The cryptocurrency community is rallying around former President Donald Trump as he declares victory in the 2024 U.S. presidential election, with many in the industry anticipating a favorable shift in regulatory policy for digital assets. Although election results are still being finalized, Trump’s reported 277 electoral votes have solidified his return to the White House, surpassing the 270-vote threshold required to win. Meanwhile, his opponent, Vice President Kamala Harris, has reportedly garnered 224 votes, leaving no viable path to victory.
In his victory speech, Trump promised to lead America into a “golden age,” which he says will include robust support for the cryptocurrency sector. As international leaders like French President Emmanuel Macron congratulate him, crypto markets are showing marked enthusiasm, with Bitcoin briefly reaching $75,000 on Nov. 6.
Trump’s Pro-Crypto Agenda Promises Major Industry Reforms
During his campaign, Trump positioned himself as a pro-crypto candidate, pledging to make the U.S. the “crypto capital of the planet.” His stance has struck a chord with cryptocurrency advocates, who see his policies as an opportunity to overhaul current regulatory practices. Among Trump’s most high-profile promises was his commitment to fire SEC Chair Gary Gensler, a move that has garnered support from crypto advocates who view Gensler’s tenure as overly restrictive toward digital assets. Notably, SEC Commissioner Hester Peirce, who is known for her supportive views on cryptocurrency, is widely rumored to be a potential replacement for Gensler under Trump’s administration.
Trump also made a pledge at the Bitcoin 2024 conference in Nashville to establish a strategic Bitcoin reserve for the U.S., aimed at accumulating 200,000 BTC through government enforcement actions. He has emphasized his goal to strengthen Bitcoin mining in the U.S., indicating plans to make the country a global hub for this sector.
Crypto Industry Leaders Rally Behind Trump
In the lead-up to the election, key figures within the crypto industry endorsed Trump, contributing millions to his campaign. These included Gemini co-founders Cameron and Tyler Winklevoss, Kraken CEO Jesse Powell, and prominent blockchain personalities like Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, and Tron’s Justin Sun. Supporters cite Trump’s commitment to dismantling what they view as regulatory obstacles to crypto innovation as a critical factor in their support.
Bitcoin Hits Record Levels Amid Optimism for Crypto’s Future
With Trump’s anticipated victory, the crypto market is responding vigorously. Bitcoin’s price surge to nearly $75,000 represents a 7% increase over the last 24 hours, according to CoinGecko. The optimism has pushed the total cryptocurrency market capitalization to approximately $2.6 trillion, approaching its peak of over $3 trillion in November 2021.
This unprecedented market rally reflects the cryptocurrency community’s hopes for a Trump-led administration that may reshape the regulatory landscape. As Trump prepares to take office, the crypto industry is bracing for what could be a transformative period, with potential policy shifts promising to drive the U.S. toward a new era in digital finance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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