Bitcoin Gets Boost from Trump Administration Ahead of Midterm Elections

The Trump administration has been actively supporting Bitcoin since January 2025, making it the only cryptocurrency deemed 'strategic' for the nation.

This support is evident in the creation of a Strategic Bitcoin Reserve and the backing of Bitcoin treasury companies launched by key Trump allies.

Wall Street firms have also been promoting Bitcoin as an investable asset class, launching new products such as ETFs, financial derivatives, and Bitcoin perpetual futures approved by the Commodity Futures Trading Commission (CFTC) in May.

In contrast to other cryptocurrencies like Ethereum and XRP, which still face regulatory issues, Bitcoin is considered relatively safe from any changes in politicians' views on the Digital Asset Market Clarity Act.