After former United States President and current presidential hopeful Donald Trump made an announcement that he would position the U.S. as the leader in the cryptocurrency sector, the crypto community is eagerly awaiting the details of his plan and its impact on Bitcoin (BTC) price.
Specifically, Trump posted a teaser in which he promised to make the U.S. crypto capital of the planet as a way to ensure that crypto businesses stay in the country, alongside tagging his long-anticipated decentralized finance (DeFi) platform, World Liberty Financial (WLFI) in an X post on August 29.
In Trump’s words:
“I’m laying out my plan to ensure that the United States will be the crypto capital of the planet. They want to choke you. They want to choke you out of business. We’re not going to let that happen.”
As it happens, Trump’s announcement is recycled audio of his 50-minute speech at the Bitcoin 2024 conference last month. However, in this context, it focuses on his intention to introduce and promote the World Liberty Financial platform, which promises to offer high-yield opportunities.
Indeed, World Liberty Financial is Trump’s newest crypto initiative, which already has more than 35,000 followers on X, and envisions the involvement of the former President’s sons, Donald Trump Jr. and Eric Trump, who play the key roles in the project, but other details remain elusive.
Bitcoin price prediction
Meanwhile, Bitcoin was at press time changing hands at the price of $59,650, recording a 1.18% drop in the last 24 hours, declining 2.38% across the previous seven days, as well as accumulating a loss of 10.18% over the month, according to the latest chart data retrieved on August 30.
Bitcoin price 7-day chart. Source: Finbold
Once Trump officially unveils his crypto platform, it could generate significant media attention and potentially influence market sentiment, exercising a massive positive influence on the price of the flagship DeFi asset, which has historically reacted to similar positive news with bullish price action.
In this case, this could reflect a potential rise of 5%—15 % in the short term, placing Bitcoin’s price in the range of approximately $62,632.50 to $68,597.50 in a relatively favorable market environment. However, if the market is more cautious, the impact might be lower, with only a modest increase or even a temporary decline.
All things considered, only time will tell exactly how much of a difference the official launch of World Liberty Financial would make to the price of the largest asset in the crypto industry by market capitalization. Nonetheless, doing one’s own research is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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