What Trump’s presidential win means for crypto

Disclosure: The views and opinions expressed here are solely those of the author and do not necessarily represent the views and opinions of crypto.news editorial.

Donald Trump’s shocking landslide victory in the 2024 United States Presidential Election has been hailed by many as the greatest political comeback of all time. This also looks like a big win for the crypto industry in the US and other regions.

Bitcoin (BTC) achieved a record valuation of $75,389 on Wednesday as crypto traders tried to take advantage of the big news. Ethereum (ETH) also grew by 6.3%, trading at $2,590; This is another clear sign that crypto markets support Trump winning the US presidency.

Given Trump’s positive attitude towards crypto and blockchain technology in the past, it is perhaps no surprise that BTC, ETH, and other cryptocurrencies are trading at such healthy valuations. Trump has previously said his goal is to make America the “crypto capital of the planet” and the “Bitcoin superpower of the world.” He has also promised to create a national US Bitcoin stockpile if he returns to power in the US.

Many of the industry’s biggest names also voiced their support for Trump’s election as the 47th US president. Kris Marszalek, co-founder and CEO of Crypto.com, congratulated Trump in the X post, writing that “the future has never looked brighter than today.” He also said: “Crypto is, at its core, about the freedom of the individual.”

Coinbase’s Brian Armstrong was equally excited about Trump’s return to the White House, claiming that American crypto voters have “speaking decisively” in their decision to elect him for a second term. The X post continued: “Americans care disproportionately about crypto and want clear rules for digital assets. “We look forward to working with the new Congress to make this happen.”

Regulating crypto

As a member of this emerging industry, I have long believed that Trump’s victory in this election would have positive effects on the US and global crypto industry. Regarding the regulation of crypto and other digital currencies, President-elect Trump has shown signs that his views on cryptocurrencies are evolving, which is encouraging for the industry.

At Concordium, my team and I had positive discussions about future industry legislation with many U.S. senators from all parties. And in light of Trump’s past comments on crypto, I believe a second Trump presidency would elevate the United States as a global leader in the crypto space by implementing supportive policies that encourage innovation and investment in digital currencies.

Deregulation is the way forward

When polls predicted a close race for the White House between Trump and Kamala Harris, a key question on the minds of many in the crypto industry was whether both candidates would focus on deregulation in the hopes of accelerating the growth of the American blockchain and digital asset. whether they will impose industry restrictions to support startups or traditional financial institutions instead.

With Trump’s victory now assured, I am optimistic that his recent shift towards supporting blockchain technology and his focus on rebuilding the US economy are signs that the Trump administration will prioritize deregulation in the future. This will enable US-based startups in the digital assets space to thrive without unnecessary restrictions. But it will also help the US become the global leader in crypto and digital assets, encouraging foreign startups to set up camp there.

USA will be the global crypto leader

Both candidates’ approach to US monetary policy and the Federal Reserve was another major concern for the crypto industry; because there is no doubt that it will greatly impact crypto adoption and regulation. But it’s now clear that Trump is ready to return to the White House next year, and I’m confident his recent discussions about creating a federal Bitcoin reserve are promising signs for cryptocurrency adoption. His proactive stance suggests he can significantly influence the adoption and regulation of digital assets, more than previous presidents.

Overall, my view is that Trump’s win and his previous support for crypto will result in the US becoming a superpower in this field, surpassing countries like China. Given China’s restrictive stance towards cryptocurrencies, I think Trump will actively seek opportunities to position the US as a world leader in this space.

His administration could take advantage of this geopolitical context to increase U.S. competitiveness in the global crypto market. Let’s also not forget that Elon Musk, another prominent crypto supporter, will become a major fixture of the second Trump administration. And this can only be a good sign for the US crypto industry.

Boris Bohrer-Bilowitzki

Boris Bohrer-Bilowitzki is the CEO of L1 blockchain and technology firm Concordium. He previously worked as chief commercial officer at Copper.co and senior relationship manager at Newscape Capital Group in London. St. He studied at the University of St. Gallen and holds an MBA from Imadec University.