The cryptocurrency community is celebrating the victory of former President Donald Trump in the 2024 United States presidential election while officials are finalizing election results.
Trump, the Republican candidate, declared victory on election night, Nov. 6, pledging to usher in a “golden age” for America.
“I’m excited to be your 47th and your 45th president,” Trump said during what appeared to be a victory speech.
Live 2024 US presidential election results. Source: Associated Press
At the time of writing, Trump has 277 electoral college votes — more than the 270 required to win — according to the Associated Press. Meanwhile, his Democratic opponent, Vice President Kamala Harris, has 224 electoral votes. Harris now has no viable path to victory in the election.
International leaders, including French President Emmanuel Macron, have begun congratulating Trump on his anticipated win. The crypto market is also responding to the election outcome.
Trump’s crypto promises
Trump’s win is a promising sign for the cryptocurrency industry in the US, as Trump has repeatedly expressed support of crypto and branded himself as a pro-crypto candidate.
Trump has repeatedly promised to end the war on crypto if elected and promised to make the US the “crypto capital of the planet” if he wins the presidential election.
In July, Trump headlined the Bitcoin 2024 conference in Nashville, Tennessee, where he pledged to fire current US Securities and Exchange Chair Gary Gensler on his first day back in office. SEC Commissioner Hester Peirce, who’s known for her supportive stance on crypto, is believed to be a potential contender to take Gensler’s spot.
Trump also promised to launch a strategic Bitcoin (BTC) reserve in the US to make sure that the US government holds 200,000 BTC acquired from enforcement actions.
In line with his pro-Bitcoin stance, Trump also made big promises to the crypto mining in the US, repeatedly voicing his strong support of the industry and willingness to make the US a global leader in Bitcoin mining.
Crypto industry actively supports Trump
The cryptocurrency community has been largely supporting Trump over Harris despite Trump’s U-turn on Bitcoin.
The founders of major US crypto exchanges like Gemini and Kraken publicly endorsed Trump, donating millions to support him as the “only pro-crypto candidate.”
Notable figures supporting Trump’s campaign include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, and Bitcoin Foundation founder Charlie Shrem.
Bitcoin breaks historic records amid Trump’s election lead
Amid growing optimism over Trump’s victory in the election, the crypto market has made a historic reaction, with Bitcoin breaking past its historical highs and briefly touching $75,000 on Nov. 6.
Currently, Bitcoin is trading at $73,580, marking a 7% increase over the past 24 hours, according to CoinGecko.
Bitcoin all-time price chart. Source: CoinGecko
While Bitcoin is approaching all-time highs, the total cryptocurrency market capitalization is approximately $2.6 trillion, per CoinGecko data. The market reached its peak value in November 2021, surpassing $3 trillion.
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