Trump Defeats Kamala to Become the US 47th President: Here is What it Means for Crypto
Pro-crypto candidate Donald Trump has been declared the President-elect after defeating Kamala Harris in yesterday’s US elections.
Immediately after the Associated Press called the race for the Republican flagbearer, he came out to address a packed crowd at his party’s headquarters in Florida. As Trump delivered his victory speech, it was announced that the Republican party had won the majority of the Senate seats.
What’s more, there is a chance that Trump could secure victory in the House. As of this writing, the Associated Press reports that Republicans have won 198 House seats against Democrats’ 180. Only 57 seats are yet to be called.
Donald Trump Secures 277 Electoral Votes
Optimism over Trump’s win started to grow on Tuesday night when news emerged that he had won Georgia, a critical swing state. On Wednesday morning, the Republican billionaire secured another major state, Pennsylvania, earning him 19 electoral votes. He then secured 277 electoral votes later that day after winning two other swing states, Michigan and Wisconsin.
Donald Trump’s win has been celebrated within the crypto walls, with many hoping that he will keep his promises to protect and help the industry realize its full potential following a few years of regulatory battles with Joe Biden’s administration.
Trump’s Crypto Promises
So, what promises did Trump make during his campaign? The president-elect vowed to introduce friendly regulatory measures that promote blockchain innovations. Furthermore, he promised to establish a Bitcoin reserve, back crypto miners in the United States, and oppose CBDC plans.
Notably, while speaking at the Bitcoin Conference in July, Trump said he will fire Gary Gensler, the US Securities and Exchange Commission chair, immediately after occupying the White House. Crypto players have accused Gensler of ‘unfairly targeting’ them, making the business environment hostile.
Bitcoin Records New All-Time High
Bitcoin has reacted positively to Trump’s victory. Data from CoinMarketCap shows that the digital currency has crossed $73,776, its previous all-time high, to settle at $74,932 as of this writing. Bitcoin reached $75,031 earlier today. On Monday, Bernstein analysts said the coin could reach $90,000 on Trump’s win.
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