The upcoming 2024 US Presidential Election is set to be a game-changer for the cryptocurrency industry, as the Republican party and its standard-bearer, former President Donald Trump, are increasingly embracing a pro-crypto stance.

According to Bernstein analysts Gautam Chhugani and Mahika Sapra, the "Trump Trade 2.0" is poised to emerge, with cryptocurrencies taking center stage. The analysts suggest that a Trump victory could lead to a crypto market rally, supported by an improved regulatory environment and rising institutional adoption.

The Republican party sees cryptocurrencies not only as a potential vote bank but also as a meaningful source of funding. Chhugani and Sapra noted that if the election sentiment shifts more towards the Republican side, "crypto would end up as the primary 'Trump trade' and hopes of a favorable regulatory regime would change the 'use-case' narrative around blockchains."

Trump's engagement with the crypto industry has been evident in recent months. The former President met with leaders of several Bitcoin mining firms, expressing his support for the industry and his desire for all remaining Bitcoins to be mined in the USA. Trump also stated that he would "end Joe Biden's war on crypto" and ensure that "the future of crypto and the future of Bitcoin will be made in America."

Furthermore, reports indicate that Trump is preparing to speak at the upcoming Bitcoin 2024 convention in Nashville, scheduled for July 25-27. This event will also feature other prominent political figures, such as Robert F. Kennedy Jr. and former GOP candidate Vivek Ramaswamy, as well as Senators Bill Hagerty and Marsha Blackburn.

The potential shift in the political landscape towards a more crypto-friendly environment could have significant implications for the cryptocurrency market. Investors and industry participants will be closely watching the developments in the run-up to the 2024 US Presidential Election, as the "Trump Trade 2.0" could unlock a new era of growth and adoption for the crypto ecosystem.