The US presidential election outcomes are in, and Donald Trump scored a powerful victory, sweeping the electoral faculty 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 concentrate on Bitcoin and blockchains and take into account the implications for the crypto business from this level on.
A Crypto-Targeted Marketing campaign
From the highest, it’s vital 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 substitute Gary Gensler, who’s perceived as having overseen a crypto-hostile regulatory setting, as Chair on the SEC.
JUST IN: Crowd goes completely nuts after Donald Trump vows to fireside SEC Chairman Gary Gensler in the course of 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 business 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 operating the net, BTC-accepting black market Silk Highway.
In addition to that, Trump seems to be surrounded by a tech-centred, demonstrably crypto-friendly internal circle. This consists of, 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 undertaking referred to as World Liberty Monetary.
Professional-Crypto Politicians Enter the Stage
Advocacy group Stand With Crypto, which goals to construct political assist for the crypto business within the US, studies by 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 get together traces 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 lead to Ohio, the place Sherrod Brown, Chair of the Senate Banking Committee and markedly antagonistic to the crypto business, 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 situation is that the US shifts from a rustic with no regulatory readability to turning into one of many world’s most crypto-friendly areas, integrating Bitcoin and additional accelerating broader crypto adoption.
Concurrently, different associated shifts occurred in the course of the presidential race, together with, notably, unbiased media and podcasts overtaking legacy media as a significant supply of affect, with new media perceived as enabling unfiltered dialogue in entrance of huge 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 taking part 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 invaluable indicators.
It may be claimed that Polymarket demonstrates some great 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 undertaking referred to as the UBS USD Cash Market Funding Fund Token (uMINT).
Supply: rwa.xyz
This crypto-linked TradFi pattern is more likely to expertise tailwinds in a clearer, extra permissive regulatory setting, 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 curious about SOL and XRP ETFs, Canary Capital is curious about SOL, XRP, and Litecoin ETFs, VanEck is curious about SOL ETFS, and Bitwise is curious about XRP ETFs).
And so if, as anticipated, the SEC tilts in angle 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’ll replicate the explosive progress of the spot BTC ETFs would stay to be seen.
In the end, although, the prevailing sense is that crypto will probably be afforded room to breathe and develop within the US as an built-in a part of the nation’s tech panorama any more, 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 faculty 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 concentrate on Bitcoin and blockchains and take into account the implications for the crypto business from this level on.
A Crypto-Targeted Marketing campaign
From the highest, it’s vital 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 substitute Gary Gensler, who’s perceived as having overseen a crypto-hostile regulatory setting, as Chair on the SEC.
JUST IN: Crowd goes completely nuts after Donald Trump vows to fireside SEC Chairman Gary Gensler in the course of 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 business 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 operating the net, BTC-accepting black market Silk Highway.
In addition to that, Trump seems to be surrounded by a tech-centred, demonstrably crypto-friendly internal circle. This consists of, 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 undertaking referred to as World Liberty Monetary.
Professional-Crypto Politicians Enter the Stage
Advocacy group Stand With Crypto, which goals to construct political assist for the crypto business within the US, studies by 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 get together traces 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 lead to Ohio, the place Sherrod Brown, Chair of the Senate Banking Committee and markedly antagonistic to the crypto business, 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 situation is that the US shifts from a rustic with no regulatory readability to turning into one of many world’s most crypto-friendly areas, integrating Bitcoin and additional accelerating broader crypto adoption.
Concurrently, different associated shifts occurred in the course of the presidential race, together with, notably, unbiased media and podcasts overtaking legacy media as a significant supply of affect, with new media perceived as enabling unfiltered dialogue in entrance of huge 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 taking part 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 invaluable indicators.
It may be claimed that Polymarket demonstrates some great 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 undertaking referred to as the UBS USD Cash Market Funding Fund Token (uMINT).
Supply: rwa.xyz
This crypto-linked TradFi pattern is more likely to expertise tailwinds in a clearer, extra permissive regulatory setting, 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 curious about SOL and XRP ETFs, Canary Capital is curious about SOL, XRP, and Litecoin ETFs, VanEck is curious about SOL ETFS, and Bitwise is curious about XRP ETFs).
And so if, as anticipated, the SEC tilts in angle 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’ll replicate the explosive progress of the spot BTC ETFs would stay to be seen.
In the end, although, the prevailing sense is that crypto will probably be afforded room to breathe and develop within the US as an built-in a part of the nation’s tech panorama any more, on the very least, as an overtly Bitcoin-friendly administration takes workplace for the primary time ever.
