Key Takeaways
- Bitcoin's price surged following an assassination attempt on Donald Trump.
- Trump is seen as a pro-Bitcoin candidate, boosting market optimism.
- Prediction markets showed increased odds for Trump's election victory after the incident.
Market observers are analyzing the surge in Bitcoin prices following the shocking assassination attempt on US presidential candidate Donald Trump in Butler, Pennsylvania. On July 13, leaders from both major US political parties and America’s Western allies expressed horror and relief after the attempt on Trump’s life at a campaign rally.
Bitcoin’s price soared minutes after the shooting, reaching $64,671 by 11:30 pm UTC on July 15, up 5.8% over 24 hours and 14.2% for the week. Other cryptocurrencies followed suit. Bitcoin’s price peaked around $65,000 before slightly dropping to $63,664 at the time of writing.
Austin Campbell, founder and managing partner at Zero Knowledge Consulting and an adjunct professor at Columbia University’s School of Business, noted:
Historically, attempted assassinations have led to an uptick in support for candidates.
He added that Trump’s defiant emergence from the incident boosted his chances of recovering the presidency, which in turn, positively impacted Bitcoin’s price as Trump is perceived as a pro-Bitcoin candidate.
David Tawil, co-founder and president of ProChain Capital, believes the surge is linked to increased election prospects for Trump. He stated:
The overwhelming narrative is now that he is more likely to be elected, which is incredibly bullish for Bitcoin.
Winston Ma, co-founder of Dragon, agreed that the current upswing is better explained by US election function analysis, adding:
The crypto community probably links Trump and Republicans with ‘more business-friendly’ Bitcoin law-making and regulation.
Contracts for a Trump election victory on PredictIt rose from $0.60 on July 12 to $0.70 on July 16. The prices of gun and ammunition stocks, as well as shares of crypto firms like Coinbase and Marathon Digital, also surged after the assassination attempt.
