Crypto is here! Donald Trump is officially the 47th U.S. President. As the US election reached its climax, all indicators were pointing to a likely victory for former President Donald Trump. As per estimates by the New York Times, Donald Trump’s likelihood of winning the election was ‘almost certain.’
Prediction markets such as Polymarket and Kalshi, which are proven to be more reliable than traditional goals, were also favoring Trump. Polymarket polls showcased Trump with an impressive 99.6% chance of winning. This was a remarkable +38.5%, as of November 6, while the chances for Harris had dropped to 0.5%.
US Polls Successfully Predict Results
Experts like Koleman Strumpf, an economics professor at Wake Forest University, emphasized that these markets are trustworthy in predicting election outcomes. Despite some narratives in mainstream media alleging that there is manipulation by pro-Trump groups.
These prediction markets have consistently shown as the leading candidate even when traditional polls favored Harris. These prediction markets, which operate with billions of dollars in trading volume, have remained resilient against claims of undermining democracy.
Dark MAGA Assemble!
pic.twitter.com/JGqFQ1DTGO— Elon Musk (@elonmusk) November 5, 2024
Legal expert Aaron Brogan points out that slight bias in polling data traditional aggregates towards Harris while the markets maintain confidence in Trump. This trust extends to key swing states where Trump’s chances of winnings have leaped by 75%, pushing his chances close to 94% overall.
All signs of now suggest that his return to the presidency is almost certain!
What does Crypto’s Fate Look Like Under Trump as President?
If Trump wins, it could have a substantial effect on the cryptocurrency landscape. While historically Trump has had his qualms about crypto, seeing it as a challenge to the U.S. dollar supremacy. If he does return to leadership, it is likely that he might not remove regulatory oversight as much as he claimed during his campaigns.
Previously Trump claimed that he would fire Gary Gensler, the Chairperson of the SEC. When asked though, Gensler did not face the fact of his uncertain future under Trump’s rule.
Trump’s pro-business mindset and focus on innovation could favor blockchain technologies that serve national interests, believes many crypto investors, especially after his comments on wanting to make the U.S ‘the crypto capital’ of the world. Cryptocurrencies linked to institutional assets, regulated exchanges, and blockchain solutions could flourish under the Trump government.
Bitcoin Strategic Reserve
If Trump were to revisit the idea of a Bitcoin Strategic Reserve, he would probably emphasize the importance of maintaining the dollar’s role as the world’s main reserve currency. He might be reluctant to support the inclusion of Bitcoin in national reserves, worried that it could undermine US financial stability and reduce the Federal Reserve’s influence on the economy.
Instead, his administration could focus on more traditional assets or even push for the development of a digital dollar rather than adopting Bitcoin. That said, Trump’s viewpoint might change due to external pressures from market dynamics and other global financial pressures.
As more countries and businesses start using Bitcoin as a safeguard against inflation, there may be more pressure on the United States to explore different financial measures. Yet, any move towards the Bitcoin Strategic Reserve under Trump would likely be cautious.
Trump Tax:
Furthermore, Trump’s tax strategies, which usually favor capital gains, might attract long-term investors in the crypto space, specifically those who prefer to hold on to their assets instead of daily trading. The combined strategy of linear regulation for Crypto and support for compliant blockchain applications could transform the Crypto space and create an environment where regulation-compliant assets can thrive.
Also Read: Trump Wins Presidency: Is This the Last Day for SEC Chair Gary Gensler?
Source: https://www.cryptonewsz.com/trump-win-here-what-happen-crypto-future-now/