2024-11-7 21:57 |
Crypto markets surged Tuesday night as Bitcoin hit a new all-time high above $75,000, following NBC’s projection of wins for former president Donald Trump.
Donald Trump’s 2024 Presidential election win has sent shockwaves through crypto markets. Bitcoin’s price shot past $75,000, setting a new all-time high, while crypto stocks like Coinbase and MicroStrategy surged in after-hours trading.
Celebrating his victory at Mar-a-Lago, Trump was joined by a crypto-friendly crowd, including Elon Musk and Robert F. Kennedy Jr., hinting at what could be a pro-Bitcoin shift in U.S. policy.
The Bitcoin Stockpile PromiseOne of Trump’s boldest promises? Building a national Bitcoin reserve. At a Bitcoin conference in Nashville earlier this year, Trump committed to keeping every Bitcoin seized by the U.S. government. “Never sell your Bitcoin,” he said to roaring applause.
Currently, the U.S. government auctions of seized Bitcoin often affect market prices. Trump’s proposal could disrupt this approach, solidifying a national reserve that positions the U.S. as a top Bitcoin holder.
A New SEC Era?Trump has repeatedly promised a regulatory overhaul, starting with the dismissal of SEC Chair Gary Gensler on “Day One.” Gensler has been a thorn in crypto’s side, filing over 100 actions against firms across the industry.
Although Trump can’t directly fire Gensler, he plans to appoint crypto-friendly leaders in his administration. His vision includes a Crypto Presidential Advisory Council within the first 100 days, tasked with rewriting regulations to support the industry’s growth rather than stifling it.
Crypto analyst Trader T (@thepfund) shared what’s to come: no central bank digital currency (CBDC), the right to self-custody, and Bitcoin exempt from taxes. Trump’s platform is geared toward making the U.S. a crypto-friendly powerhouse.
Boosting U.S. Bitcoin MiningTrump is also targeting Bitcoin mining. Following a meeting with top American mining executives earlier this year, Trump promised to strengthen domestic mining and reduce reliance on foreign operations. “If crypto is going to define the future, I want it mined and made in the USA,” Trump declared.
The U.S., competing with China and Russia for mining dominance, could gain ground with fewer regulatory hurdles under Trump’s administration. The shift aims to make the U.S. a crypto mining hub and bolster energy independence by tapping domestic resources.
The Road Ahead for U.S. CryptoBeyond Bitcoin mining and federal holdings, Trump’s policy vision includes blocking a U.S. CBDC and guaranteeing Americans’ right to hold digital assets securely.
He’s even pledged to exempt Bitcoin from federal taxes, potentially driving mainstream adoption. While figures like Senator Elizabeth Warren continue to oppose these moves, a Republican Senate could ease Trump’s path to implementing this agenda.
Trump’s return to the White House could mark a pivotal moment for crypto in America. Trump’s administration may transform the U.S. into a global crypto leader by strengthening U.S. crypto mining, creating a Bitcoin reserve, and rewriting regulations. With the market buzzing, the world is watching to see if Trump’s vision becomes reality.
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