Bitcoin (BTC), Trump has now transformed into one of its most vocal advocates. During his campaign, Trump not only supported the idea of a “strategic national Bitcoin stockpile” but also criticized the Biden administration for its tough stance on cryptocurrencies. He even introduced his own crypto project, marking a dramatic shift in his position on digital assets. Throughout his campaign, Trump made it clear that embracing Bitcoin and crypto technology was critical for maintaining U.S. global competitiveness, particularly against rising powers like China.

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” Trump said during a recent speech, reinforcing his pro-crypto stance.

Bitcoin Surges After Election, Crypto Market Value Jumps

Following the 2024 election results, Bitcoin’s price saw a sharp surge, surpassing the $90,000 mark for the first time, breaking its previous record high of $73,000 set earlier in the year. This surge pushed the total market value of all cryptocurrencies to over $3.2 trillion, adding more than $650 billion to the market cap.

Much of this optimism can be attributed to the belief that Trump’s return to power would bring a more crypto-friendly environment. Investors are hopeful that under his administration, regulatory pressures on digital assets could ease, promoting further growth in the sector.

Pro-Crypto Policies Could Fuel Market Growth

Standard Chartered’s prediction of a $10 trillion crypto market by 2026 hinges on the expectation that a Republican-controlled government will adopt more favorable policies toward cryptocurrencies. According to the investment bank, pro-crypto government actions could significantly boost market values, driving a fourfold increase in the total market cap.

Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, highlighted that a rising tide would benefit all digital assets, particularly those with strong use cases. “The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most,” Kendrick said, signaling that broader adoption and practical use of cryptocurrencies could lead to massive market expansion.

Kendrick also mentioned the potential impact of a Bitcoin reserve, suggesting that while such a scenario remains unlikely, it could be a “low-probability but high-impact event” if it were to happen. A Bitcoin reserve could further legitimize the cryptocurrency as a store of value, which would likely spur additional demand.

A Crypto Summer Ahead?

As the likelihood of a Republican sweep in future elections grows, Standard Chartered believes the crypto market is entering what they describe as a “crypto summer.” This term refers to an era of increased interest and growth for digital assets, driven by supportive government actions and broader adoption.

If Bitcoin’s price continues to climb, its total market value could even surpass $4.3 trillion, outpacing the entire British pound money supply. Such a scenario would solidify Bitcoin’s position as a dominant global asset, rivaling traditional fiat currencies.

Conclusion: A New Era for Crypto

With Trump’s pro-crypto rhetoric and a possible shift towards more supportive policies for digital assets under a Republican administration, the outlook for the cryptocurrency market appears highly optimistic. If these trends continue, the $10 trillion crypto market cap forecast from Standard Chartered may well become a reality by 2026.

While challenges remain, particularly around regulatory uncertainty, the overall sentiment in the market is shifting towards long-term growth, with the potential for Bitcoin and other cryptocurrencies to become integral to the global financial system. As Standard Chartered notes, this may just be the beginning of a crypto boom that could redefine how digital assets are perceived and utilized worldwide.