- When Trump won the US presidential election, Bitcoin rose by more than 7.7%.
- The crypto community is waiting to see whether Trump can deliver on his promises.
The United States, an economic powerhouse, has always played a crucial role in shaping the financial landscape.
This is especially true in the cryptocurrency space, which has faced several regulatory challenges in the country.
With Donald Trump’s recent election victory, the spotlight has been on the US’ cautious but significant involvement in cryptocurrency.
As the results were announced, Bitcoin [BTC] soared past the $75,000 mark to set a new all-time high, although it has since corrected, shedding light on possible future moves.
Trump’s pro-crypto stance
On his victory, Trump received congratulations from Nayib Bukele on X (formerly Twitter), a fellow pro-crypto leader, underlines the global attention on the potential impact of his presidency on crypto policy.
Trump’s victory has prompted many to wonder whether he can deliver on the ambitious promises he made during his campaign that could send the broader crypto market, including Bitcoin, to unprecedented heights.
If per During SpotOnChain, Trump promised, among other things, during Bitcoin Nashville, to “immediately fire” SEC Chairman Gary Gensler, establish a National Bitcoin Reserve and abolish the capital gains tax on Bitcoin transactions.
Crypto demand and impact of promises
In the immediate aftermath of Trump’s election, Bitcoin rose 7.7%, with the Coinbase Premium Index reflecting a notable increase in buying interest, especially in the US.
The index’s significant spike indicated optimistic market sentiment towards Trump’s expected pro-crypto regulations.
This trend was clearly visible on November 1, after Trump’s election, when the market reacted strongly to his possible policy changes.
Source: CryptoQuant
Can Trump deliver on these promises? Its post-election comments offered a glimpse of his approach, promising that his administration would strive daily to usher in a “golden age for America.”
Read Bitcoin’s [BTC] Price forecast 2024–2025
This rhetoric stirred the crypto community, leading many to speculate about a favorable shift in regulatory frameworks and a subsequent surge in market activity.
As Trump prepares to take power, the crypto community is watching closely, hoping that his administration will continue its promised pro-crypto agenda, potentially catalyzing a new era for Bitcoin and other digital assets in the US.