TLDR:
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Bitcoin breaks new high under Trump
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Crypto boom on regulatory optimism
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Crypto-friendly congress fuels surge
MAR-A-LAGO (The Thursday Times) — Bitcoin surged above eighty-one thousand on Monday, marking a new record for the cryptocurrency and propelling its growth under a newly favourable regulatory environment with the election of Donald Trump and pro-crypto candidates. After starting the year around thirty-eight thousand, the cryptocurrency has now doubled, as crypto advocates are anticipating relaxed regulatory stances with Trump’s promise to make the United States a “crypto capital.” Investors view the election results as a watershed moment for digital currencies, with optimism fuelling unprecedented levels of interest and investment.
Trump previously lambasted the Biden Administration—specifically naming former U.S. presidential candidate and incumbent vice president Kamala Harris—for her tirade against the digital assets industry as a whole:
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Trump’s role
The Trump administration is projected to dismantle restrictive measures previously imposed by the U.S. Securities and Exchange Commission. Trump, an outspoken crypto supporter, has indicated plans to relieve SEC Chair Gary Gensler of his duties, signalling the potential for significant deregulatory shifts. Pro-crypto allies, including figures such as Elon Musk, have further amplified enthusiasm, while Trump’s son, Eric Trump, is expected to bolster cryptocurrency’s profile in an upcoming Abu Dhabi conference.
Eric Trump has previously stated his family’s “love” for the cryptocurrency industry:
Our family loves crypto and appreciates the incredible support from the community for @worldlibertyfi. Excited for what’s ahead! pic.twitter.com/8kn8rACyub
— Eric Trump (@EricTrump) November 1, 2024
The election also saw substantial backing for pro-crypto congressional candidates, with an impressive win rate across both parties. Crypto-friendly candidates won notable seats, replacing industry critics and promising a less restrictive environment for digital finance. Key figures who opposed crypto, like Sherrod Brown of Ohio, were ousted, highlighting a shift towards embracing digital assets on Capitol Hill.
Trump’s recent unveiling of his new crypto venture, World Liberty Financial, though sparse in details, has caught the attention of investors. The industry’s broad confidence in his agenda has triggered a wave of cryptocurrency investments, with coins like Ether and Dogecoin reaching highs unseen in months.
