What Trump’s US presidential win means for crypto | Opinion

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As an analyst with extensive experience in the blockchain and crypto industry, I am thrilled about Donald Trump’s victory in the 2024 US Presidential Election. Having worked in London for firms like Copper.co and Newscape Capital Group, I have seen firsthand how a pro-crypto administration can foster growth and innovation in the sector.

The unexpected, massive victory of Donald Trump in the 2024 U.S. Presidential Election is being acclaimed as the most remarkable political resurgence ever, according to many observers. It also seems like a significant triumph for the cryptocurrency sector, not just in the United States but globally.

On Wednesday, Bitcoin (BTC) reached an unprecedented value of $75,389, a move spurred by cryptocurrency traders aiming to cash in on recent developments. Similarly, Ethereum (ETH) saw a 6.3% increase, trading at $2,590 – suggesting that the crypto market is expressing optimism towards Trump as the presumed winner of the U.S. presidency.

Based on Donald Trump’s past supportive stance towards cryptocurrencies and blockchain technology, it comes as no surprise that Bitcoin (BTC), Ethereum (ETH), and other digital currencies are currently trading at high values. In the past, Trump expressed his intentions to turn America into the “global leader in crypto” and the “world’s dominant force in Bitcoin.” Additionally, he has pledged to establish a national US Bitcoin reserve should he regain political power in the United States.

A significant number of prominent figures within the industry have expressed their approval for Donald Trump’s election as the 47th U.S. President. Kris Marszalek, co-founder and CEO of Crypto.com, posted on a platform offering his congratulations to Trump, stating that “the future has never looked more promising than it does today.” Additionally, he emphasized that cryptocurrency is fundamentally centered around the freedom of individuals.

Brian Armstrong of Coinbase was just as enthusiastic about Trump’s upcoming return to the White House, claiming that the American crypto voters had “spoken decisively” in their decision to elect him for a second term. His X post continued: “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.”

Regulating crypto 

As someone actively involved in this vibrant field, I’ve consistently held the view that a Trump presidency could bring beneficial outcomes for both the U.S. and the global crypto market. Regarding the regulation of cryptocurrencies and digital assets, President-Elect Trump appears to be softening his stance on cryptocurrencies, which is promising news for our industry.

At Concordium, my team and I have had constructive talks about potential future regulations in the industry with numerous senators from various political parties in the United States. Given Donald Trump’s past views on cryptocurrency, I am optimistic that a second term for him as president would propel the U.S. to a leading role globally in crypto, as he is likely to enact policies that foster innovation and attract investment in digital currencies.

Deregulation is the way forward

As a crypto investor, I found myself pondering about the potential impact of the presidential election between Trump and Kamala Harris on the cryptocurrency sector. The polls suggested a tight contest, leaving me wondering if either candidate would prioritize deregulation to fuel the expansion of American Blockchain and digital asset startups, or whether they might instead impose industry limitations in favor of established financial institutions.

With Donald Trump’s election win confirmed, I am hopeful that his recent stance on endorsing blockchain technology and his emphasis on revitalizing the U.S. economy indicates a future focus on deregulation by the Trump administration. This could create a favorable environment for American startups specializing in digital assets to grow without undue limitations. Moreover, it would position the United States as a world leader in cryptocurrency and digital assets, attracting foreign startups to establish themselves within its borders.

US to become the global crypto leader 

Either candidate’s approach to the US monetary policy and the Federal Reserve was another key concern for the crypto industry, as it’ll no doubt greatly impact crypto adoption and regulation. But now it’s clear that Trump is set to return to the White House next year, and I am confident that his recent discussions about creating a federal Bitcoin reserve are promising signs of cryptocurrency adoption. His proactive stance suggests he could significantly influence both adoption and regulation in favor of digital assets more than any previous president. 

Personally, I believe that with Trump’s victory and his past support for crypto, the U.S. could rise as a dominant force in the cryptocurrency realm, surpassing countries like China. Given China’s strict regulations on digital currencies, I anticipate that Trump will seize chances to establish the U.S. as the global leader in this dynamic sector.

This geopolitical situation could provide an opportunity for his government to boost the United States’ position in the international cryptocurrency market. Furthermore, with Elon Musk, another notable cryptocurrency advocate, expected to play a significant role in the second Trump administration, this can only bode well for the U.S. crypto sector.

Boris Bohrer-Bilowitzki

Boris Bohrer-Bilowitzki is the CEO of Concordium, an L1 blockchain and technology firm. He worked previously as the chief commercial officer for Copper.co and as the senior relationship manager at Newscape Capital Group, both in London. He attended the University of St. Gallen and holds an MBA from IMADEC University.

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2024-11-08 15:00