According to Fox News and AP News, Donald Trump is projected to win the 2024 US Presidential Election as of November 6, 10 A.M. GMT.
In response, Bitcoin surged to a new all-time high of $75,264.76, with market participants anticipating the implementation of Trump’s crypto-friendly policies.
Trump’s return to the presidency places his extensive promises regarding Bitcoin and crypto under scrutiny. He has pledged to make the United States the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
Central to his agenda is creating a strategic national Bitcoin stockpile, utilizing Bitcoin currently held by the US government. This initiative aligns with Senator Cynthia Lummis’s proposal for the government to acquire one million BTC to bolster the nation’s digital asset reserves.
In addition to building a Bitcoin reserve, Trump intends to establish a “Bitcoin and crypto presidential advisory council” to provide regulatory guidance and promote innovation within the industry. He has also vowed to block the Federal Reserve from creating a CBDC, expressing concerns over potential privacy infringements and centralization of financial control.
Support for Bitcoin mining is another key aspect of Trump’s crypto strategy. He views mining as a means to enhance domestic energy production and create jobs, aligning with his broader economic policies. Furthermore, he aims to provide regulatory clarity for stablecoins, fostering a framework for their safe and responsible expansion in the financial system.
Trump has committed to defending individuals’ right to self-custody digital assets, emphasizing the importance of personal financial sovereignty. In a move likely to resonate with the crypto community, he plans to fire SEC Chair Gary Gensler and appoint regulators more sympathetic to the crypto industry. This could signal a significant shift in the regulatory landscape, potentially easing pressures that crypto businesses have faced under the current administration.
Another notable promise is the pardon of Ross Ulbricht, the creator of the Silk Road dark web marketplace. Ulbricht’s case has been a point of contention within the crypto community, with many advocating for his release on grounds of excessive sentencing.
Bitcoin’s recent price movement reflects market optimism about these potential policy changes. The price increased by 7.51% over the past 24 hours, currently at $73,921.93, with a market capitalization surpassing $1.46 trillion. Trading volumes also spiked, with $99.47 billion exchanged in the same period.
As Trump’s victory is projected, the crypto community awaits the timeline for his promised policies. Day one of his presidency in January should be a big day with the removal of Gary Gensler from the SEC and freedom for Ross Ulbricht. With a sweep of the House, Senate, and White House, there should be little in Trump’s way of delivering on his promises.