The emergence of Donald Trump as the President of the United States ignited a significant boost for Bitcoin and the crypto market. Following the emergence of the Republican candidate at the polls on November 6, 2024, the price of BTC has been on a tremendous rally.
According to Coinmarketcap, BTC has recorded more than 39% price increase since the re-election of Trump. For the first time, investors are confident that the premier cryptocurrency will surpass the $100k benchmark.
While BTC has been on a massive price pump in recent times, other cryptocurrencies have as well reacted to the surge, indicating investors’ increasing appetite for digital assets. Currently, the crypto market cap is worth more than $3.37 billion despite just holding $1 billion in 2013.
The significant inflow of investment into Bitcoin and the crypto market at large is due to the pro-Bitcoin stance of Donald Trump. Throughout his campaign, the president-elect emphasized his support for BTC, indicating he would introduce policies to help Bitcoin and the crypto market by extension.
While giving a campaign speech, Donald Trump even declared that his administration would make the United States the headquarters of cryptocurrency, explaining how some of his policies will aid the industry to grow. By that, many enthusiasts attributed the recent Bitcoin rally to the emergence of Donald Trump.
Consequently, many market participants and enthusiasts believe Bitcoin could become the standard under Donald Trump. Conversely, some tagged the proposed policies as mere campaign tricks to win over many crypto enthusiasts. This conflicting opinion has raised a crucial question of whether Bitcoin could become a standard under Trump.
Trump Campaign Promises for BTC and the Crypto Market
The cryptocurrency industry has the opportunity to get first-hand information about the policies of the newly elected President during the Bitcoin 2024 conference in Nashville. During the conference, Trump provided deep insight into many crypto-friendly initiatives, promising to support Bitcoin during his administration.
Furthermore, Trump promised his administration would create a government stockpile of Bitcoin. He vowed that he would ensure that his administration kept 100% of all Bitcoin in the treasury of the US government.
As revealed, the US government has up to $12 billion worth of Bitcoin claimed from criminal investigations. This policy will help reduce pressure on the price of Bitcoin, as the hefty release of BTC by Mt.Gox and the German government during the year nearly created massive chaos in the digital assets sector.
Additionally, Trump, during the conference, also promised to launch the “Bitcoin and Crypto Presidential Advisory Council.” Through this council, Trump revealed that his administration will ensure that pro-crypto individuals will set up the regulatory framework for the crypto sector.
The declaration sparked hope among enthusiasts who believe the cryptocurrency sector has suffered hugely under the watch of Gary Gensler as the chair of the United States Securities and Exchange Commission. After Gary Gensler announced that he would step down as the SEC boss by January 2024, investors are already looking forward to his replacement, hoping the new chair would be friendlier to the cryptocurrency space.
More so, Trump pledged to stop the Federal Reserve from designing its central bank digital currency (CBDC). Trump, like most crypto enthusiasts, perceived that a digital dollar would be a considerable threat to the financial liberty that comes with holding Bitcoin.
Can Bitcoin Become a Standard Under Trump
So far, there is growing optimism that Bitcoin and crypto can get the support to reach a new level under the incoming Donald Trump administration. Considering the host of promises the president-elect has made relating to digital assets, it is safe to say that the pro-Bitcoin president will finally put an end to uncertainty on the future of the industry.
With Trump leading the charge for the US to become a central cryptocurrency hub, the digital assets sector should brace up for new policies and innovations. Most importantly, proper cryptocurrency regulation could be on its way to create healthy guidelines for virtual assets service providers to follow in the country.
Also, the recent launching of World Liberty Financial, a DeFi platform with a native token $WLFI by Donald Trump and his son, Donald Jr., further confirms that the president has finally come to terms with the industry. By that, cryptocurrency with Bitcoin leading the charge is set to become the new standard under Donald Trump.
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