect ETH-based meme coins to skyrocket as well, led by Pepe. Some analysts even believe that the Pepe price could still deliver 20x returns this bull cycle.
In fact, smart-money investors are bullish on frog-themed meme coins in general. A new PEPE alternative – Pepe Unchained (PEPU) – has raised $4 million in its presale, thanks to its native Layer-2 blockchain, low trading costs and high staking rewards.
Experts believe that PEPU could potentially deliver up to 100x returns after its launch.
AI coins such as Worldcoin, Internet Computer and The Graph could also prove to be excellent buys. A new AI-powered meme coin WienerAI has raised over $7.5 million in its presale.
Despite its meme coin status, the new crypto coin is launching its own AI Trading Bot, similar to Floki. Unsurprisingly, experts have been quick to recognize its upside potential, with some calling for 50x to 100x returns.
