Trump's Crypto Revolution: A New Era for Digital Assets

2024-11-15 13:29:09

Politics

Finance

Trump's Crypto Revolution: A New Era for Digital Assets

Image used under license from Shutterstock.com (JON CHERRY)

Donald Trump's return to the political spotlight has ignited a crypto boom, with Bitcoin prices soaring to unprecedented heights. His promise to turn the U.S. into a global cryptocurrency hub has galvanized the industry, with major players like Coinbase and Ripple stepping up their lobbying efforts. Trump's pro-crypto stance includes the potential dismissal of SEC Chairman Gary Gensler, signaling a shift towards more favorable regulations.

The cryptocurrency sector has invested heavily in the upcoming elections, with over $245 million funneled into campaigns to sway political outcomes. Trump has even launched his own crypto venture, World Liberty Financial, despite a rocky start. The market's response has been overwhelmingly positive, with Bitcoin surpassing $91,000 and predictions of it reaching $100,000.

Trump's crypto policies are reshaping traditional financial landscapes, prompting discussions around creating a national strategic reserve of digital assets. This surge in market activity is also influencing state-level financial strategies, with places like Florida exploring crypto investments for pension funds. As Trump's influence grows, the U.S. is poised to become a leader in the global digital currency arena.

The recent U.S. election, resulting in Trump's victory, has sparked a remarkable surge in the cryptocurrency markets. Bitcoin hit record highs, reaching $90,000 and signaling a bullish wave across the crypto sector. Trump's pro-crypto stance, advocating for Bitcoin, self-custody, and clear regulations, has fueled optimism among investors. BlackRock's expansion and the success of a Spot Bitcoin ETF reaching $40 billion further highlight this momentum. Robinhood's relisting of Solana, Cardano, and XRP, along with the booming PEPE meme coin, underscores a renewed interest in altcoins. Analysts predict significant gains for cryptocurrencies like Cardano and Dogecoin, potentially reaching new all-time highs. The announcement of a new Department of Government Efficiency, led by Elon Musk and Vivek Ramaswamy, has contributed to this positive outlook. The crypto community sees this as a pivotal moment, with heightened lobbying efforts expected to shape favorable crypto regulations. Nearly half of U.S. voters now consider pro-crypto policies important, while Trump has pledged to transform the U.S. into a "crypto capital." This election marks a turning point, establishing crypto as a significant political and economic force in the U.S. and beyond.

Bitcoin has recently soared to unprecedented heights, surpassing $89,000 for the first time. This surge follows Donald Trump's reelection and his campaign promises to transform the United States into the world's crypto capital. His administration is expected to introduce pro-crypto legislation, potentially positioning Bitcoin as a strategic asset. The cryptocurrency market has been buoyant since the elections, with significant inflows into exchange-traded funds. Bitcoin's rally has been attributed not only to political factors but also to its inherent market cycles, like the recent 'halving' event that historically precedes price increases. Despite its current momentum, experts caution about potential volatility due to profit-taking and market corrections. The enthusiasm is tempered by Bitcoin's environmental impact. Its mining process relies heavily on coal, contributing significantly to carbon emissions. Yet, the promise of a crypto-friendly administration has rekindled investor interest, evidenced by Bitcoin's recovery from less than $17,000 at the start of last year. The idea of establishing a national Bitcoin reserve, akin to a gold reserve, has gained traction. While this could further propel Bitcoin's value, it also raises questions about feasibility and Trump's ability to deliver on his promises. The market remains wary, recalling past fluctuations in Trump's stance on cryptocurrencies. Bitcoin's rise is reflective of its role as more than just a currency; it's seen as a store of value, especially amidst economic uncertainties. Its capped supply adds to its allure as a hedge against inflation. However, as the crypto market continues to evolve, potential investors are advised to remain vigilant given the sector's speculative nature.

The Street

17. November 2024 um 17:11

How Bitcoin is increasingly becoming an alternative to the dollar's global dominance

Cryptocurrencies & blockchain

Finance

Politics

Economy

Bitcoin provides financial sovereignty as the U.S. dollar is criticized for funding wars and devaluing citizens' money. Russia's Putin proposes a Brics Bridge alternative to the dollar-led Swift system. Crypto advocates, including Perianne Boring of the Digital Chamber, seek bipartisan support for effective crypto laws and regulations. Commentator suggests Alexander Hamilton might disapprove, while Kelly Kellam of BitLab Academy emphasizes bitcoin's transformative power.

The Street

18. November 2024 um 21:15

How the election could reshape Bitcoin and crypto in the U.S.

Politics

Finance

Crypto community sees election as pivotal; Perianne Boring optimistic about bipartisan support, pro-crypto candidates; Trump admin floated using Bitcoin for debt, Biden's crypto policy unclear; regulatory uncertainty, SEC actions major issues; crypto voting block 1 in 7 likely/active voters; market structure, stablecoin legislation could address 70% of industry's challenges.

The Street

20. November 2024 um 17:10

Trump's co-chair increasingly in crypto spotlight with Tether probe

Finance

Politics

Tether, the world's largest stablecoin issuer, is under U.S. investigation for possible anti-money-laundering and sanctions rule violations; its $80 billion in U.S. Treasuries are custodied by Cantor Fitzgerald, led by Trump's transition co-chair Howard Lutnick, who has championed Tether; in Europe, the MiCA framework requires 60% of stablecoin reserves to be held in European banks; in the U.S., stablecoin legislation remains a key crypto law yet to be written, with Lutnick's influence potenti..

The Street

21. November 2024 um 18:13

Trump reconfirms support for crypto on bitcoin white paper's 16th anniversary

Trump celebrates bitcoin white paper's 16th anniversary, reaffirms commitment to crypto; pledges to transform U.S. into "crypto capital", remove SEC chair Gensler, free Silk Road creator Ulbricht; Crypto prediction market Polymarket forecasts 60% chance of Trump win; Crypto voters expected to play crucial role, sway tight races in battleground states; Nearly half of U.S. voters see pro-crypto policies as significant; 92% of crypto investors plan to vote this election cycle.

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How Bitcoin is increasingly becoming an alternative to the dollar's global dominance

How the election could reshape Bitcoin and crypto in the U.S.

Trump's co-chair increasingly in crypto spotlight with Tether probe

Trump reconfirms support for crypto on bitcoin white paper's 16th anniversary

Trump's Crypto Revolution: A New Era for Digital Assets

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Trump's Crypto Revolution: A New Era for Digital Assets

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