Following Donald Trump’s victory in Wisconsin, a swing state, which placed him over the 270 electoral vote barrier to become the 47th president of the United States, the Associated Press declared the presidential contest ended at 5:36 a.m. ET. The crypto community reacted well to the news when the Republican candidate earlier announced a “magnificent victory” in a euphoric speech to supporters at his official watch party in Florida.
In what Castle Island Ventures partner Nic Carter called the “greatest comeback story of all time,” Trump becomes just the second president in U.S. history to win a second non-consecutive term in office after Grover Cleveland in 1892, despite prior lawsuits and assassination attempts against the president-elect.
The purpose of Bitcoin BTC +6.97% is to function in a hostile environment. Politicians who were foolish believed they could fight us. Our answer was sent to them today,” stated Jameson Lopp, CSO and co-founder of Casa. Trump’s win, according to Samson Mow, CEO of bitcoin company Jan3, will usher in a new age of nation-state adoption and strategic bitcoin reserves.
Bitcoin Magazine CEO David Bailey, who is primarily responsible for Trump’s recent shift to a pro-bitcoin attitude, tweeted, “The people have spoken.” “Work on fixing the money will begin tomorrow.”
Elon Musk, the owner of billionaire X, was cited by some as having a significant impact on the presidential election because of his support of Trump at a period of record usage of the social networking site. The Trump administration may establish a “Department of Government Efficiency,” or D.O.G.E., as Musk has suggested. This abbreviation is the same as the ticker for Doge, the memecoin that Musk favors. “It’s going to be a great future,” Musk declared after Trump won.
But not all members of the crypto community shared this optimism. Nick Johnson, the creator of Ethereum Name Service, stated, “I’m glad I don’t live in the United States today, but even more glad I don’t live in Ukraine.” A convicted felon who stole top-secret materials and concealed them in his toilet was recently elected president of the United States. I apologize for failing to see the bright side.
Several well-known cryptocurrency backers who had supported Harris during the presidential campaign, such as billionaire businessman Mark Cuban and Anthony Scaramucci, the former director of communications for Trump’s White House and CEO of SkyBridge Capital, were gracious in their loss and commended Trump for a strong campaign.
Many cryptocurrency aficionados, especially early adopters, identify as libertarians or anarcho-capitalists outside of the Republican and Democratic parties, and they value financial independence and little government involvement. Throughout the 2024 campaign, they have been critical of both candidates. They still want to see some of Trump’s pledges kept, though, now that he has been elected.
Trump’s promise to commute Ross Ulbricht’s sentence “on day one” is the most notable of them. For his part in founding and running the Silk Road dark web bazaar, which is closely linked to the early development of Bitcoin, Ulbricht is presently serving a life sentence without the chance of release.
Early adopters of bitcoin, such as Amir Taaki and Erik Voorhees, Michael Goldstein, quickly reminded the president-elect of the promise and called for Ulbricht’s immediate release. “I owe Ross Ulbricht everything.” My life was transformed by cryptocurrency. It was he who made cryptocurrency popular. He gave up everything. His effort was beneficial to all of us,” Taaki remarked.
“Anti-crypto sentiment is just bad politics.”
The community is eager to see Trump follow through on his threat to dismiss Securities and Exchange Commission Chair Gary Gensler “on day one.”
According to Ethereum instructor Anthony Sassano, “the day that Gensler is fired should be a national holiday for the crypto ecosystem.”
With Bernie Moreno, a crypto-friendly candidate, defeating Sherrod Brown in the Ohio contest, Republicans have already gained the Senate after the Democrats lost their majority. Republican Tim Scott is also expected to succeed Elizabeth Warren as the head of the powerful Senate Banking Committee, even though Warren defeated crypto supporter John Deaton to retain her Massachusetts senate seat.
The Coinbase-founded advocacy group Stand With Crypto reports that so far, 247 pro-crypto candidates from all parties have been elected to the House of Representatives and 15 to the Senate.
How we arrived to this point
With more pledges this year, such as establishing a national strategic bitcoin reserve, lowering industry rules, and transforming the United States into a bitcoin mining “powerhouse,” Trump reemerged as a pro-crypto candidate. In more recent times, Trump has got engaged with World Liberty Financial, a cryptocurrency venture supported by his sons that intends to transition into tokenized real estate after offering DeFi lending and borrowing services akin to Aave.
Harris’ position, on the other hand, was less clear. In September, she made her first public remarks on cryptocurrency when she said that the United States will invest in blockchain technology under her direction. Her campaign team promised that, without proposing specific measures, she would create a legislative framework to safeguard users of digital assets.
According to The Block’s Bitcoin Price Page, Bitcoin is presently trading at $74,218 — up 8% over the last day — after reaching a fresh all-time high above $75,000 as the outcome became certain earlier on election night. In tandem with other pre-market rallies for cryptocurrency-related equities like Coinbase and MicroStrategy, DeFi tokens like Aave and Uniswap are reporting double-digit increases.
Following the announcement of Trump’s victory by the Associated Press, Fox, and NBC, the decentralized prediction platform Polymarket closed its U.S. presidential election market. To the astonishment of many, Polymarket also predicts a 96% possibility of a Republican landslide in the Senate, House, and President, with Trump also taking the popular vote.
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