Trump’s Clear Win Signals A New Era For Bitcoin And Blockchain
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
According to recent election results, Donald Trump won the United States presidential election with a clear victory, sweeping both the Electoral College and the popular vote. Many takeaways from this win focus on Bitcoin and blockchain, as Trump’s campaign highlighted crypto like no previous campaign had done before.
Trump’s advisors and supporters included David Bailey, the Chief Executive Officer of Bitcoin Magazine, and the campaign accepted crypto donations. In July, Trump was the main speaker at the Bitcoin 2024 Conference in Nashville, where he announced plans that excited the crypto industry.
Trump’s Aim To Position The U.S. As A Global Hub For Blockchain Growth
At that event, Trump reportedly stated that he would treat Bitcoin as a national asset, possibly holding it as a reserve. He also shared his goal of replacing Gary Gensler as Chair of the United States Securities and Exchange Commission, as Gensler was seen by many as tough on crypto.
Trump said he wanted to protect and grow Bitcoin mining in the United States and end what’s known as Operation Choke Point 2.0, which some say cuts crypto off from banking services. Additionally, he revealed a plan to free Ross Ulbricht, who is serving a life sentence for creating and running the Silk Road black market, which accepted Bitcoin.
Trump’s circle of advisors and supporters includes many well-known tech and crypto enthusiasts, like Elon Musk and Vice President-elect JD Vance, who both own Bitcoin. Additionally, Trump’s ally Vivek Ramaswamy recently launched a business through Strive Asset Management that integrates Bitcoin. Trump and his sons are also involved in a decentralized finance project called World Liberty Financial.
The new Congress is also seen as crypto-friendly. Reports from Stand With Crypto, a pro-crypto advocacy group, say that of those elected, over 200 lawmakers in the House of Representatives and Senate support crypto-friendly policies.
The group says 247 pro-crypto lawmakers are now in the House, with 15 in the Senate. In Ohio, Sherrod Brown, a long-time Senate member and an opponent of crypto, lost his seat to Bernie Moreno, who supports crypto.
This shift in leadership has led to expectations of a more crypto-friendly future in the United States, where Bitcoin and other digital assets could grow with fewer regulatory restrictions.
Some believe the country could become a global hub for crypto, encouraging Bitcoin adoption and broader use of blockchain technology.
Trump Wants To Expand Tokenization In U.S. Finance And Media
During the campaign, independent media platforms like podcasts became a big influence, as new media allowed Trump to reach large audiences. For example, Trump’s appearance on The Joe Rogan Experience gained millions of views.
Prediction markets, like Polymarket, which operates on blockchain, also became important for following public opinion and predicting events, showing how decentralized technology can influence the news.
Crypto adoption also increased in traditional finance this year. Reports noted tokenized products like BlackRock’s tokenized RWA fund BUIDL and Franklin Templeton’s tokenized fund FOBXX.
UBS announced plans for a tokenized fund project called uMINT. These kinds of crypto-linked finance products are expected to grow as regulations become more open to crypto, especially with new leadership at the United States Securities and Exchange Commission.
In 2024, Bitcoin and Ethereum Exchange-Traded Funds (ETFs) launched in the United States, and several companies have also applied to create similar ETFs for other coins, like Solana and Ripple. If the new pro-crypto attitude at the SEC remains, more of these altcoin-based funds could launch soon.
