Memecoins
Donald Trump Embraces Bitcoin Mining, MAGA Memecoin Rises 8%: “Still Bullish on TRUMP & DOGE,” Trader Says
Former president Donald Trump pointed out that Bitcoin mining should be in the United States, sending information related to Trump Memecoin sorceress TRUMP/USD rising.
What happened: Pseudonymous trader Sistine Researchmore tweets, noticed Trump’s newfound support for Bitcoin and Bitcoin mining in the United States. Trump had suggested that Bitcoin mining in the United States would help the nation become dominant in the energy sector.
The dealer also talked about it Arthur Hayes AND Raoul Pal are working on the launch of a Dogemoneta DOGE/USD ETF, which could benefit from a Trump presidency. Furthermore, Sistine Research highlighted this GameStop it now has $4 billion in cash reserves, speculating on the potential impact if GameStop decides to do so invest in Bitcoinsimilar to MicroStrategy. The trader suggested that such a move could lead to GameStop shares trading at a multiple of its Bitcoin holdings.
Read also: Trader makes $2.7 million in 3 days with Trump-related MAGA coin
Because matter: Trump’s support for Bitcoin could influence regulatory policies and public sentiment towards the cryptocurrency in the United States. The development of a DOGE ETF by Hayes and Pal could further legitimize Dogecoin as an investment asset.
Gamestop’s substantial cash reserves and ability to invest in Bitcoin could have a significant impact on its stock performance.
The Sistine Research in another tweet mentioned his bullish stance on TRUMP and DOGE, stating that “TRUMP is market agnostic and DOGE is likely to get ETF demand.”
Over the past 24 hours, TRUMP is up 8%, while DOGE is up 7.3%.
What’s next: The influence of Bitcoin as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
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