Trump says he would make America 'world capital for crypto and Bitcoin,' price fails to react

Bitcoin (BTC) is down 3% on Thursday despite positive sentiments surrounding Republican Presidential candidate Donald Trump's plans to make America the world's crypto capital.

Trump states plans for crypto if elected, Harris makes move

As the November elections draw closer, candidates are increasingly taking actions that emphasize the role of crypto voters in the upcoming elections.

In a speech at the Economic Club New York, Republican Presidential candidate Donald Trump reiterated that he'll support the crypto industry if elected in the upcoming elections in November.

"Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin," said Trump.

Trump has been trying to woo crypto voters in the past few months, following a variety of efforts that involve accepting crypto donations, engaging with prominent crypto figures, dedicating a section of the GOP 2024 platform to crypto and even attending key crypto events like the Bitcoin conference in Nashville.

While many have waited for Democratic presidential candidate Kamala Harris's stance on crypto, Fortune reported that Coinbase's CFO confirmed that the Vice President's campaign has begun accepting crypto donations via the exchange.

Despite the news, Trump leads Kamala by 7% in the crypto prediction market Polymarket. Kamala had previously taken the lead for most of August, but as the election draws closer, crypto players seem to be favoring a Trump win.

Bitcoin investor Fred Krueger weighed in on the election's impact on Bitcoin, stating that "what's at stake isn't the price of Bitcoin, but its integration into the American financial system." He also shared a sentiment similar to most crypto investors who are hedging their crypto positions with a bet on the presidential elections via Polymarket.

Bitcoin is down over 3% in the past 24 hours despite Trump's positive speech. According to popular trader Peter Brandt, Bitcoin is trading within an inverted expanding triangle and needs to set a new all-time high to get the bull market back on track.