After much suspense amidst the 2024 US presidential elections, Donald Trump emerged as the President-elect of the USA on November 6, defeating Kamala Harris of the Democratic Party and other contestants.
Following Trump’s victory at the polls, much of the crypto community was excited and celebrated the win. Notably, the celebrations began during the collation phase, when Trump’s chances to win continued to heighten before the final results were announced.
Popular crypto influencer, Ash Crypto cited in a celebratory post on X, “Trump is winning US elections. Bitcoin is going to $100,000; Massive Bull market is coming.” Similarly, many such posts flooded social media, both before and after the official announcement.
For good measure, Bitcoin became bullish and broke its previous all-time high during this election. Many crypto tokens are also following a bullish trend, bringing extra joy to crypto investors this season.
During his campaigns, Donald Trump asserted several times that he was pro-Bitcoin/pro-crypto. Accordingly, he made promises to improve the cryptocurrency situation in the United States.
Trump’s Victory: Promises to the Crypto Community
President-elect Donald Trump had promised to fire Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC) once he came into power. Notedly, the Gensler administration made the US crypto space almost unbearable for exchanges and crypto investors with overly stringent regulatory guidelines.
Furthermore, he talked about a unique national Bitcoin reserve in the US and facilitating Bitcoin mining in the country. All these and many more caused Trump to have solid backing from the crypto community and contributed significantly to his electoral victory.
In Dennis Porter’s words (CEO of Satoshi Act Fund), “Let’s be absolutely clear, the anti-Bitcoin movement died last night. The USA will be the most pro-Bitcoin nation in the world. We will have a Bitcoin Strategic Reserve. We will enshrine a national law to defend Bitcoin Right.”
In Conclusion
It’s a powerful turning point, not just for American politics, but also for the crypto industry. If Trump follows through, the US could soon become a global leader in Bitcoin adoption and innovation.