- United States President-elect Donald Trump is reportedly considering implementing a blockchain-based electoral voting and identity verification system to eliminate election fraud.
- It is also assumed that several Congresses support the possible Bitcoin strategic reserve.
Donald Trump’s re-election as president has reportedly started to impact the general fundamentals of the crypto industry, as rumors suggest he may implement a federal electoral voting and identity verification system based on the blockchain.
According to crypto influencer Shawn, this revolutionary development would be executed in partnership with four key platforms: Cardano, X, Hedera and Hyperledger. Meanwhile, rumors indicate that Trump is exploring this move in depth with the next Department of Government Effectiveness.
In analyzing this article, we discovered that the potential rollout would be accompanied by legislation that would require all states to implement the e-voting platform. The idea behind this development would be the promotion of electoral integrity and the elimination of fraud in subsequent US elections.
Oddly enough, this isn’t the only rumor involving Trump politics and the crypto industry. On November 14, CNF reported on several crypto-related initiatives that could be taken by the Trump administration, as revealed by Satoshi Act Fund CEO and co-founder Dennis Porter.
According to Porter, rumors establish that several firms have supported the idea of creating a strategic Bitcoin reserve. On top of that, more than 10 states across the country could introduce relevant legislation. Meanwhile, Porter believes some of these rumors are true.
Novogratz Position and Overall Crypto Market Reactions
Galaxy Digital CEO Mike Novogratz doubts the likelihood of a Bitcoin strategic reserve as he says the dollar’s dominance is enough to secure its status in the digital economy.
I think it would be very smart for the United States to take the Bitcoin that it has, maybe add to it, and say we want to show the world that we are going to be a technology-first country – a crypto, a digital country that prioritizes assets. I don’t necessarily think the dollar needs anything. to save it. We have the most powerful army in the world. We have the dominant economy in the world.
As part of the massive transformation expected in the industry, GlobalData’s 2024 Emerging Trends Insurance Consumer Survey estimates that 39% of U.S. crypto holders would be interested in purchasing crypto insurance policies under this administration.
In the market, Trump’s victory marked the start of the bull cycle as Bitcoin sealed a new all-time high at $93,000, with Dogecoin (DOGE) surpassing $0.40. Currently, the total market capitalization stands at $2.98 trillion, with Bitcoin alone accounting for $1.77 trillion. Interestingly, several analysts predict that the asset will extend its dominance with another run into the $100,000 zone before the end of the year.
Confirming this, a CryptoQuant analyst predicted that Bitcoin could peak between $180,000 and $200,000 during this cycle, as we previously revealed.
Two months ago, I pointed out that this year’s March peak was not the all-time high of the current Bitcoin cycle. This outlook stood in stark contrast to the prevailing views of many Bitcoin analysts and traditional finance professionals, who confidently stated that the $73,000 peak marked the top of the current Bitcoin cycle. However, my proprietary 0nchained Top/Bottom Index, a unique indicator that I meticulously developed, showed a different picture.
At press time, Bitcoin was trading at $89,000 after falling by 1.5%.
