Donald Trump Victory is a Win for Crypto Too, But What Could Be Next?

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As a seasoned crypto investor who has weathered multiple market cycles and watched the industry evolve from its infancy, I must say that Donald Trump’s victory in the 2024 US elections feels like a breath of fresh air for the crypto community. My journey into cryptocurrencies began with skepticism, but over time, I have come to appreciate the potential they hold for transforming our financial system.

In a groundbreaking development on November 6, 2024, Donald Trump secured a remarkable victory in the U.S. elections, but this triumph could take on even greater significance for the cryptocurrency sector. With crypto enthusiasts eagerly anticipating the fulfillment of Trump’s pro-crypto pledges, the coming days promise to be exciting. Since the start of the year, Trump has shown a keen interest in digital currencies and made a commitment to institute essential regulations that the industry has long been calling for.

Trump’s success in captivating cryptocurrency investors ranged from participating in the Crypto Blockchain gathering to frequenting the Bitcoin Bar, PubKey, in New York City. His pledge to create ‘Made in America’ crypto and replacing SEC Chair Gary Gensler with a more crypto-friendly figure undeniably contributed to his victory. Presently, the industry is primarily concentrating on the initial and crucial phase of Trump’s presidency.

Crypto Leader Says Donald Trump’s Win is Crypto’s Win

Beyond just gaining investor confidence, high-profile figures such as crypto advocate Elon Musk, financial gurus like Robert Kiyosaki, and numerous other influential advisors have publicly endorsed Donald Trump during the elections. The primary reason for this support stems from his forward-thinking stance on cryptocurrency and his focus on developing the United States.

As a crypto investor myself, I’ve been thrilled to witness the recent victory Paul Grewal, Coinbase’s Chief Legal Officer, has claimed for our digital asset world. He’s been vocal about his concerns over the SEC’s perceived unfairness towards cryptocurrencies, advocating for change in voting procedures. It seems his call for a “crypto win” has resonated, as since the voting outcome, Bitcoin’s price has skyrocketed nearly 25%, reaching an all-time high of $89,956.88 and now trading at $86,010.51.

I trust the Securities and Exchange Commission (SEC) grasps the events of tonight. On numerous matters, it appears the electorate is clamoring for a shift, and cryptocurrency is no different.

Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.

— paulgrewal.eth (@iampaulgrewal) November 6, 2024

Significantly, the overall cryptocurrency market is experiencing growth under the influence of the bull, as significant cryptos are seeing fresh gains. However, this is merely the beginning. Given these circumstances, crypto experts anticipate that Bitcoin will surpass $100K, initiating a bull run. Some analysts like Peter Brandt even foresee the Bitcoin price reaching $200K, taking into account Trump’s presidency and the ongoing price surge.

According to the CEO of Crypto.com, Kris Marszalek, the future of cryptocurrency has never appeared more promising than it does now. Similarly, crypto investors are feeling particularly optimistic, with their attitudes shifting into a high level of greed, following Donald Trump’s election victory.

What Crypto Industry Needs From Trump First?

Beyond the persisting surge in the cryptocurrency market, both industry pioneers and crypto enthusiasts are eagerly waiting for a clearer understanding of cryptocurrency regulations. As Zack Guzman, founder of Trustless Media, articulated, the rules governing the crypto sector have been vague, necessitating clarity to alleviate fears of potential shutdowns or legal complications.

The guidelines have been quite vague. It’s hoped that sincere attempts can regain prominence, allowing for clarity in the rules so businesses can function without the constant worry of being closed down for operating in a questionable zone aimed at benefiting consumers positively.

The Blockchain Association’s report indicates that Gary Gensler has taken a tough stance against cryptocurrency service providers, leading to over 100 enforcement actions and losses totaling $429 Million for the SEC. Although this data only goes up to last year, recent events continue to unfold, emphasizing the need for clearer regulations in the crypto space. Notably, Donald Trump has been endorsing pro-crypto candidates, signaling a potential shift in regulatory policies.

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2024-11-12 19:10