As a seasoned crypto investor with over two decades of experience in the stock market, I can confidently say that the 2024 election was a game-changer for our digital asset community. Donald Trump’s unexpected pivot towards crypto during his reelection campaign not only raised eyebrows but also sparked hope among investors and enthusiasts alike.
The morning after Bitcoin hit $100,000 for the first time, Donald Trump took a victory lap.
As an analyst, I’m thrilled to share this exciting news: The projected price for Bitcoin is reaching new heights! According to a recent post on Truth Social, we might soon see Bitcoin hitting the $100,000 mark. Let me extend my warmest congratulations to all Bitcoin enthusiasts out there!
The price of Bitcoin has been on a tear over the last month, rising over $30,000 — some 45% — since Trump won election to a second term as president of the United States. While some price action after the election was was predicted whoever won the election, the speed at which bitcoin hit triple-digits was widely seen as a direct result of Trump’s win. The industry hopes that, with Trump in the White House next year, it will finally get regulatory clarity clearing a way for further growth and expansion of the digital assets sector.
This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here.
During his initial term as president, Donald Trump’s actions didn’t significantly impact the cryptocurrency sector. Although certain regulatory bodies seemed supportive of cryptocurrencies, overall, his government introduced regulations and enforced actions aimed at curbing the growth of the industry.
That has all changed that all changed as Trump took the stage at the Bitcoin Conference in Nashville on July 27, promising to make the U.S. the “crypto capital of the planet,” free Ross Ulbricht, fire SEC Chair Gary Gensler and take a dramatically different approach to crypto than the Biden Administration.
He stated that Democrats previously found it difficult to comprehend the situation. They were creating obstacles in your journey, essentially blocking your progress. However, he implied that he had significantly simplified things for you due to the Securities and Exchange Commission’s rigorous approach towards you.
Trump significantly boosted the crypto sector’s influence in political conversations, taking it to unprecedented heights. In 2022, the industry, primarily financed by the executives of the collapsed FTX empire, spent a considerable amount of money, but not as wisely or productively as they did in 2024. It’s evident that their financial support is becoming more open and noticeable. Moreover, the sector as a whole has expressed optimism about the prospect of friendlier policy-making for the next four years compared to the outgoing administration of President Joe Biden.
As an analyst, I find myself highlighting the significant impact made by Donald Trump during the 2024 election season in the realm of cryptocurrency. His strategic shift, bolstered by influential executives like Amanda Fabiano, David Bailey, and Ryan Selkis, has been instrumental in shaping the crypto landscape. Consequently, it’s no surprise that CoinDesk recognizes him as one of their most influential figures for 2024.
Popular discourse
2024 marked a significant shift where cryptocurrency emerged as a prominent topic in political debates. At various electoral levels, contenders frequently discussed crypto during their campaigns, including those vying for the presidency, as well as representatives running for the House and Senate.
Trump sought backing from the cryptocurrency sector for quite some time prior to Nashville. In the lead-up to this, he unveiled numerous non-fungible token launches dating back to 2022. He’s also engaged with World Liberty Financial, a crypto initiative strongly endorsed by his sons that recently received a $30 million investment from Tron and HTX’s Justin Sun. This funding enabled Trump himself to gain direct profits from the project.
An unnamed legislator highlighted the substantial crypto donations received by his campaign and the potential influence of additional votes as reasons why former President Trump might have addressed the cryptocurrency sector earlier this year.
Trump expressed in his Nashville speech that he wants cryptocurrency to be predominantly mined, minted, and produced within the United States. He emphasized that it won’t originate from any other place, and if Bitcoin is destined for great heights, as often said, America should be the leading nation guiding this growth. That’s what will transpire.
After the recent election, there’s been an increase in interest towards cryptocurrencies. Mainstream media outlets are discussing the unique aspects of this field once more, while businesses aiming to connect digital assets with conventional financial systems have submitted numerous applications to list exchange-traded products for Solana and XRP on various markets.
Among some of Trump’s early appointments, there are signs that they may be inclined to foster the growth of the cryptocurrency sector. One such appointee, Scott Bessent who is tipped for the position of Treasury Secretary, has expressed his enthusiasm towards Trump’s acceptance and endorsement of cryptocurrencies, stating that he is “eager” about Trump’s “welcoming stance on crypto.
“Cryptocurrency symbolizes liberty. The crypto market is a lasting innovation, as stated during a recent interview on Fox News. To me, one of the most intriguing aspects of Bitcoin lies in the new generation of investors it has attracted – those who may have lost trust in traditional markets following the Financial Crisis, and now find appeal in crypto investments.
Paul Atkins, selected by Trump as the potential head of the Securities and Exchange Commission, provides counsel for cryptocurrency ventures like Securitize and Reserve, and became a member of The Digital Chamber’s board back in 2018.
Last Thursday evening, Trump appointed venture capitalist David Sacks as his advisor on AI and cryptocurrency, often referred to as the “AI and crypto czar.” As of now, it’s undetermined what specific duties this role will entail. However, Sacks has been a strong supporter of cryptocurrencies for a long time. His venture capital firm, Craft Ventures, has supported numerous cryptocurrency companies, such as Bitwise and Lightning Labs, among others.
2025
Starting next month, I’ll be observing the inauguration of President Trump, who managed to secure a close victory in the popular vote and establish a Republican trifecta, giving the Grand Old Party control over both the House and Senate. This significant political alignment increases the likelihood that Republicans can implement a complete regulatory framework favorable to cryptocurrencies – a point they emphasized during their campaign leading up to November’s election.
Congressman Andy Barr (R-KY) shared with me that there is a substantial chance for significant advancements. As one of several contenders aiming to lead the influential House Financial Services Committee, he emphasized that digital assets, particularly stablecoins and their market structure, should play a prominent role in the committee’s legislative priorities.
Senator Tim Scott (R-S.C.) stated that President Trump has made it quite clear that he is supportive of cryptocurrency at a gathering in August, as he prepares to assume leadership of the Senate Banking Committee in the coming year.
As a crypto investor, I find myself in a position where the entire GOP infrastructure is engaged, actively seeking a resolution to the current predicament.
The Republican party’s stance is to advance policies that foster crypto development and put an end to what they deem as unlawful Democratic efforts to clamp down, while promoting self-custody. At the same event in August, Senator Cynthia Lummis (R-Wyo.) remarked that the Republican platform was essentially drafted by Donald Trump.
She mentioned that he is in favor of digital assets, expressing optimistic views about them. In other words, he aims to make significant progress in the field of digital assets.
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2024-12-10 19:07