Former president Donald Trump’s triumph in the 2024 U.S. presidential election is being celebrated in the cryptocurrency community as a step towards a better future for digital assets in the U.S. Republican Donald Trump declared victory on election night, November 6, vowing to usher in “a golden an age” for America. During what seemed to be a victory speech, Trump said: ‘I’m excited to be your 47th and 45th president.’
Trump has 277 electoral votes, at least what’s needed to win. His Democratic opponent, Vice President Kamala Harris, has 224 votes and no plausible path to victory. The cryptocurrency market is already registering a strong reaction to the outcome, with world leaders, including French President Emmanuel Macron, already starting to congratulate Trump.
Since Trump started talking about being pro-crypto during his campaign, things have been good for the crypto sector, and his win has spurred optimism in the sector. In July, Trump headlined the Bitcoin 2024 conference in Nashville, Tennessee, and pledged reforms favorable to the industry. On his first day in office, he promised to fire current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. He suggested an SEC Commissioner he favors as a replacement: Hester Peirce, who has frequently eyed tokens and shows memories of the market gun-shaken.
In addition, it’s been proposed that the government include a U.S. Bitcoin reserve of around 200,000 BTC, capitalized through enforcement actions. The U.S. crypto miner plans to strengthen the sector in line with his goal of becoming a global leader in Bitcoin mining.
Trump Inspires Crypto Community Rally
He’s also earned the support of prominent members of the crypto community who’ve hailed him as the “only pro-crypto candidate.” Major exchanges such as Gemini and Kraken have openly backed him, donating millions of dollars to his campaign. Others staking their support include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, and Bitcoin Foundation founder Charlie Shrem.
Analysts have downplayed any concern over Turkey’s military operations, saying Bitcoin can provide a haven in these troubling times.
Crypto market rallies to impress with optimism over Trump’s abated pro-crypto policies. On November 6, Bitcoin soared past $75,000 and broke a new record. According to CoinGecko, it is currently trading at about $73,580 and has been up by around 7 percent in the past 24 hours.
The cryptocurrency market capitalization has now reached around $2.6 trillion, similar to its peak of more than $3 trillion in November 2021. With election results continuously unrolling and Trump’s pro-crypto policy in full effect, the crypto market positions itself for a potential rise.
This news is republished from another source. You can check the original article here
