The financial and crypto markets reacted quite positively to the news of Donald Trump’s win in the 2024 US Presidential elections.
Trump was widely seen as the more pro-crypto candidate during his campaign and has provided hope for a crypto bull run since being elected. Bitcoin approaches the ever-requested $100,000 level in history and the crypto industry can’t keep calm.
Winklevoss Brother Calls This Crypto Bull Run ‘Different’
The excitement is based on several things. Analysts say that the surge in the market from Trump’s result includes vocal support for cryptocurrency and blockchain innovation, a Republican-controlled Congress, and broad political endorsement of his financial approaches.
Condensed in a nutshell, the sentiment put forward by prominent figures in the crypto industry is that for structural and political reasons, this bull run is unlike any other.
The rally is a sign that we believe in America’s economic and technological future, said Cameron and Tyler Winklevoss, the co-founders of the Gemini trading platform.
This is not a growth generated by temporary factors, such as low-interest rates or stimulus, but rather permanent changes in policy and governance, they said. They follow a pro-crypto administration and, for the first time, the potential of Bitcoin to be adopted as a strategic reserve asset in the US, giving extreme bullish sentiment in this sector.
What Did Other Industry Leaders Say?
Coinbase Chief Executive Brian Armstrong also expressed similar sentiments. He pointed to the positive changes that having a welcoming regulatory regime would make under the new administration.
Brian Armstrong, the CEO of Coinbase, echoed similar sentiments. He highlighted the transformative impact of a supportive regulatory environment under the new administration. Armstrong underscored that Trump’s presidency could usher in an era of regulatory clarity, fostering innovation and restoring America’s leadership in the global crypto market.
The Wall Street Journal reports that the President-elect is scheduled to talk with Armstrong about major posts in his administration. The meeting marks how prioritized crypto will be in Trump’s economic plan during a second term if there is one.
The crypto narrative has also changed massively with Trump’s success. The industry is now in a position for the biggest growth as it went from a fringe topic to becoming one of the cornerstones of economic policy. Market participants view the next couple of years as significant to reclaiming American global dominance in blockchain and digital assets.
Bitcoin’s current price surge marks a historic moment for the cryptocurrency market. Bitcoin has surged by over 50% since Election Result Day. Early market reactions indicate that investors are pricing in the potential regulatory clarity and adoption that could emerge under Trump’s administration. With Bitcoin’s price currently around $91,000, the milestone of $100,000, once considered speculative, is now within striking distance.