As a seasoned crypto investor with over a decade of experience in this dynamic market, I must admit that the recent development of former President Donald Trump’s apparent victory in the 2024 US presidential election has sparked a surge of excitement and anticipation within our community. My journey into cryptocurrencies began when Bitcoin was still a novel concept, and I have witnessed its transformation from an obscure digital currency to a global financial powerhouse.
Enthusiasts of cryptocurrencies are rejoicing over the reported win of ex-President Donald Trump in the 2024 U.S. presidential race, as election authorities work to confirm the final results.
On November 6th, Donald Trump, the GOP nominee, claimed victory during the election, promising to initiate a prosperous era for the United States, often referred to as a “Golden Age.
Trump expressed his enthusiasm, saying, “I’m thrilled to serve as both your 47th and 45th president,” in what seemed like a triumphant address.
Currently, as I’m typing this, Donald Trump leads with 277 electoral college votes, surpassing the 270 needed to secure a win, according to the Associated Press. On the other hand, Vice President Kamala Harris, his Democratic rival, has garnered 224 electoral votes. Regrettably for her, at this point, there seems to be no feasible route for victory in the election.
Global heads of state, led by French President Emmanuel Macron, are already offering their congratulations to Trump following the expected victory. Similarly, the cryptocurrency market is showing signs of reacting to the election results.
Trump’s crypto promises
A victory for Trump suggests a positive outlook for the U.S. cryptocurrency market, given his consistent endorsement of digital currencies and reputation as a pro-cryptocurrency contender.
Trump consistently pledges to bring an end to the regulatory battle surrounding cryptocurrencies should he get elected, and should his campaign be successful, he intends to establish the United States as a global leader in the field of digital currencies.
In July, Trump appeared as the main speaker at the Bitcoin 2024 conference in Nashville, Tennessee. There, he announced his intention to dismiss the current chair of the U.S. Securities and Exchange Commission, Gary Gensler, on his return to office. SEC Commissioner Hester Peirce, who is well-known for her pro-crypto stance, is speculated as a possible candidate to replace Gensler.
Trump additionally pledged to establish a strategic Bitcoin (BTC) stockpile within the U.S., aimed at securing ownership of approximately 200,000 BTC obtained through enforcement measures by the American government.
Consistent with his favorable view towards Bitcoin, Trump also made bold declarations about cryptocurrency mining within the U.S., frequently expressing his robust support for the sector and his intent to position America as a world frontrunner in Bitcoin mining.
Crypto industry actively supports Trump
Despite Trump’s change of position regarding Bitcoin, the community of cryptocurrency supporters has predominantly leaned towards Trump rather than Harris.
Key figures behind significant U.S. cryptocurrency platforms such as Gemini and Kraken openly expressed their backing for Donald Trump by contributing substantial sums of money, viewing him as the most favorable candidate towards cryptocurrencies.
Prominent backers for Donald Trump’s election bid consist of Charles Hoskinson (founder of Cardano), Mike Belshe (CEO of BitGo), Justin Sun (creator of Tron), and Charlie Shrem (founder of the Bitcoin Foundation).
Bitcoin breaks historic records amid Trump’s election lead
As enthusiasm for Trump’s election win increases, the cryptocurrency market has shown an unprecedented response. On November 6th, Bitcoin surpassed previous records and momentarily reached a value of $75,000.
At the moment, Bitcoin is being exchanged for approximately $73,580, representing a 7% rise in its value compared to the previous 24 hours, as reported by CoinGecko.
Currently, Bitcoin is nearing record prices, and the collective worth of all cryptocurrencies stands at around $2.6 trillion according to CoinGecko statistics. In November 2021, this overall market value peaked above $3 trillion.
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2024-11-06 14:22