- As Trump won the US presidential election, Bitcoin soared over 7.7%.
- The crypto community is waiting to see if Trump can keep his promises.
The United States, an economic power, has always played an essential role in the evolution of the financial landscape.
This is especially true in the cryptocurrency space, which has faced various regulatory challenges in the country.
With Donald Trump’s recent election victory, the spotlight has turned to the United States’ cautious but significant involvement in cryptocurrency.
When the results were announced, Bitcoin (BTC) surpassed the $75,000 mark, setting a new all-time high, although it has since corrected, highlighting potential future moves.
Trump’s pro-crypto stance
After his victory, Trump received congratulations from Nayib Bukele on X (formerly Twitter), another pro-crypto leader, highlighting the global focus on the potential impact of his presidency on crypto policies.
Trump’s victory left many wondering whether he could deliver on the ambitious promises he made during his campaign that could lead the broader crypto market, including Bitcoin, to unprecedented heights.
According to SpotOnChain, during Bitcoin Nashville, among other things, Trump pledged to “immediately” fire SEC Chairman Gary Gensler, establish a national Bitcoin reserve and eliminate the capital gains tax on Bitcoin transactions.
Demand for crypto and the impact of pledges
Immediately after Trump’s election, Bitcoin rose 7.7%, with the Coinbase Premium Index reflecting a notable increase in buying interest, particularly in the United States.
The significant rise in the index suggests optimistic market sentiment towards Trump’s expected pro-crypto regulations.
This trend was clearly visible on November 1, after Trump’s election, as the market reacted vigorously to his possible policy changes.
Source: CryptoQuant
Can Trump keep his promises? His post-election remarks provided insight into his approach, promising that his administration would work daily to usher in a “golden age for America.”
Read Bitcoin (BTC) Price Forecast 2024-2025
This rhetoric has agitated the crypto community, leading many to speculate about a favorable change in regulatory frameworks and a subsequent increase in market activity.
As Trump prepares to take office, the crypto community is watching closely, in hopes that his administration will advance the promised pro-crypto agenda, potentially catalyzing a new era for Bitcoin and other digital assets in the United States .
