Donald Trump’s stunning landslide victory in the 2024 United States Presidential Election has many proclaiming it the greatest political comeback ever, and it seems to herald a significant boost for the crypto industry both in the US and abroad. Following the announcement, Bitcoin soared to a record-breaking 75,389 on Wednesday, with traders eager to leverage the momentous event. Ethereum also saw a 6.3% increase, reaching 2,590, signaling strong market support for Trump as the victorious US president.
Trump’s previously expressed favorable stance on crypto and blockchain technology likely plays a role in the robust valuations of BTC, ETH, and other cryptocurrencies. He has articulated his ambition to transform America into the “crypto capital of the world” and the leading “Bitcoin superpower.” Moreover, he has pledged to establish a national US Bitcoin reserve should he assume power again.
Prominent figures in the industry have expressed their support for Trump’s election as the 47th US president. Kris Marszalek, co-founder and CEO of Crypto.com, celebrated Trump’s win on X, stating, “the future has never looked brighter than today,” and highlighted that crypto fundamentally represents individual freedom. Similarly, Brian Armstrong of Coinbase enthusiastically anticipated Trump’s return to the White House, noting that American crypto voters had made a decisive choice. Armstrong’s X post emphasized Americans’ significant interest in crypto and their desire for clear regulations governing digital assets, expressing eagerness to collaborate with the new Congress to achieve this.
Regarding crypto regulation, many, including myself as a member of this vibrant industry, have long viewed a Trump victory as beneficial for both the US and the global crypto sectors. President-Elect Trump seems to be evolving his stance on cryptocurrencies, a promising development for the industry. My team at Concordium and I have engaged in constructive discussions on future industry legislation with US senators from various parties. Given Trump’s previous remarks on crypto, I am convinced that his second term could position the US as a global crypto leader by enacting policies that foster innovation and investment in digital currencies.
The focus on deregulation
The anticipation of a tight race to the White House between Trump and Kamala Harris raised questions about whether the candidates would prioritize deregulation to boost growth in American Blockchain and digital asset startups or opt for industry restrictions to support traditional financial sectors. With Trump’s victory confirmed, I am optimistic that his recent support for blockchain technology and his commitment to reviving the US economy indicate a future emphasis on deregulation. This approach would not only empower US-based digital asset startups by removing unnecessary barriers but also position the States as a global crypto and digital assets leader, attracting international startups.
US’s leadership in global crypto
The candidates’ policies on US monetary policy and the Federal Reserve were of significant concern to the crypto industry, given the potential impact on crypto adoption and regulation. However, with Trump’s re-election, his discussions about establishing a federal Bitcoin reserve signal promising developments for cryptocurrency adoption. His proactive approach could greatly influence both the adoption and regulation of digital assets more favorably than any of his predecessors.
In summary, Trump’s victory and his supportive stance on crypto are poised to elevate the US to a dominant position in the global crypto space, surpassing countries like China with their restrictive cryptocurrency policies. Trump’s administration is likely to seize this geopolitical opportunity to boost US competitiveness in the global crypto market. Additionally, the likely involvement of Elon Musk, a prominent crypto supporter, in the second Trump administration bodes well for the future of the US crypto industry.
