Trump Wins Election, Bitcoin Soars to All-Time High

Donald Trump has been elected the 47th President of the United States. His victory pushes Bitcoin to an all-time high, surpassing the $75,000 mark

Donald Trump, the Republican presidential candidate, has won the U.S. election, reclaiming the White House after his first term from 2016 to 2020. His victory has driven Bitcoin past $75,000, setting a new all-time record.

Trump’s Stance on Cryptocurrency

The cryptocurrency sector was a major focus during the election campaign. Trump brought Bitcoin into the spotlight, stating his intention to make the United States the ”global capital of cryptocurrency.”

This promise gained him support from key figures in the industry, including Tyler and Cameron Winklevoss, founders of Gemini; Jesse Powell, founder of Kraken; and David Bailey, CEO of Bitcoin Magazine, who collaborated with the campaign to develop pro-Bitcoin policies.

Speaking at the Bitcoin Conference in Nashville, Trump stated, ”Bitcoin represents freedom, sovereignty, and independence from government control.” He also pledged to create a national reserve of Bitcoin as a ”strategic stockpile” and added, ”There will be regulations, but they will be crafted by people who want to see the crypto sector thrive, not collapse.”

What’s Next for Bitcoin

Attention is now on the new price records: several analysts predict that Bitcoin could reach $80,000-$85,000 by the end of the year, while some suggest it may even break the symbolic $100,000 mark.

A significant indicator of the new administration’s stance could come with a potential pardon for Ross Ulbricht, the founder of Silk Road, the first online black market where Bitcoin was used as a medium of exchange. Arrested in 2013 and sentenced to two life terms plus 40 years, Ulbricht’s punishment is viewed as excessive, especially when compared to the 55-year sentence for Carlos, the Colombian drug cartel leader. Trump has promised to release Ulbricht, which could serve as an early test of his campaign pledges related to Bitcoin.

Though campaign rhetoric often carries a level of hyperbole, it’s reasonable to expect that some of Trump’s promises will be kept. He expressed his intention to “fire” Gary Gensler, the current SEC Chair, criticizing his overly restrictive approach toward cryptocurrencies. This shift could pave the way for a more favorable regulatory environment for institutional adoption of crypto, potentially spurring further investments and new highs for Bitcoin.

Ferdinando Ametrano, CEO of CheckSig, commented: ”Regardless of political views, having Bitcoin at the center of the U.S. presidential campaign was historic, unthinkable just four years ago. Trump’s election will accelerate Bitcoin’s adoption and institutionalization. The November 5 election caps a year that began with the approval of BlackRock and Fidelity’s ETFs, which shattered all fundraising records. 2024 will be remembered as a truly special year for Bitcoin.”