The Crypto community has been in a frenzy since Donald Trump’s victory in the recent election, with the price of Bitcoin soaring to new heights, surpassing $75,000 for the first time in its history. This surge in value comes alongside promises from the former president that have stirred excitement within the cryptocurrency community. Trump’s victory marks a turning point for the crypto industry, promising regulatory change and a renewed push to keep Bitcoin in the hands of the American people.
Trump’s stance on cryptocurrency has been clear for years, and his victory sets the stage for a sweeping pro-crypto agenda. One of his boldest promises is to ensure that the U.S. government no longer sells off its Bitcoin holdings. The U.S. currently holds significant amounts of Bitcoin, seized from criminals, and Trump has pledged that these holdings will remain untouched under his administration. He has gone so far as to say, “If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires in the future.”
This promise has brought reassurance to Bitcoin investors, who have often seen the sale of seized cryptocurrencies by the U.S. Marshals Service create fluctuations in the market. The former president has also expressed his desire to make sure all remaining Bitcoin is mined in the U.S., reinforcing his commitment to boosting American energy production and securing the future of the cryptocurrency in the country.
One of Trump’s more audacious promises, however, concerns the future of the Securities and Exchange Commission (SEC). Since taking office in 2021, SEC Chairman Gary Gensler has taken a stringent approach to regulating the crypto sector, bringing over 100 actions against crypto firms in an attempt to bring the industry under tighter compliance. The crypto community has often criticised Gensler for stifling growth and failing to provide clear guidance, with many arguing that his actions represent a heavy-handed approach to regulation.
Trump has made no secret of his disdain for Gensler, stating on multiple occasions that, should he return to the White House, one of his first actions would be to fire the SEC chair. “On day one, I will fire Gary Gensler,” Trump has promised, with supporters of the former president cheering the potential for a fresh start for the crypto industry. While Trump may not have the legal power to simply dismiss Gensler, who serves a fixed term, he would be able to appoint a new chair, replacing Gensler with someone more favourable to the crypto sector. For crypto advocates, the prospect of a more lenient SEC is a welcome change.
Trump’s promises don’t end with Gensler’s departure. He has also proposed the creation of a “Bitcoin and Crypto Presidential Advisory Council” to ensure that the industry’s regulations are crafted by individuals who understand and support the space, rather than those who view it with suspicion. Trump has been vocal about his opposition to key figures such as Senator Elizabeth Warren, a vocal critic of cryptocurrency, and this new council would aim to provide a direct line between crypto leaders and the White House.
The importance of these promises cannot be overstated. Gensler’s aggressive regulatory stance has led to a period of uncertainty for the crypto industry, with many firms struggling to navigate the complex legal landscape. The promise of a pro-crypto administration gives hope to investors, developers, and businesses alike that the regulatory environment will become more predictable and conducive to growth. As a result, the industry is anticipating a shift in how cryptocurrency is governed in the U.S., with a stronger emphasis on innovation and development rather than punitive measures.
Beyond regulatory changes, Trump’s victory has also reignited conversations about Bitcoin’s price trajectory. The cryptocurrency market experienced a significant rally following the election results, with Bitcoin pushing past the $75,000 mark. This surge has many analysts speculating that Bitcoin is on the verge of a major bull run, with some forecasting that it could hit $100,000 by late 2025. Historical trends suggest that Bitcoin tends to perform well in the aftermath of U.S. elections, and with a president who is outspoken in his support for digital currencies, the future for Bitcoin and other cryptocurrencies looks increasingly bright.
The election outcome is particularly significant for publicly traded companies like Coinbase and MicroStrategy, whose fortunes are closely tied to Bitcoin’s price movements. As the value of Bitcoin rises, so too do the stock prices of these firms, which have benefited from the growing institutional interest in cryptocurrency. The approval of Bitcoin ETFs has further fuelled institutional interest, creating a strong foundation for sustained growth in the market. With Trump’s pro-crypto policies in place, these companies are expected to thrive as the regulatory landscape becomes more favourable.
The rally in Bitcoin’s price isn’t the only sign of optimism in the market. Other cryptocurrencies, such as Ethereum and Solana, also saw substantial gains following Trump’s victory. Ethereum, the second-largest cryptocurrency by market capitalisation, rose by around 7%, while Solana, the third-largest, climbed by 15%. The biggest surprise came from Dogecoin, which surged by almost 20%. The increase in Dogecoin’s value can be attributed to the ongoing support of tech billionaire and Trump ally, Elon Musk, who has been a vocal proponent of the coin. Musk has even suggested that he would create a Department of Government Efficiency (DOGE) under a Trump administration, further linking the two figures in the eyes of the crypto community.
Trump’s embrace of cryptocurrency has also led to significant financial backing from the industry. During the summer, his campaign received millions in donations from crypto supporters who were disillusioned by the more restrictive policies of the Biden administration. With the backing of key figures in the sector, including major Bitcoin miners like Riot Platforms and Marathon Digital Holdings, Trump has positioned himself as a champion of the industry. His promises to support the growth of Bitcoin mining in the U.S. and his commitment to ensuring that crypto remains a key part of the American economy are seen as positive steps toward a more robust and secure crypto market.
As the market continues to react to the news of Trump’s victory, it’s clear that the crypto industry is entering a new phase. The regulatory changes that are expected to follow could provide the clarity and stability that the industry has long sought, while the renewed focus on Bitcoin mining in the U.S. could cement the country’s position as a global leader in the crypto space. With a president who understands the importance of digital currencies and a growing base of support within the industry, the future of Bitcoin and other cryptocurrencies looks increasingly promising. The question now is not whether Bitcoin will continue to rise, but how high it can go in the coming months and years.