Donald Trump could revolutionize Bitcoin and the crypto industry in the United States if he truly keeps all the promises made previously during the election campaign.
According to what the republican had reported in various conferences and events on the topic of crypto, now an epochal change should arrive for the sector.
But are we really sure that it will respect what was said?
Let’s see all the details below.
Donald Trump 47th President USA: bull correlation for Bitcoin
Donald Trump has officially become the 47th President of the United States of America, and based on the promises made in recent months, a bright future awaits Bitcoin.
The positive impact of his victory on the financial markets is palpable: SP500, Nasdaq, and crypto are in strong bull today.
The investors seem to have woken up with a smile since for the next 4 years the USA will have a President open to speculations.
The growth recorded by risk-on markets also reflects the averted danger of Kamala Harris entering the White House. The Democrat had indeed promised that, if elected, she would increase taxes on investment capital gains.
Bitcoin exploded as soon as the election results began to favor the victory of Donald Trump.
From 1:00 AM (UTC+2) until 07:00 AM the cryptocurrency fully expressed its bull potential, reaching a new ATH.
After successfully reaching 75,000 dollars, Bitcoin started a live correction phase, stopping at 73,700 dollars.
Compared to the last 24 hours, prices are higher by over 7%, for an increase in capitalization of about 100 billion dollars.
Obviously the pump in case of a Trump victory was almost expected.
In the previous days, the Bitcoin market had dropped significantly as the forecasts favorable to Kamala Harris were growing.
In the middle, even the open interest was moving inversely proportional to the increase in odds on the Democrat.
Bitcoin and the crypto have been strongly correlated to the success of the Republican party, given the bullish promises that have been dispensed recently.
https://x.com/Vant0r/status/1853118369958097375
The promises of Donald Trump in the election campaign: to make the United States the crypto center of the world
One of the main promises made by Donald Trump during his election campaign was to grow Bitcoin and the crypto sector as a whole.
In the Nashville conference, held at the end of July, Trump had clearly stated that he would make the USA the global reference hub for crypto.
If elected, the Republican would have improved the global reputation of Bitcoin, freeing it from the usual label of “hacker money”.
The first step involves signing an executive order that orders the DOJ to transfer the alleged 204,000 BTC held by the Federal Reserve into a strategic reserve.
First, Trump is the only president who intends to make the United States the global crypto capital!
In his speech, he promised to sign an executive order directing the U.S. Department of Justice to transfer the supposed 204,000 BTC held by the Federal Reserve into a strategic… pic.twitter.com/tkPYNoARjl
— The Smart Ape 🔥 (@the_smart_ape) November 6, 2024
Not only that, Donald Trump has won the hearts of Bitcoiners by explicitly stating that he wants to pay off the public debt with crypto.
Bitcoin would have become a reserve asset capable of economically supporting a country like the United States.
In the past months, the candidate had also supported the technological impact of blockchain, promising a better future.
He was committed to encouraging innovation and investments in the sector, supporting the growth of the entire crypto industry.
To demonstrate his closeness to the crypto world, Donald Trump has also launched a DeFi project called “World Liberty Financial”.
Revolution at the SEC and DOJ: dismissal of Gary Gensler and pardon for Ross Ulbricht
Among the various promises of Donald Trump spread during the election campaign, there are some that strike the emotions of Bitcoin supporters.
If there is one thing that unites almost all proponents of the decentralized world, it is the hatred towards the chairman of the SEC, Gary gensler.
The latter has spoken in captivating tones against the entire crypto sector, often expressing acts of bullismo and abuse of power.
Gensler has tried multiple times to delay Bitcoin ETFs, speaking poorly of crypto activities and the potential bear risks for the USA.
Donald Trump, hinting at this dispute, exploited the dialectic to call for his alleged dismissal if he were elected.
With a Securities and Exchange Commission governed by a new figure, it is possible that more institutional investments will be promoted.
Many are now expecting to see new spot ETFs approved, with underlying assets based on crypto like SOL, XRP, and LTC.
BREAKING: Gary Gensler is officially getting fired!!
Make America great again, make Crypto great again! #Trump #Bitcoin pic.twitter.com/yDxSFKyucG
— KatieePCrypto.pls (@KatieePCrypto) November 6, 2024
Another of the many promises of the US politician concerns the release of the prisoner Ross Ulbricht, founder of the site Silk Road.
Ulbricht until 2013 had managed the dark site allowing the buying and selling of drugs online under the payment of cryptocurrencies like Bitcoin.
Once arrested, he was sentenced to life imprisonment, while always remaining a character who made history for the crypto world.
Without him, despite the harm he has caused to society by encouraging drug use, he has incredibly sponsored Bitcoin.
Not by chance, precisely in 2013, the moment of maximum splendor of Silk Road, the currency reached for the first time the quotation of 1000 dollars.
Now Trump, according to his promises, should grant him a pardon and make him a free man.
Donald Trump said “on Day One, I will commute the sentence of Ross Ulbricht”
FREE ROSS pic.twitter.com/97If4sOLMj
— Simply Bitcoin (@SimplyBitcoinTV) November 6, 2024
Attention to the promises of politicians: a lure
Although the promises made by Donald Trump may now inspire euphoria and enthusiasm for Bitcoin supporters, there is a fundamental detail to consider.
Trump’s victory represents a victory for crypto on the ideological level, which will likely fuel the next bull run of 2025.
It is clear that the prices in the market could benefit from this situation, but it is certainly not guaranteed that the promises made will be kept.
In fact, considering that politicians often tend to lie during election campaigns, it is likely that none of what was said will be carried out.
There is no reason to be surprised: throughout history, dozens of Presidents from all over the world have not kept their promises to the voters.
What really matters for Bitcoin is neither the support of the USA, nor Gary Gensler or Ross Ulbricht, but rather the narratives that hide behind.
It is essential that the crypto world believes that Trump can support it and make it grow, even if this will not happen directly.
They are just red herrings, which nevertheless, due to the psychology of investments, will still lead to the success of Bitcoin.
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