Donald Trump Wins US Presidential Election, Boosting Hopes for Crypto Community

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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November 6, 2024 02:47 EST

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Donald Trump has won the US presidential election against Kamala Harris, national and battleground state poll data from the Associated Press showed Wednesday, sparking optimism for the future of the crypto community in the country.

Before the official confirmation, he declared victory while speaking at West Palm Beach in Florida and thanked his voters for electing him. US House of Representatives Speaker Mike Johnson also declared that he is now the President-elect of the US.

This presidential race highlighted a sharp contrast in campaign timelines. Trump, with nearly a decade of presidential ambitions, faced Vice President Kamala Harris, who had entered the race just months earlier. Despite this, the competition was intense, keeping the nation captivated.

Early polls showed a close contest between Harris and Trump across almost all seven swing states. Meanwhile, as Trump’s lead became clear, Bitcoin’s price surged to an all-time high, exceeding $75,000.

His Republican colleagues secured a majority in the Senate.

Billionaire Elon Musk remarked that the American public had provided Trump with a “crystal clear mandate for change.” Meanwhile, Mark Cuban, having endorsed Harris, extended his congratulations to Trump, acknowledging that he won “fair and square.”

Trump Took Early Lead Across Seven Pivotal States

Recent polls showed that Trump led in all seven pivotal swing states: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. This trend has been echoed in sources like RealClearPolitics, where Trump’s lead is also reflected in betting markets.

Early voting data and polls showed Trump taking an early lead in Georgia and North Carolina, securing a win in both states. Later, he took the lead in Pennsylvania and Wisconsin.

Meanwhile, Harris showed competitiveness, particularly with polls hinting at an advantage in certain states. In Nevada, the competition was extremely tight, with both candidates showing a neck-and-neck race at some point.

Polymarket pegged Trump’s odds of winning at over 97% as of 1:00am ET, showing the betting site’s accuracy in predicting the election outcome.

Donald Trump’s Win Sparks Hopes for Bullish Crypto Market and Regulatory Relief

This year, Trump has shown strong support for the crypto industry. He called for a national Bitcoin reserve and vowed to dismiss SEC chair Gary Gensler, a crypto opponent, on his first day if re-elected. Additionally, he endorsed a decentralized finance project called World Liberty Financial, where his family holds a key role.

XYO Network co-founder Markus Levin told Cryptonews that Trump’s victory would likely make the global climate more favorable to crypto.

“After all, global institutions like the IMF and World Bank are skeptical of crypto at the moment. So if there is a pro-crypto administration in the White House, those institutions will inevitably become more pro-crypto and in turn have a sizable impact on the world in terms of adoption and favorable regulation,” he added.

Komodo CTO, Kadan Stadlemann, also believes Trump’s win could trigger a bullish market. This is because regulatory relief for US crypto firms might follow, attracting increased investment.

“Trump is likely to appoint a much more crypto-friendly SEC chair, easing the compliance burden by potentially approving additional spot crypto ETFs and supporting favorable DeFi regulations,” he said. US-based companies could see higher innovation and growth, influencing global players to expand into the US market.

Meanwhile, HTX Ventures has indicated that Trump’s return to the presidency might stop the exodus of crypto companies from the US, thereby encouraging many to seek public listings.