At around 2:30 am, EST on November 6th, 2024, even though the U.S. presidential election vote count was still underway and the official results were yet to be declared, the outcome had already become clear. Donald Trump secured victories in multiple swing states, locking in over half of the electoral votes and delivering a victory speech, declaring his “magnificent victory.”
This Election Day has been extraordinary, not only altering U.S. history but also impacting the crypto industry. As Bitcoin reached a new all-time high, the crypto community began to speculate on the future potential of cryptocurrencies if Trump were to fulfill his promises. Could this day mark the start of a super bull market, or even more possibilities?
During the campaign, both Trump and Kamala Harris called this election the most important one in U.S. history. It was merely an exaggeration, but for the crypto industry, this was undoubtedly true. For the first time since its inception, crypto became a key issue in the U.S. election (as analyzed in the HTX Ventures report, 2024 U.S. Election For Crypto: A Potential Turning Point from Tight Regulation and Ban to Support and Innovation).
Trump astutely recognized the growing yet oppressed strength of the crypto industry, which had faced many challenges under the Biden administration, and repeatedly signaled his support. He promised a series of favorable policies for the crypto sector if elected, ultimately earning significant backing from the crypto community. Despite Harris also presenting her own crypto plans, the level of support lagged far behind Trump’s. For the crypto community, Trump emerged as the “Crypto President” they were hoping for.
On November 5th, as the Election Day commenced, the excitement in the crypto market was already building. As the vote counting began in the evening, the anticipation exploded, with Bitcoin leading a surge in the crypto market. By around 10 pm, Bitcoin had surged to $75,000, marking a historic high.
Although Bitcoin experienced minor pullbacks later, there hadn’t been a massive “Sell the News”. In the afternoon of November 7, another surge arrived, pushing Bitcoin further past $76,000. During the Bitcoin conference in Nashville this past July, Trump had stated that his presidency would cause Bitcoin to soar. At least based on the election day, he was right.
Just as Bitcoin surged, Trump maintained his lead in the vote count and ultimately secured a decisive victory. Not only did he win all seven swing states, but the Republicans also gained control of both the Senate and the House, increasing Trump’s political power and reducing obstacles to enacting his policies. This control, particularly over legislation and appointments, means that Trump could significantly boost the crypto industry if he chooses to do so.
This election is indeed revolutionary for the crypto industry. According to Stand with Crypto, the current Congress has more pro-crypto lawmakers than opponents in both the Senate and the House. With a “Crypto President” and a “Crypto Congress,” there is immense optimism about the future of crypto.
Throughout Trump’s victory, the crypto community actively cheered for him. Before Bitcoin surpassed $75,000, Trump’s chances of winning on Polymarket reached an astonishing 90%, reflecting the strong support from crypto enthusiasts.
Prominent figures in the crypto industry celebrated Trump’s win, anticipating a friendlier and clearer regulatory environment under his leadership.
Justin Sun, Global Advisor to HTX, said in a X Space that Trump’s presidency could bring a “180-degree turn” for the Web3 industry, creating a more favorable policy environment and promoting innovation and mainstream development in Web3.
MicroStrategy founder Michael Saylor tweeted, “We have a Bitcoin President.” Gemini co-founder Cameron Winklevoss said, “Imagine how much we are going to accomplish in the next 4 years now that the crypto industry won’t be hemorrhaging $ billions on legal fees fighting the SEC and instead investing this money into building the future of money. Amazing awaits.”
Marc Andreessen, co-founder of a16z, simply tweeted, “It’s time to build.” Ripple CEO Brad Garlinghouse said, “To everyone who doubted it: the crypto voter is here to stay, loud and clear! ” Coinbase CLO Paul Grewal also voiced on X, “I hope the SEC understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.”
On social media, and in private chat groups, the crypto community’s enthusiastic discussions about Trump’s victory continued all day. Supporters were quick to share Trump’s previous promises about crypto policies, hoping he would deliver on them soon after taking office.
In his victory speech, Trump said, “Promises made, promises kept.”
In January next year, on Trump’s first day in office, we will be able to see if he fires Gary Gensler, as he has promised.
The post first appeared on HTX Square.
