The cryptocurrency world is abuzz with the news of Donald Trump's return to the White House as the 47th President of the United States.
Despite previously labeling Bitcoin
During his campaign, Trump vowed to boost Bitcoin mining within the United States, remove Securities and Exchange Commission (SEC) Chair Gary Gensler, establish a strategic Bitcoin reserve, halt the development of a central bank digital currency (CBDC), and free Ross Ulbricht, the man behind the Silk Road marketplace who's been in prison for 12 years.
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Trump's victory signifies a comeback after losing the 2020 election to Joe Biden and facing multiple legal challenges, including a conviction on 34 felony counts, as well as surviving two assassination attempts. At the current count, he has secured 277 electoral college votes, surpassing the 270 needed to win, according to the Associated Press. His opponent, Vice President Kamala Harris, stands at 224 electoral votes.
In a live speech following his win, Trump said:
Many people have told me that God spared my life for a reason. And that reason was to save our country and to restore America to greatness.
Key players in the crypto industry, such as Gemini and Kraken
While many in the crypto community are optimistic about these pledges, others doubt the feasibility or sincerity of his promises. Shapeshift founder Eric Vorhees, responding to one of the promises, said:
Saying "all Bitcoin should be made in the USA" is absurd nationalist/protectionist nonsense, betraying both a lack of understanding of Bitcoin, and a lack of understanding of economics broadly.
The future remains uncertain regarding how much of President-elect Trump's agenda will come to reality. The crypto community remains hopeful yet wary as the new administration takes shape.
