Crypto Community Celebrates Donald Trump Win
The crypto community is celebrating former President Donald Trump’s win in the 2024 United States presidential election as officials continue to finalize the results.
Trump, the Republican candidate, declared victory on election night, Nov. 6, and pledged a “golden age” for America.
At the time of writing, Trump had 277 electoral college votes — more than the 270 needed to win — according to the Associated Press.
His Democratic opponent, Vice President Kamala Harris, had 224 electoral votes and no path to victory.
International leaders, including French President Emmanuel Macron, offered their congratulations to Trump on the anticipated result. The crypto market was also responding positively to the election news.
Trump’s win may signal new opportunities for the cryptocurrency industry in the US, as he has consistently voiced his support for crypto and positioned himself as a pro-crypto candidate.
Trump has vowed to end the regulatory “war on crypto” and turn the US into the “crypto capital of the planet” if elected.
In July, he headlined the Bitcoin 2024 conference in Nashville, Tennessee, where he promised to remove US Securities and Exchange Chair Gary Gensler on his first day in office.
SEC Commissioner Hester Peirce, known for her pro-crypto views, is speculated to be a potential replacement.
Trump also committed to establishing a strategic Bitcoin reserve in the US, securing 200,000 BTC from enforcement actions.
Aligning with his support for Bitcoin, Trump has made several commitments to the US crypto mining sector, promising to position the country as a global leader in Bitcoin mining.
Following Trump’s win, the “anti-Bitcoin movement” in the United States is considered “dead,” according to Dennis Porter, co-founder of the Satoshi Action Fund.
The crypto community has generally backed Trump over Harris despite a previous shift in his views on Bitcoin.
Founders of prominent US crypto exchanges, such as Gemini and Kraken, have publicly endorsed Trump, contributing millions to his campaign, viewing him as the “only pro-crypto candidate.”
Key figures in the crypto world, including Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, and Bitcoin Foundation founder Charlie Shrem, also supported Trump’s campaign.
Amid the optimism surrounding Trump’s victory, the crypto market experienced a historic surge, with Bitcoin reaching new highs and briefly touching $75,000 on Nov. 6.
Bitcoin influencer Anthony Pompliano commented on the milestone, linking it to having the “first Bitcoin President” entering the White House.
Bitcoin is now trading at $73,580, reflecting a 7% increase over the past 24 hours, according to CoinGecko.
As Bitcoin nears its all-time highs, the total cryptocurrency market capitalization stands at approximately $2.6 trillion, based on CoinGecko data.
The market’s peak value was over $3 trillion in November 2021.
Sources:
https://cointelegraph.com/news/trump-declares-victory-crypto-community
https://www.bbc.com/news/live/czxrnw5qrprt?post=asset%3A57eb0692-8f96-4fd3-877c-43a225ec9050#post
https://apnews.com/projects/election-results-2024/
https://x.com/Dennis_Porter_/status/1854141584406695971
https://x.com/APompliano/status/1854139674228384084
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