Key Points
- Bitcoin’s value increased by 7.7% following the announcement of Donald Trump’s presidential victory.
- The crypto community anticipates Trump’s administration to adopt pro-crypto policies.
The recent U.S. presidential election victory of Donald Trump has been followed by a surge in Bitcoin’s value, with an increase of more than 7.7%.
The U.S., being an economic powerhouse, has a significant role in shaping the financial landscape, including the realm of cryptocurrency.
Trump and Cryptocurrency
The U.S.’s cautious engagement with cryptocurrency has been highlighted following Trump’s election. As the results were announced, Bitcoin’s value rose past the $75K mark, setting a new all-time high.
The crypto community is now eager to see if Trump can fulfil the promises he made during his campaign, which could potentially guide the broader crypto market, including Bitcoin, to unprecedented heights.
Trump notably pledged to dismiss SEC Chairman Gary Gensler, establish a National Bitcoin Reserve, and remove capital gains tax on Bitcoin transactions.
Market Response and Expectations
The Coinbase Premium Index showed a significant increase in buying interest, particularly in the U.S., following Trump’s election. This suggests an optimistic market sentiment towards Trump’s anticipated pro-crypto regulations.
The crypto community is hopeful that Trump’s administration will implement the promised pro-crypto agenda, potentially catalysing a new era for Bitcoin and other digital assets in the U.S.
As Trump prepares to take office, his post-election remarks have promised a daily effort to bring about a “golden age for America,” stirring speculation about a favourable shift in regulatory frameworks and a subsequent surge in market activity.
