In a convincing victory, Donald Trump won the US presidential election by a wide margin, 295 to 226 for Harris. As an observer who has no skin in this game, I'm surprised by this victory after the chaos in the last election. Trump has been surrounded by controversies including impeachment and his criminal conviction. On the other hand, this is democracy at work and the (majority of) American people has spoken who they wanted to lead them.
Trump's Stand on Crypto
Bitcoin Stockpile
Throughout the campaign, Donald Trump has expressed his support towards the crypto industry and has been involved in some NFTs and tokens himself. Among his promises were to stockpile Bitcoin in the US.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he said.
Previously all cryptocurrencies that the US has seized from criminals are auctioned. This causes price drops which is not good for the industry.
Fire Gary Gensler
Another promise he made was to fire Gary Gensler, the SEC Chairman who has been a thorn on the crypto industry. He has brought a lot of law suits against XRP and other token issuers. I am not sure though if the President has the power to fire the SEC Chairman but this one we will have to wait and see.
Mine all Bitcoin in America
This is obviously an exaggeration but the sentiment is there. He is pro bitcoin, pro crypto candidate and this seemed to have convinced the crypto industry to vote for him.
The Market's Reaction
Immediately after the results start coming in, the market pumped led by Bitcoin having a new all time high at $75k. Other alt coins like Doge which is supported by Elon Musk also followed in the rally.
It remains to be seen if the rally will continue and if other altcoins will follow suit but the sentiment is bullish at this point and we may well see Bitcoin reach $100k by 2025.