- As Trump won the U.S. presidential elections, Bitcoin soared more than 7.7%. The crypto community is waiting to see if Trump can fulfil his promises.
The United States, an economic powerhouse, has always played a critical role in shaping the financial landscape.
This is true especially in the realm of cryptocurrency, which has faced various regulatory challenges within the country.
With Donald Trump’s recent election victory, the spotlight has turned to the U.S.’s cautious but significant engagement with cryptocurrency.
As the results were declared, Bitcoin [BTC] surged past the $75K mark, setting a new all-time high, though it has since corrected, shedding light on potential future movements.
Trump’s pro-crypto stance
Upon his victory, Trump received congratulations from Nayib Bukele on X (formerly Twitter), a fellow pro-crypto leader, underscoring the global attention on his presidency’s potential impact on crypto policies.
Trump’s win has led many to ponder if he can fulfill the ambitious promises made during his campaign that could steer the broader crypto market, including Bitcoin, toward unprecedented heights.
As per SpotOnChain, during Bitcoin Nashville, among other things, Trump notably pledged to dismiss the SEC Chairman Gary Gensler “immediately,” establish a National Bitcoin Reserve and remove capital gains tax on Bitcoin transactions.
Crypto demand and impact of promises
The immediate aftermath of Trump’s election saw Bitcoin rise by 7.7%, with the Coinbase Premium Index reflecting a notable uptick in buying interest, particularly in the U.S.
The index’s significant spike suggested an optimistic market sentiment towards Trump’s anticipated pro-crypto regulations.
This trend was clearly visible on November 1, following Trump’s election, as the market responded vigorously to his potential policy changes.
Source: CryptoQuant
Can Trump deliver on these promises? His post-election remarks offered a glimpse of his approach, promising that his administration would strive daily to usher in a “golden age for America.”
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 office, the crypto community watches closely, hopeful that his administration will drive forward the promised pro-crypto agenda, potentially catalyzing a new era for Bitcoin and other digital assets in the U.S.
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