TLDR:
- Donald Trump has won the 2024 US Presidential election, defeating Kamala Harris
- Trump promised pro-crypto policies including establishing a national Bitcoin reserve
- Republicans secured victories in both Senate and House
- Trump gained support from crypto industry leaders during his campaign
- Trump’s family launched World Liberty Financial, showing commitment to crypto sector
Donald Trump has won the 2024 US Presidential election, defeating Democratic challenger Vice President Kamala Harris. The Republican candidate secured crucial victories in swing states including Georgia and Pennsylvania, with Wisconsin and Michigan expected to push him well above the required 270 electoral votes.
Trump made his victory speech at the Republican Headquarters at Mar-a-Lago in Florida, telling supporters, “Frankly, this was the greatest political movement of all time.” He promised to address various national issues, stating, “We’re going to help our country heal; we have a country that needs help very badly. We’re going to fix our borders; we’re going to fix everything.”
The Republican party achieved a broader victory, winning control of the Senate and likely securing the House of Representatives, though vote counting continues in some districts.
Today’s cover: Donald Trump wins 2024 presidential election, defying the odds again https://t.co/bxGSliL5xt pic.twitter.com/yBhLXe1u1S
— New York Post (@nypost) November 6, 2024
Throughout his campaign, Trump positioned himself as a strong advocate for the cryptocurrency industry, marking a notable shift from his previous stance when he called crypto a “scam” just a few years ago. His campaign included several concrete promises to the crypto sector, including the establishment of a national Bitcoin reserve and support for US-based mining operations.
Trump’s family demonstrated their commitment to the cryptocurrency space through the launch of World Liberty Financial, a venture that strengthened their ties to the digital asset sector. This move helped build credibility with crypto industry participants who felt targeted during the Biden administration.
During a speech at Bitcoin Nashville, Trump unveiled plans to create a Bitcoin “stockpile” for the US Federal Reserve. He also promised to remove Securities Exchange Commission Chairman Gary Gensler from his position, a move that resonated with many in the crypto community who opposed the SEC’s regulatory approach.
The Republican Party’s draft platform, passed before the election, explicitly stated its intention to end what it termed an “unlawful and un-American crypto crackdown.” The platform also expressed opposition to the creation of a Central Bank Digital Currency (CBDC).
Trump’s campaign included several public engagements with the crypto community. He met with Bitcoin enthusiasts in Washington, D.C., launched a DeFi platform, and participated in crypto-friendly publicity events, such as buying burgers with Bitcoin at a New York City establishment.
His pro-crypto stance earned him endorsements from notable industry figures, including former Messari CEO Ryan Selkis and Gemini founders Tyler and Cameron Winklevoss. X owner Elon Musk has been among his vocal supporters.
Market Response
The cryptocurrency market has shown positive movement in response to the election results. Bitcoin reached a new all-time high in anticipation of potential post-election gains, with some market participants speculating about a possible rise to $100,000.
Coinbase CEO Brian Armstrong noted that voters showed preference for pro-crypto candidates during this election cycle, highlighting the growing influence of cryptocurrency in US politics.
The Associated Press has yet to officially call the race for Trump, though his victory appears certain based on current vote tallies and projected outcomes in remaining states.
Trump secured 19 electoral votes from Pennsylvania early Wednesday, building on his earlier success in Georgia, another crucial swing state.
The election results have sparked discussions about the future direction of cryptocurrency regulation in the United States, particularly regarding the SEC’s approach to digital assets.
Market participants are watching closely to see how Trump’s promised policies might affect the regulatory landscape for cryptocurrency businesses and investors.
Trump’s family’s involvement in World Liberty Financial suggests a personal stake in the sector’s success, potentially influencing future policy decisions.
