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Donald Trump’s shock landslide victory in the 2024 United States Presidential Election has been hailed as the biggest political comeback of all time by many. And it also appears to be a big win for the crypto industry in the US and further afield.
Bitcoin (BTC) achieved a record-breaking valuation of $75,389 on Wednesday as crypto traders looked to capitalize on the big news. Ethereum (ETH) also grew by 6.3% to trade at $2,590, another clear sign that the crypto markets are backing Trump as the US presidential winner.
Given Trump’s positive attitude towards crypto and blockchain technology in the past, it’s perhaps no surprise that BTC, ETH, and other cryptocurrencies are trading at such healthy valuations. Trump previously said it was his aim to make America the “crypto capital of the planet” and the “Bitcoin superpower of the world.” He’s also promised to create a national US Bitcoin stockpile if he were to return to power in the US.
Many of the industry’s biggest names have also voiced their support of Trump’s win as the 47th US president. Kris Marszalek, co-founder and CEO of Crypto.com, wrote in an X post congratulating Trump that “the future has never looked brighter than today.” He also said: “Crypto at its very core is about freedom of the individual.”
Brian Armstrong of Coinbase was just as enthusiastic about Trump’s upcoming return to the White House, claiming that the American crypto voters had “spoken decisively” in their decision to elect him for a second term. His X post continued: “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.”
Regulating crypto
As a fellow member of this thriving industry, I’ve long believed that a Trump victory in this election would have positive effects on the US and global crypto sector. With respect to the regulation of crypto and other digital currencies, President-Elect Trump has shown signs of evolving his views on cryptocurrencies, which is encouraging for the industry.
At Concordium, my team and I have already held positive discussions on future industry legislation with several US senators across all parties. And, in light of Trump’s past comments on crypto, I believe that a second Trump presidency will elevate the US as a global leader in crypto by implementing supportive policies that promote innovation and investment in digital currencies.
Deregulation is the way forward
When the polls predicted a close race to the White House between Trump and Kamala Harris, a key question on the mind of many in the crypto industry was whether either candidate would focus on deregulation in the hope of accelerating the growth of American Blockchain and digital asset startups, or whether they would instead introduce industry restrictions in support of traditional financial institutions.
With Trump’s victory now sealed, I am optimistic that his recent shift towards supporting blockchain technology and his focus on rebuilding the US economy are signs that the Trump administration will prioritize deregulation in the future. This will enable US-based startups in the digital assets space to flourish without unnecessary restrictions. But it’ll also help the States to become the global leader in crypto and digital assets, encouraging foreign startups to set up camp there.
US to become the global crypto leader
Either candidate’s approach to the US monetary policy and the Federal Reserve was another key concern for the crypto industry, as it’ll no doubt greatly impact crypto adoption and regulation. But now it’s clear that Trump is set to return to the White House next year, and I am confident that his recent discussions about creating a federal Bitcoin reserve are promising signs of cryptocurrency adoption. His proactive stance suggests he could significantly influence both adoption and regulation in favor of digital assets more than any previous president.
Overall, it’s my view that Trump’s win and previous support for crypto will result in the US becoming a superpower in this space—outpacing countries such as China. Given China’s restrictive stance on cryptocurrencies, I think Trump will actively seek opportunities to position the US as the world leader in this space.
His administration could leverage this geopolitical context to enhance US competitiveness in the global crypto market. Let’s also not forget that Elon Musk, another key crypto supporter, will likely become a key fixture in the second Trump administration. And that can only be a good sign for the US crypto industry.
Source: https://crypto.news/what-trumps-presidential-win-means-for-crypto-opinion/