Will The ''Crypto President'' Deliver? What A Donald Trump Presidency Means For Crypto

Will The ”Crypto President” Deliver? What A Donald Trump Presidency Means For Crypto

Updated: 07 November 2024

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Donald Trump has won the US presidency for a second time after emerging victorious against Kamala Harris in the US election, leaving many wondering if the Trump presidency will deliver on the campaign promises he made to the digital asset space

From firing Securities and Exchange Commission (SEC) chair Gary Gensler ”on day one,” to making the US ”the crypto capital of the planet,” and establishing a strategic Bitcoin reserve, Trump has talked up an ambitious pro-crypto agenda.

In anticipation of what’s to come, the crypto market is celebrating the victory, with Bitcoin’s price surging 8% to trade above $74K as of 8:09 a.m. EST, while the broader crypto market has seen its market capitalization jump 8%.

Donald Trump Promises To Be “Crypto President,” Fire Gensler

Earlier this year, Trump said he wants to become the “crypto president” if he gets elected, and that he’d get the job started by firing Gensler on the first day of his presidency.

Gensler is widely despised in the crypto industry for waging a regulation-by-enforcement strategy against it in recent years. Trump is likely to usher in a more crypto-friendly regulatory environment, with much greater clarity over what can and cannot be done in the digital asset space.

The Bitcoin mining sector also has a lot to look forward to if Trump delivers on his promises. He said that he would advocate for Bitcoin miners in the White House, and added that he wants the remaining unmined BTC to be produced in the US.

Free Ross Ulbricht.

Make #Crypto Great Again.

Trump is the 47th President and #Bitcoin is $75,000.

— Michaël van de Poppe (@CryptoMichNL) November 6, 2024

Other notable promises include forming a strategic Bitcoin reserve to combat the high debt in the US using seized BTC, to prevent the creation of a US central bank digital currency (CBDC), and create a “bitcoin and crypto presidential advisory council.”

Experts Doubt Donald Trump Presidency Will Deliver On Some “Absurd” Promises

Not everyone is confident that Trump will deliver on the promises he made to the industry in the build up to the US election.

Shapeshift founder Eric Voorhees said that Trump’s promises were nothing more than “absurd nationalist/protectionist nonsense” that lacks an understanding of economics and Bitcoin

Saying "all bitcoins should be made in the USA" is absurd nationalist/protectionist nonsense, betraying both a lack of understanding of Bitcoin, and a lack of understanding of economics broadly. But we already knew these things about Trump.

However, such a statement means a…

— Erik Voorhees (@ErikVoorhees) June 13, 2024

Casa wallet founder Jameson Lopp also commented on the Trump victory, and criticized him for wanting to create a Bitcoin strategic reserve using seized Bitcoin that includes 90K BTC which actually belongs to Bitfinex.

Will Dogecoin Fan Elon Musk Head A Department Of Government Efficiency?

Elon Musk spent millions supporting Trump’s campaign and wasted no time before posting on his social media platform that Trump had won.

“The people of America gave Donald Trump a crystal clear mandate for change tonight,” he said.

Trump’s win raised the question of whether Musk would soon be appointed to head a Department of Government Efficiency (DOGE) in the incoming Trump administration.

Trump has said he would bring Musk into his government to reduce waste, prompting Musk to refer to such a development as the ”Department of Government Efficiency,” or DOGE, naming the department after the meme coin he has often promoted.

He said he could slash a humongous $2 trillion from the federal budget, a number most experts say is implausibly large.

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