🔥$100K Hit! Where Will Bitcoin Go Next? Find Out Live!

Donald Trump Secures Second Term as US President: A New Era for Crypto?

Key Takeaways

  • Donald Trump has been re-elected as the 47th US President;
  • He has pledged to boost US Bitcoin mining, replace SEC Chair Gary Gensler, prevent a CBDC, establish a Bitcoin reserve, and free Ross Ulbricht;
  • These promises to the crypto community have sparked both optimism and skepticism, with debates on the feasibility of his plans.
Donald Trump Secures Second Term as US President: A New Era for Crypto?

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 BTC $100,452.29 a scam, he has garnered support from the crypto community, as he seemingly switched his opinion.

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.

How to Avoid Major Crypto Investment Risks? (Beginner-Friendly)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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 $1.53B founders, have publicly backed Trump, contributing millions to his campaign as the "only pro-crypto candidate." Influential personalities like Cardano ADA $1.21 creator Charles Hoskinson and Tron TRX $0.3263 founder Justin Sun have also thrown their weight behind him.

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.

Gode S. Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

Loading...
Bybit
×
Verified

$30,000 IN REWARDS

Bybit Black Friday Deal
5.0 Rating