Cryptocurrency Impact on 2024 US Presidential Elections
Declaring that he won the 2024 US Presidential elections, Donald Trump made a significant impact not only in the political arena but also in the cryptocurrency world. The Republican candidate declared victory, leaving behind Kamala Harris, who had a long term as president. Trump’s support for cryptocurrencies during the election campaign created great excitement among investors and triggered a serious uptrend in the markets.
On election night, the value of Bitcoin broke a record, exceeding the $ 75,000 level. This shows that Trump’s crypto-friendly policies are welcomed by investors. However, it is necessary to take a closer look at the details of Trump’s cryptocurrency policies.
Donald Trump and Cryptocurrency Policies
With Trump’s victory, the US Senate is expected to come under Republican control. This will make it easier for Trump to create a platform that supports cryptocurrencies. Trump, who promised policies in favor of the crypto industry many times during the campaign, stated that the USA would protect crypto assets and make the necessary regulations for the growth of the market.
One of the most striking promises in Trump’s cryptocurrency policies was the promise not to sell the Bitcoin assets held by the United States. In his speech at a Bitcoin conference held in Nashville in July, he made statements that the state would not sell its Bitcoins and would protect these assets in the long term. This was considered a very positive message for investors. The price drops in the market, especially as a result of Germany selling its Bitcoins, revealed how important this promise of Trump was.
Will the SEC Chairman Change?
Among Trump’s election promises, one of the most important promises that could directly affect the crypto markets was that he would dismiss US Securities and Exchange Commission (SEC) Chairman Gary Gensler. Gensler, who took office in the Biden administration, is known for his strict regulations on the cryptocurrency industry. Gensler’s pressure on the industry with the lawsuits he filed against major crypto companies such as Ripple, Coinbase and Binance caused him to receive intense criticism from the crypto community.
Trump’s plan to establish an advisory board that supports the crypto industry stands out as another noteworthy promise. This advisory board could play an important role in shaping Trump’s policies, considering developments in the crypto industry. In addition, Trump’s plans to promote cryptocurrency mining activities have also become a source of hope for players in the industry.
Promotion of Bitcoin Mining
Trump met with leading Bitcoin mining companies at the Mar-a-Lago Club in Palm Beach and expressed his support for Bitcoin mining in America. “If the future of Bitcoin is in cryptocurrencies, all mining needs to be done in America,” said Trump, noting that this situation would increase the dominance of the USA in the energy field. This view emphasizes the importance of regulations regarding mining with environmentally friendly energy sources.
Another important promise of Trump was the idea of not taxing cryptocurrencies produced in the USA and imposing tariffs instead. This strategy aims to accelerate developments in the sector and make America the leading country in the field of crypto. Investors hope that if these policies are implemented, America will become more competitive in cryptocurrency markets.
Promise to Lower Interest Rates
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. This is interpreted as a positive development for crypto investors.
As a result, Trump’s crypto-friendly policies have built great confidence among investors and triggered a rapid uptrend in crypto markets. In particular, his promises regarding interest rate cuts increased investors’ interest in crypto assets. It is thought that a US under Trump administration will further support crypto markets, which could lead to wider adoption of cryptocurrencies in the future.
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