Trump Administration's Support Boosts Bitcoin Ahead of Midterm Elections
The Trump administration has shown its support for Bitcoin since January 2025 by creating a Strategic Bitcoin Reserve, making it the only cryptocurrency deemed 'strategic' for the nation.
Bitcoin also has Wall Street's backing, with firms launching new products such as ETFs, financial derivatives, and Bitcoin perpetual futures. The Commodity Futures Trading Commission approved these futures in May.
The growing consensus among large institutional investors is to allocate 1% to 2% of their portfolios to Bitcoin, which should boost its price over time.