Donald Trump, the self-proclaimed ardent advocate of America’s crypto scene, has secured a second term as U.S. President. Multiple sources, including ‘The Hill’ and ‘Decision Desk HQ’, called the race in his favor after he seized several critical swing states that he had lost in 2020.
In a tight race, Trump clinched Georgia early Tuesday evening, edging Democratic contender Vice President Kamala Harris. By Wednesday morning, he also bagged Pennsylvania, another battleground, locking in approximately 19 electoral votes.
Trump will win every swing state. pic.twitter.com/wCFfWXUVVQ
— Polymarket (@Polymarket) November 6, 2024
Republicans have likewise retained control of the Senate and look poised to take the House, though vote counting continues.
Celebrating his political comeback, Trump told a cheering crowd:
Frankly, it was the greatest political movement of all time. We’re going to help our country heal; we’ve got a nation that needs some serious help. We’ll rebuild our borders, we’ll restore everything.
Crypto Markets Rejoice
Bitcoin surged past $75,000 in the early hours as Trump edged closer to his White House return.
JUST IN : #Bitcoin just broke above $75K, setting another ATH. pic.twitter.com/idU0cqwQIn
— CoinGecko (@coingecko) November 6, 2024
DOGE and SOL took the lead among major tokens, with the crypto market rallying as election results unfolded. DOGE jumped over 25%, nearing $0.22, partly fueled by the support of Trump-backing Elon Musk.
Meanwhile, SOL surged nearly 20%, hitting a peak of $188.30 amid speculation that a crypto-friendly administration might bring a Solana ETF approval closer to reality.
What to Expect from Trump’s Crypto Policy?
Trump’s win was met with enthusiasm by some in the crypto industry, who are counting on his promises to champion and safeguard their interests.
During the campaign, Trump made numerous pledges to the crypto community, showcasing his newfound commitment to advancing and protecting digital assets. These promises won him support from notable crypto figures, including former Messari CEO Ryan Selkis and Gemini founders Tyler and Cameron Winklevoss. Furthermore, a political action committee supporting the former president is reported to have raised approximately $7.5 million in cryptocurrency.
Among his standout promises:
- Fire SEC Chair Gary Gensler “on day one.”
- Encourage Bitcoin mining within the U.S. so that “all remaining Bitcoin will be made in America.”
- Establish a strategic Bitcoin reserve to help the U.S. pay off its national debt.
- Block any development of a central bank digital currency (CBDC).
- Push for clemency for Silk Road creator Ross Ulbricht.
Among the promises that cannot be fulfilled in advance, one can safely single out the creation of a strategic reserve that will help pay off the US national debt by directing law enforcement not to sell confiscated crypto assets from criminal cases.
Casa Wallet founder Jameson Lopp, critiqued Trump’s plan, noting that half of the Bitcoin seized by law enforcement actually belongs to the exchange Bitfinex and should be returned.
There's a slight problem no one is acknowledging regarding the plan for the US Federal Government to HODL all 200,000 BTC in its possession:
— Jameson Lopp (@lopp) July 27, 2024
95,000 BTC from that stash rightfully belongs to @bitfinex.
In response to Trump’s call for all remaining Bitcoin to be “American-made,” Shapeshift’s founder Erik Voorhees remarked that such a stance reflects “absurd nationalist/protectionist nonsense, showing a lack of understanding about Bitcoin and economics alike.”
Saying "all bitcoins should be made in the USA" is absurd nationalist/protectionist nonsense, betraying both a lack of understanding of Bitcoin, and a lack of understanding of economics broadly. But we already knew these things about Trump.
— Erik Voorhees (@ErikVoorhees) June 13, 2024
However, such a statement means a…
With these promises, many in the crypto world are eyeing his presidency with optimism, while others caution the community to manage expectations. Only time will tell how successful President-elect Trump’s crypto agenda will be.
Abimbola Adu
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
