President-elect Donald Trump campaigned on a pro-crypto platform. He strived — successfully, by most accounts — to differentiate himself from Vice President Kamala Harris and paint the Biden administration as hostile to digital currency.
According to CNBC, Trump promised to launch a strategic national crypto stockpile if reelected and elevated A-list crypto cheerleaders like Robert F. Kennedy Jr. and Elon Musk as his most visible surrogates. Both men are currently prepping for prominent roles in the incoming administration.
If Trump follows through on his campaign promises, investors can expect a dramatic shake-up in the crypto markets. Even if he doesn’t, they might be in for a different, but no less consequential, four years.
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“A second Donald Trump presidency could have a significant impact on cryptocurrency, though the direction depends heavily on his policies,” said Blake Morgan, managing partner of oil and gas crypto tokenization company Mineral Vault. “Trump’s prior administration was known for a mixed stance on crypto, often viewing it with skepticism. However, if his recent shift toward supporting digital innovation continues, it could lead to a more favorable regulatory environment, which the market would likely respond to positively.”
Here are more details on what Trump’s win could mean for crypto.
The Bulls Have Every Reason To Anticipate a Market Rally
The crypto markets are like the stock market in that they react to emotion, optimism and expectations — and the expectation is that Trump was not making empty promises to woo “crypto bro” voters or to curry favor with big-money donors like Musk.
“The general investor’s perspective is that Trump’s shift to pro-crypto is genuine and not only a pre-election maneuver,” said Patrick Gruhn, former head of FTX Europe and CEO of Perpetuals.com, which facilitates a kind of derivatives trading called crypto perpetual futures. “Trump obviously learned about the crypto industry and revised his position from being a skeptic to an explicit crypto advocate.”
The markets have already responded with soaring gains even while President Joe Biden is still in office. In the days…
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