Trump’s victory in the 2024 US presidential election has the crypto community rejoicing as many look forward to his pro-crypto stance aiding the industry’s development.
Donald J Trump won the 2024 US presidential election on November 6 to become the country’s 47th president. The president-elect recorded a landslide victory against Democratic contender Kamala Harris, who was the first woman of color to lead any political party into a presidential election.
At the time of writing, Trump had secured 277 electoral college votes, while Harris secured 224. That put him way ahead of the 270 required to win.
Source: Associated Press
“I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president,” Trump told his supporters in his home state, Florida, before the results even rolled in. “We’ve been through so much together, and today you showed up in record numbers to deliver a victory,” he added. “This was something special and we’re going to pay you back.”
This victory saw the crypto community rejoicing, as Trump has promised to help shape a favorable crypto ecosystem in the US. That came with his claims of being the crypto president and making the US the hub for crypto and Bitcoin mining. He also stated outright at the Bitcoin 2024 conference that he would fire the Securities and Exchange Commission (SEC) chair, Gary Gensler.
The SEC chair has actively made it hard for the crypto industry to flourish in the country, drawing considerable ire from the crypto community. Hester Pierce, an SEC commissioner, is slated to assume Gensler’s position when Trump assumes the presidency. That may finally ease the burdens crypto firms face in a highly restrictive regulatory environment fueled by the SEC’s enforcement actions.
Furthermore, Trump has also pledged a radical financial rehaul, including creating a strategic Bitcoin reserve that could help pay off the US’ debts. Whether he follows through with the promises made toward the crypto industry is something we will have to wait and watch.
The Community Reacts
Still, that did not hold known crypto people from publicly rejoicing about the election results. “Let’s be absolutely clear, the anti-Bitcoin movement died last night,” mentioned co-founder and CEO of the Satoshi Action Fund. He continued to express his belief that a Bitcoin reserve would now come to fruition and a national law would emerge to “defend Bitcoin Rights.”
Anthony Pompliano, Professional Capital Management founder and CEO and avid Bitcoin supporter, stated, “We have the first bitcoin President going to the White House, which is why we saw a new all-time high last night.”
Bitcoin hit its new all-time high the night before election day, surpassing $75,000. It is currently trading at about $74,500. The Trump victory could now push it to even higher highs.
