Donald Trump’s announcement of victory in the 2024 U.S. presidential election has made waves in both the political and crypto arenas. The former president, who beat incumbent Kamala Harris, has maintained a supportive stance toward cryptocurrency throughout his campaign—a stance that seems to be contributing to a strong bullish trend in the market. On election night, Bitcoin surged past an all-time high of $75,000, indicating that Trump’s crypto-friendly policies were well-received by investors.
Trump’s Pro-Crypto Policies
With Trump’s victory, Republicans are also expected to gain control of the Senate, which could make it easier for Trump to promote a supportive platform for digital assets. Throughout his campaign, Trump pledged to protect the U.S.’s crypto assets and promised to implement regulations that foster market growth. One of Trump’s key commitments was to hold onto the U.S. government’s Bitcoin reserves, assuring investors that these assets wouldn’t be sold. During a Bitcoin conference in Nashville, Trump emphasized that the U.S. would maintain its crypto holdings for the long term, which was seen as a stabilizing promise in light of recent sell-offs by other governments.
SEC Shake-Up and Policy Changes Ahead
A major point of interest for crypto investors is Trump’s vow to replace SEC Chair Gary Gensler immediately. Appointed under the Biden administration, Gensler became known for his strict approach toward the crypto sector, initiating lawsuits against firms like Ripple, Coinbase, and Binance. Trump’s campaign also highlighted plans to form an advisory panel of crypto-friendly experts to shape policy. Additionally, Trump expressed support for Bitcoin mining in the U.S., telling leading mining firms that he believes all crypto mining should happen domestically, which aligns with his vision of American dominance in the energy and tech sectors.
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One other notable pledge from Trump was to waive taxes on U.S.-produced crypto while potentially implementing tariffs instead. This strategic shift aims to boost America’s position as a global leader in the crypto industry.
Impact on Interest Rates and Crypto Investments
In addition to his crypto promises, Trump has pledged to lower interest rates if elected. Lower rates could reduce borrowing costs, making it easier for capital to flow into the crypto markets. With the Federal Reserve having already cut rates by half a point under Jerome Powell, investors see Trump’s interest rate plans as a positive factor for crypto. Trump’s policies are expected to promote more capital inflow, thus accelerating market growth.
As The Bit Journal reports, Trump’s victory and crypto-friendly policies have already led to a positive market response. Alongside Bitcoin’s record high, shares of crypto-connected companies like Coinbase and MicroStrategy saw notable gains on election night, reinforcing investor confidence.
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