The 2024 US elections are all wrapped up, and Donald Trump is about to become the 47th president. With a pro-crypto leader in office, many are buzzing about a potential bull market for cryptocurrencies. There are also speculations that Trump’s presidency will convert the US into the crypto capital of the world. Interestingly, while Trump has been skeptical about cryptocurrencies, his recent campaign leaned into supporting a friendlier regulatory environment for digital assets.
We’ll recap how the crypto market immediately responded to Trump’s victory and look into some of the crypto reforms Trump promised during the election and their implications.
Recap of Market Reaction Post-Trump Victory:
Trump’s victory reverberated in the digital asset areas as the overall crypto market cap surged by an impressive 9.68%. Bitcoin, the world’s oldest cryptocurrency, soared by 10% as it scaled to an all-time high of 75$,000, smashing its previous record set in March.
However, this bullish overnighter was not limited to Bitcoins; other cryptocurrencies, known as altcoins, followed suit. Ether, the second oldest cryptocurrency, surged 8%; Solana, Cardano, and Shiba Inu each grew between 10-15%. Even meme coins got in on the action as Dogecoin escalated by nearly 30%, and Uniswap sneaked by 23%.
Among the biggest winners were political meme coins. The political memes token market cap is up by almost 9.07%. Tokens tied to Trump saw massive increases—Trump47 has surged 503%, TRUMPMAGA is up by 506%, DJT is up by 153.72%, TRUMP surged by 127%, and TADDY by 88%, showcasing the election craze in the political meme community.
Analysts are now predicting that Bitcoin could reach $100,000 by the end of 2024, as the bullish momentum seems poised to continue. This initial signal suggests that the Republican Party’s victory could have significant positive implications for the crypto industry.
What are the pro-crypto agendas?
Now that the initial excitement has settled let’s check out some of Trump’s pro-crypto promises during his campaign.
There’s been a noticeable shift in his views since the 2024 campaign kicked off. The themes around what he refers to as the “Trump trade for crypto” are deregulation, potential tax cuts for crypto assets, and reducing dependency on traditional financial institutions like the Fed.
First off, Trump, on record, pledged to make America “the crypto capital of the planet.” That’s a bold statement! He even proposed creating a “strategic reserve” of Bitcoin and was open to accepting cryptocurrency donations. Plus, he launched a new venture called World Liberty
Financial with his family members to help facilitate cryptocurrency trading. Trump has branded himself a “pro-crypto candidate” aiming for a comprehensive crypto regulation approach.
Trump also proposed a Strategic National Crypto Stockpile. If he gets elected, Trump says his administration would keep Bitcoins as national assets instead of selling them. As a result, Bitcoin could go from being a high-risk investment to a national commodity.
Additionally, Trump plans to set up a crypto advisory council. Creating regulatory frameworks by people who understand and support the industry instead of those who don’t could be a game-changer since it ensures the frameworks are developed by those who understand and support the industry.
Also, Trump says he’s firing Gary Gensler, the current SEC chairman, signaling a move towards crypto-friendly regulation.
Interestingly, Elon Musk has been a strong ally of Donald Trump, supporting his campaign and possibly influencing Republican policies. We may see some sweeping changes in federal agencies, especially in the field of technology and finance, if Trump does announce the formation of an efficiency commission.
Conclusion
Overall, Bitcoin is in uncharted waters following Trump’s win. It seems that Trump’s policies and Elon Musk’s influence may change the cryptocurrency landscape. Therefore, it’s important for crypto fans to stay informed as things are shifting and there are significant implications ahead.
