The US presidential election outcomes are in, and Donald Trump scored a powerful victory, sweeping the electoral school and the favored vote. There are an enormous variety of takeaways from this emphatic decision to a dramatic and unorthodox presidential race, however let’s give attention to Bitcoin and blockchains and take into account the implications for the crypto trade from this level on.
A Crypto-Centered Marketing campaign
From the highest, it’s necessary to notice that there has by no means beforehand been a presidential marketing campaign that featured crypto as prominently as that simply run by Donald Trump. His push for the presidency acquired recommendation and backing from David Bailey, the CEO of Bitcoin Journal. The marketing campaign accepted donations in crypto, and in July, Trump was the headline speaker on the Bitcoin 2024 Convention in Nashville.
At that occasion, Trump made a sequence of very clear, pro-bitcoin pledges, together with intentions to stockpile BTC as a nationwide strategic reserve asset and exchange Gary Gensler, who’s perceived as having overseen a crypto-hostile regulatory atmosphere, as Chair on the SEC.
JUST IN: Crowd goes completely nuts after Donald Trump vows to fireside SEC Chairman Gary Gensler through the Bitcoin Convention in Nashville, Tennessee.
Trump was clearly stunned on the crowd’s response when he made the announcement.
“On day one, I’ll fireplace Gary Gensler and… pic.twitter.com/0CyOMaY6FY
— Collin Rugg (@CollinRugg) July 27, 2024
Trump additionally promised to guard and bolster the Bitcoin mining trade within the US and put an finish to Operation Choke Level 2.0 (an alleged behind-the-scenes technique by US officers to chop crypto off from banking providers). He additionally pledged to commute the sentence of Ross Ulbricht, who’s serving life in jail for making and working the net, BTC-accepting black market Silk Street.
In addition to that, Trump seems to be surrounded by a tech-centred, demonstrably crypto-friendly interior circle. This contains, most famously, Elon Musk, whose automobile firm Tesla holds 9,720 BTC, and Vice President-Elect JD Vance, who reportedly personally holds a major quantity of BTC.
Moreover, final week, information broke that Try Asset Administration–the agency based by Trump surrogate Vivek Ramaswamy–has launched a wealth administration enterprise that integrates Bitcoin. Trump and his sons, Donald Jr., Eric, and Barron, are all carefully concerned in a DeFi mission referred to as World Liberty Monetary.
Professional-Crypto Politicians Enter the Stage
Advocacy group Stand With Crypto, which goals to construct political help for the crypto trade within the US, reviews by means of its election monitoring service that, at present, 247 candidates it categorizes as “pro-crypto” have been elected to the Home of Representatives, in comparison with 113 it labels as “anti-crypto”, whereas within the Senate, the numbers are 15 pro-crypto in comparison with 10 anti-crypto.
Welcome to the brand new members of America’s most pro-crypto Congress ever… 219+ pro-crypto candidates and counting have now been elected to the Home & Senate.
Tonight the crypto voter has spoken decisively – throughout social gathering strains and in key races throughout the nation. Individuals… pic.twitter.com/t91wC3Wtzr
— Brian Armstrong (@brian_armstrong) November 6, 2024
Moreover, a key particular person battle has turned up a pro-crypto end in Ohio, the place Sherrod Brown, Chair of the Senate Banking Committee and markedly antagonistic to the crypto trade, misplaced his seat after nearly twenty years within the Senate, to Bernie Moreno, who’s strongly supportive of crypto.
This has resulted in loads of hypothesis about what occurs subsequent for crypto below the brand new Trump administration. A believable state of affairs is that the US shifts from a rustic with no regulatory readability to changing into one of many world’s most crypto-friendly areas, integrating Bitcoin and additional accelerating broader crypto adoption.
Concurrently, different associated shifts occurred through the presidential race, together with, notably, impartial media and podcasts overtaking legacy media as a serious supply of affect, with new media perceived as enabling unfiltered dialogue in entrance of enormous audiences.
https://t.co/CI6i32zH9j pic.twitter.com/sDS23DBEY5
— Joe Rogan (@joerogan) October 26, 2024
The important thing instance right here is The Joe Rogan Expertise, on which Donald Trump appeared and racked up tens of tens of millions of views after additionally collaborating in a number of different long-form podcast discussions.
Moreover, prediction markets proved extra correct than conventional polls as a gauge of public opinion and a predictor of occasions. The breakout platform on this regard was Polymarket–which runs on crypto rails– whereas Kalshi additionally supplied helpful indicators.
It may be claimed that Polymarket demonstrates the benefits of decentralized mechanisms, and relatedly, we’re witnessing the elevated adoption of tokenized merchandise inside conventional finance.
This may be seen on this 12 months’s launch of tokenized RWA fund BUIDL, from BlackRock, whereas Franklin Templeton manages tokenized fund FOBXX, and there are related developments at UBS, which final week introduced plans for a tokenized funding fund mission referred to as the UBS USD Cash Market Funding Fund Token (uMINT).
Supply: rwa.xyz
This crypto-linked TradFi development is more likely to expertise tailwinds in a clearer, extra permissive regulatory atmosphere, and the identical may be mentioned of crypto ETFs.
In 2024, spot BTC and spot ETH ETFs had been launched within the US, however a number of operators have already got purposes filed with the SEC for SOL, XRP, and Litecoin ETFs (21Shares is excited by SOL and XRP ETFs, Canary Capital is excited by SOL, XRP, and Litecoin ETFs, VanEck is excited by SOL ETFS, and Bitwise is excited by XRP ETFs).
And so if, as anticipated, the SEC tilts in perspective below a brand new, pro-crypto SEC Chair, these sorts of altcoin-based funds might start to launch, though whether or not or not they will replicate the explosive development of the spot BTC ETFs would stay to be seen.
In the end, although, the prevailing sense is that crypto can be afforded room to breathe and develop within the US as an built-in a part of the nation’s tech panorama to any extent further, on the very least, as an overtly Bitcoin-friendly administration takes workplace for the primary time ever.
The US presidential election outcomes are in, and Donald Trump scored a powerful victory, sweeping the electoral school and the favored vote. There are an enormous variety of takeaways from this emphatic decision to a dramatic and unorthodox presidential race, however let’s give attention to Bitcoin and blockchains and take into account the implications for the crypto trade from this level on.
A Crypto-Centered Marketing campaign
From the highest, it’s necessary to notice that there has by no means beforehand been a presidential marketing campaign that featured crypto as prominently as that simply run by Donald Trump. His push for the presidency acquired recommendation and backing from David Bailey, the CEO of Bitcoin Journal. The marketing campaign accepted donations in crypto, and in July, Trump was the headline speaker on the Bitcoin 2024 Convention in Nashville.
At that occasion, Trump made a sequence of very clear, pro-bitcoin pledges, together with intentions to stockpile BTC as a nationwide strategic reserve asset and exchange Gary Gensler, who’s perceived as having overseen a crypto-hostile regulatory atmosphere, as Chair on the SEC.
JUST IN: Crowd goes completely nuts after Donald Trump vows to fireside SEC Chairman Gary Gensler through the Bitcoin Convention in Nashville, Tennessee.
Trump was clearly stunned on the crowd’s response when he made the announcement.
“On day one, I’ll fireplace Gary Gensler and… pic.twitter.com/0CyOMaY6FY
— Collin Rugg (@CollinRugg) July 27, 2024
Trump additionally promised to guard and bolster the Bitcoin mining trade within the US and put an finish to Operation Choke Level 2.0 (an alleged behind-the-scenes technique by US officers to chop crypto off from banking providers). He additionally pledged to commute the sentence of Ross Ulbricht, who’s serving life in jail for making and working the net, BTC-accepting black market Silk Street.
In addition to that, Trump seems to be surrounded by a tech-centred, demonstrably crypto-friendly interior circle. This contains, most famously, Elon Musk, whose automobile firm Tesla holds 9,720 BTC, and Vice President-Elect JD Vance, who reportedly personally holds a major quantity of BTC.
Moreover, final week, information broke that Try Asset Administration–the agency based by Trump surrogate Vivek Ramaswamy–has launched a wealth administration enterprise that integrates Bitcoin. Trump and his sons, Donald Jr., Eric, and Barron, are all carefully concerned in a DeFi mission referred to as World Liberty Monetary.
Professional-Crypto Politicians Enter the Stage
Advocacy group Stand With Crypto, which goals to construct political help for the crypto trade within the US, reviews by means of its election monitoring service that, at present, 247 candidates it categorizes as “pro-crypto” have been elected to the Home of Representatives, in comparison with 113 it labels as “anti-crypto”, whereas within the Senate, the numbers are 15 pro-crypto in comparison with 10 anti-crypto.
Welcome to the brand new members of America’s most pro-crypto Congress ever… 219+ pro-crypto candidates and counting have now been elected to the Home & Senate.
Tonight the crypto voter has spoken decisively – throughout social gathering strains and in key races throughout the nation. Individuals… pic.twitter.com/t91wC3Wtzr
— Brian Armstrong (@brian_armstrong) November 6, 2024
Moreover, a key particular person battle has turned up a pro-crypto end in Ohio, the place Sherrod Brown, Chair of the Senate Banking Committee and markedly antagonistic to the crypto trade, misplaced his seat after nearly twenty years within the Senate, to Bernie Moreno, who’s strongly supportive of crypto.
This has resulted in loads of hypothesis about what occurs subsequent for crypto below the brand new Trump administration. A believable state of affairs is that the US shifts from a rustic with no regulatory readability to changing into one of many world’s most crypto-friendly areas, integrating Bitcoin and additional accelerating broader crypto adoption.
Concurrently, different associated shifts occurred through the presidential race, together with, notably, impartial media and podcasts overtaking legacy media as a serious supply of affect, with new media perceived as enabling unfiltered dialogue in entrance of enormous audiences.
https://t.co/CI6i32zH9j pic.twitter.com/sDS23DBEY5
— Joe Rogan (@joerogan) October 26, 2024
The important thing instance right here is The Joe Rogan Expertise, on which Donald Trump appeared and racked up tens of tens of millions of views after additionally collaborating in a number of different long-form podcast discussions.
Moreover, prediction markets proved extra correct than conventional polls as a gauge of public opinion and a predictor of occasions. The breakout platform on this regard was Polymarket–which runs on crypto rails– whereas Kalshi additionally supplied helpful indicators.
It may be claimed that Polymarket demonstrates the benefits of decentralized mechanisms, and relatedly, we’re witnessing the elevated adoption of tokenized merchandise inside conventional finance.
This may be seen on this 12 months’s launch of tokenized RWA fund BUIDL, from BlackRock, whereas Franklin Templeton manages tokenized fund FOBXX, and there are related developments at UBS, which final week introduced plans for a tokenized funding fund mission referred to as the UBS USD Cash Market Funding Fund Token (uMINT).
Supply: rwa.xyz
This crypto-linked TradFi development is more likely to expertise tailwinds in a clearer, extra permissive regulatory atmosphere, and the identical may be mentioned of crypto ETFs.
In 2024, spot BTC and spot ETH ETFs had been launched within the US, however a number of operators have already got purposes filed with the SEC for SOL, XRP, and Litecoin ETFs (21Shares is excited by SOL and XRP ETFs, Canary Capital is excited by SOL, XRP, and Litecoin ETFs, VanEck is excited by SOL ETFS, and Bitwise is excited by XRP ETFs).
And so if, as anticipated, the SEC tilts in perspective below a brand new, pro-crypto SEC Chair, these sorts of altcoin-based funds might start to launch, though whether or not or not they will replicate the explosive development of the spot BTC ETFs would stay to be seen.
In the end, although, the prevailing sense is that crypto can be afforded room to breathe and develop within the US as an built-in a part of the nation’s tech panorama to any extent further, on the very least, as an overtly Bitcoin-friendly administration takes workplace for the primary time ever.