Do Resurgent Trump NFTs Predict Election Win?
Donald's NFTs are growing in popularity, just as the man himself is solidifying his lead against the competition.
The crypto markets are uniquely sensitive to changes in the status quo. Open 24/7, and with limited liquidity compared to TradFi, they have often proven to be the canary in the coalmine, indicating major social and economic developments before anything else has time to change. Should we take note of the fact that Trump's NFTs are outperforming?
Trump NFTs Up Bigly
As all attention has been on the mainstream crypto markets with the launch of the spot bitcoin ETFs, NFTs have entered the doldrums. Volumes are down, and many collections are struggling to maintain their floor prices.
Against this backdrop, Trump NFTs are performing well. Trump's Series 2, created on Polygon last April following his successful December 2022 collection, has seen a surge of interest over the last week. Prices are trending upwards, and close to a two-month high.
Can we read anything into this?
The Orange Man And The Orange Coin
Crypto is shaping up to be a critical issue for the coming US presidential election, to be held on November 5 this year. The event is currently set to be a rematch of the 2016 election, pitting Trump against Biden.
Trump has previously been skeptical about bitcoin, tweeting in 2019 that cryptocurrencies facilitate illegal activities and that the US already has the greatest currency in the world.
All that is changing, though. A pragmatic man, Trump would not allow such inconvenient sentiment to get in the way of raising money, and he has netted thousands of ETH from the sales of his NFTs.
Moreover, Trump has recently come out strongly against CBDCs, having been warned of the risks by Vivek Ramaswamy, who dropped out of the race against him.
There have also been rumors about Robert F. Kennedy Jr, who has claimed that Trump previously reached out to him about being his running mate. Kennedy is a rare example of a Democrat who is strongly in favor of Bitcoin, and has mentioned it many times in his independent campaign.
Given the highly sensitive nature of the crypto markets, and the fact that a Republican win would almost certainly be good for the digital asset sector, it's fair to accept that crypto prices will reflect the odds of a Republican vs Democrat win. And if Trump is the frontrunner, you can bet his NFTs will see the benefits as the day gets closer.
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