Declaring that he won the 2024 US Presidential Elections, Donald Trump created a great impact not only in the political arena but also in the cryptocurrency world. The Republican candidate announced that he defeated Kamala Harris, who has been serving as the US President for years. Trump’s support for cryptocurrency was frequently brought up during the election campaign, and this attitude brought about a strong upward trend in the markets. On election night, the value of Bitcoin broke a record and exceeded the $75,000 level; This shows that Trump’s crypto-friendly policies are welcomed by investors.
Donald Trump and cryptocurrency policies
With Trump’s victory, the US Senate is expected to be under the control of Republicans. This makes it easier for Trump to create a platform that supports cryptocurrencies. Donald Trump, who promised policies in favor of the crypto industry many times during the election process, stated that the USA will protect crypto assets and make the necessary regulations for the growth of the market. Another important promise of Trump in his cryptocurrency policies was his promise not to sell the Bitcoin assets held by the USA. Speaking at a Bitcoin conference held in Nashville in July, Trump stated that the state would not sell its Bitcoins and would protect these assets in the long term.
This statement was considered a positive message for crypto investors, considering the fluctuations in the markets as a result of the sale of Bitcoin assets held by the government. This promise received great support from investors, especially after the price drops in the market as a result of Germany selling its Bitcoins. One of Trump’s election promises that concerned the crypto markets the most was his announcement that he would dismiss US Securities and Exchange Commission (SEC) Chairman Gary Gensler on the first day. Gensler, who took office in the Biden administration, was known for his strict regulations on the cryptocurrency industry during his tenure.
Will the SEC Chairman change?
Gensler, who put pressure on the industry with the lawsuits he filed against major crypto companies such as Ripple, Coinbase and Binance, was met with intense criticism from the crypto community. Trump’s plan to establish an advisory board consisting of people who support the crypto industry also stood out as another remarkable promise at this point. Another important topic in Trump’s crypto policies was his plan to encourage Bitcoin mining activities in the USA. Trump, who met with leading Bitcoin mining companies at the Mar-a-Lago Club in Palm Beach, expressed his support for Bitcoin mining in America.
“If the future of Bitcoin is in cryptocurrencies, all mining needs to be done in America,” Trump said, adding that the crypto industry will contribute to the USA becoming dominant in the energy field. This view was welcomed by the players in the sector, especially in terms of regulations regarding mining with environmentally friendly energy sources. Another important promise in Trump’s crypto policies was the idea of not taxing cryptocurrencies produced in the US and imposing tariffs instead. This policy was interpreted as a strategic step to accelerate developments in the sector and make America the leading country in the field of crypto.
Promise to lower interest rates
The production of crypto currencies in America and the promotion of this production were welcomed by investors, considering that the sector would contribute to the US economy. With Trump’s victory, crypto markets went on a rapid rise. While Bitcoin reached a record high of $75,000 on election night, there was also a significant increase in the share values of crypto-related companies such as Coinbase and MicroStrategy. Trump’s victory was considered by investors as a positive signal for crypto markets; This shows that Trump’s crypto-friendly policies give confidence to the markets. In particular, their statements regarding interest rate cuts stand out as another important factor supporting the rise in crypto markets.
Trump has also promised to lower interest rates if elected. Interest rate cuts are considered a factor that accelerates capital inflow to crypto markets by reducing credit costs. Interest rate cuts are expected to continue in the process that started with Jerome Powell, the head of the Federal Reserve, cutting interest rates by half a point in September. While this is interpreted as a positive development for crypto investors, it is thought that a USA under Trump administration will further support crypto markets.
