From Campaign Promises to Bitcoin’s Bull Run: Trump’s Impact on Cryptocurrency

2024-12-10 16:21 Dot Hamza Malik

President-elect Trump made a surprising shift in his views on cryptocurrency during his presidential campaign. This article looks at his changing stance, the promises he made, and how his victory could bring positive changes to the cryptocurrency world. From campaign rhetoric to actionable steps, we explore how his presidency could shape the future of digital assets.

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Post Election Crypto-mania

Donald J. Trump during his campaign gave many positive signals for crypto and as soon as he became president-elect, crypto space witnessed a very positive change, most prominent being Bitcoin shooting up to a staggering record-breaking price of $103,900 on Dec 05, 2024. The price currently stands at $101,440 (+50.24% over the last six months and +17.2% over the last month). Industry experts had been predicting a $100,000 mark for BTC since the beginning of 2024 and now that prediction has become a reality as the crypto-mania reaches new heights.

Trump’s Pre-election Narrative

All this positive change in the crypto space especially of the BTC rally is attributed to the promises of Trump to bring legitimacy to the crypto and making pro-crypto policies. Trump changed his stance on crypto from “facilitate unlawful behavior, including drug trade and other illegal activity” to advocating “financial freedom” and focusing on growth of the U.S. Bitcoin mining industry on the global stage.

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This change in stance resulted in Trump being invited as a keynote speaker at Bitcoin 2024 in July 2024 in Nashville, Tennessee. Following were the key points from his keynote speech.

Creating crypto policies on advice of “people who love your industry, not hate your industry.”
To fire Securities and Exchange Commission (SEC) chair Gery Gensler. Gensler has brought more than 100 actions against crypto firms during his tenure as SEC chair.

Source: Coinpedia

Make a national bitcoin reserve from the seized Bitcoin in criminal activities.
Create a “bitcoin and crypto presidential advisory council.”
“If crypto is going to define the future, I want it to be mined, minted and made in the USA.”

Support From Tech Industry and Crypto-Space

These promises earned him support of notable crypto-industry figures like Winklevoss twins, Kraken founder Jesse Powell and Ark Invest CEO Cathie Wood, Elon Musk and his former presidential race rivals Vivek Ramaswamy and Robert F. Kennedy Jr. During the Bitcoin Mena 2024, Eric Trump gave a speech which many critics are seeing as another very positive sign.

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Key Factors Determining Crypto Future under Trump Administration

Who leads the Securities and Exchange Commission, Commodity Futures Trading Commission and Treasury Department. These three departments are most directly of interest to crypto industry, and everybody is asking and wondering who is going to lead these agencies.
Since the Republicans will now hold House and Senate, Trump is likely to bring some kind of Crypto bill to make it law.

How Does Crypto Future Looks Under Trump Administration

Crypto market has always been viewed by the US politicians and mainstream investors as a very risky and unstable investment and the regulators during the Biden-administration have tried to stonewall crypto growth. During the election campaign, Trump and some other Republicans have showed quite a support for crypto. Crypto space has its eyes on these politicians to get crypto-friendly bill passed and make crypto trading as legitimate as fiat currency. The first 100 days of Trump Presidency will paint a clearer picture of his intentions to fulfill his promises.

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