The recently concluded US elections had a lot on the line. Many industries came out in support of their desired candidate as Donald Trump challenged former President Joe Biden and Vice President Kamala Harris for the top seat. Ultimately, it was a big win for Bitcoin and crypto with Trump’s victory.
2023 might have been a great year for Bitcoin, but 2024 was the home run, thanks to President-elect Donald Trump. In 2023, Bitcoin had a bullish year, opening at approximately $16,000 and closing near $42,000. Some of the reasons for the spike included institutional adoption with organizations like Blackrock and Fidelity filing for a Bitcoin Spot ETF. There were also regulatory developments and inflation pushed people to consider Bitcoin a safer option.
Beyond these factors, Bitcoin and crypto were well adopted by other industries like finance and banking, e-commerce, retail, real estate, and gaming. Bitcoin slowly became a popular payment method for transactions, making online purchases, and gaming. Crypto gaming sites supporting Bitcoin attracted a huge following and sweepstakes sites jumped on the bandwagon. New sweepstakes casinos now support Bitcoin for the purchase of sweeps coins, and it’s only a matter of time until traditional casino sites are legally allowed to use cryptos like Bitcoin.
However, 2024 as a bullish year was mainly determined by the race to the White House. A Kamala presidency would easily continue with Biden’s strict crypto regulations while Trump’s win brought a new dawn to the crypto world.
So, when Trump was declared the winner of the elections, Bitcoin shared in his victory. In fact, the spike in BTC price started immediately Trump had a lead in the race, reaching an all-time high of $75,000, at the time.
After Gary Gensler’s strict stint at the SEC, the crypto community was hell-bent on doing something about it. So, they pumped hundreds of millions of dollars into campaigns for pro-crypto candidates, starting with President-elect Donald Trump. They supported congressmen, congresswomen, and senators who propped up crypto, hoping they’d come up with favorable legislation once in the House.
It was a risk that finally paid off. A pro-crypto candidate will be the 47th president of the United States and has pledged to do things differently. Consequently, it’s safe to say Bitcoin was one of the biggest winners in this year’s election, and here’s why.
Trump’s Bitcoin National Reserve Plan
On his campaign trail, Donald Trump promised to set up a Strategic National Bitcoin Stockpile similar to the gold reserves owned by the country. He mentioned that the first deposit of BTCs would be the tokens seized by the Department of Justice and that his government would continue to stock Bitcoins.
Now that he’s president, this idea might become a reality. Close aides around him like Robert F. Kennedy Jr and Elon Musk support the idea and we wait to see Trump initiate the process once he takes the oath of office.
Paul Atkins Chairs the SEC
Another big win for Bitcoin after Trump’s victory is the nominations the President-elect has put out so far. The chairman of the SEC is one post that many were curious about after Gary’s tenure wasn’t enjoyed by many in the crypto space.
So, when Trump shared that Paul Atkins would take over Gary Gensler’s position, the market reacted positively, making history as Bitcoin crossed the $100,000 mark for the first time. Paul is known to be pro-crypto and is said to bring a sober mind and the right balance to crypto regulation and won’t undermine investors in the niche.
David Sacks Chosen As AI and Crypto Czar
The next day after Atkins’ nomination, Trump announced on Truth Social that David Sacks would be his White House AI & Crypto Czar. A role that shows the President-elect is serious about his crypto and tech plans.
Sacks is a well-known venture capitalist and was one of the “PayPal Mafia” together with Elon Musk and Peter Thiel. His appointment also sparked an excitement in the crypto community with Bitcoin advocate and billionaire Michael Saylor having a positive response to the news.
David Sacks is not new to crypto and Bitcoin since his company Craft Ventures, has invested in notable crypto firms Bitwise and BitGo.
Trump’s vision for making the US “the crypto capital of the world” might just come true with his decisions and plans for crypto and Bitcoin. With every policy, regulation, nomination, or tweet on Bitcoin, the currency may enjoy a profitable time under Trump’s presidency. So, is this the beginning of a long-term bullish trend for BTC?