The US elections seem to be waging in favor of the crypto community as a bunch of pro-crypto candidates will be taking office this term. According to official data, over 240 pro-crypto house representatives and 14 pro-crypto senators have been elected this time.
The result of these elections likely projects the strength of crypto voters, who were eagerly looking towards the the policies and promises before voting this time.
Also read: Trump’s Presidential Victory Triggers Bitcoin Price Rally To New ATH, $75K Breached
Donald Trump Takes Over Swing States
According to projections, Republican presidential candidate Donald Trump has defeated Democratic opponent Kamala Harris after winning the crucial battleground states of Georgia, North Carolina, and Pennsylvania.
Trump’s victory also comes on the back of his promises towards the crypto community. He had recently put forth a plan to use cryptocurrencies to reduce the nation’s skyrocketing $35 trillion debt. In addition, Trump has pledged to remove Gary Gensler as chair of the SEC if he is re-elected.
Because the SEC has been so adamant about not accepting digital assets, Gensler and the cryptocurrency community have a long-standing love-hate relationship. Furthermore, Trump has repeatedly stated in his speeches that he wants to turn the US into a center for cryptocurrency.
Additionally, the measures that the Biden government had taken in their term, like the data collection of power consumption during crypto-mining operations or the ongoing battle between the SEC and various crypto firms has left many with a sour tooth.
Currently, one in five Americans owns digital assets. In particular, 52 million individuals. These individuals have a lot of influence and frequently reside in important swing states. Thus, it can likely be concluded that Trump’s success in the swing states came on the back of his popularity among crypto voters.
However, the community will now be monitoring his second term very closely in hopes of better regulations and policies.
Also read: Polymarket Whale Nets $20.4M Profit Amid Trump’s Victory as Largest Harris Better Loses $4.9M
Crypto Community Reacts To US 2024 Election Results
During the hourly hours of November 6th, the price of Bitcoin hit its all time high level, riding the optimism around a Republican victory. With a notable 9.18% increase over the last day, the OG-cryptocurrency showed remarkable strength and increased its market capitalization to an astounding $1.48 trillion, as reported by UnoCrypto earlier.
A particularly bullish market environment has been produced by the combination of Trump’s pro-crypto position and the rise in the price of Bitcoin.
With 20 million Bitcoin in circulation and several market leaders forecasting sharp price increases, the market looks set for further expansion.