Bitcoin Reached $75K All-Time High as Trump Becomes President – What’s the Future for Crypto?

• Bitcoin reached an all-time high of $75K as Trump won the US presidential elections with 277 votes.
• Bernie Moreno, a crypto champion, won a Senate Seat in Ohio, beating Sherrod Brown, a known crypto skeptic.
• Elizabeth Warren's win over John Deaton in Massachusetts might not create strong anti-crypto waves. Tim Scott (a blockchain believer) is likely to become chair of the Senate Banking Committee, of which Warren is a member.

The US elections are flaring up crypto. Bitcoin recently hit a historical all-time high of $75K. And PolitiFi meme coins are doing what they do best - following what's popular.

A lot has happened, from crypto champion Bernie Moreno winning a Senate seat in Ohio to crypto-detractor Elizabeth Warren beating crypto supporter John Deaton in Massachusetts.

And apparently, Trump's seat in the White House is assured, as the Wisconsin and Michigan votes pushed him past the required 270 electoral votes, reaching 277.

Let's unpack everything and see how it impacts crypto.

America's Future Is Pro-Crypto - Republicans Lead

Donald Trump has won the US presidency. He has 277 votes and has safely regained his seat in the White House.

Source: AP News

That's the first and potentially most significant pro-crypto element in the 2024 US elections. With Trump's known pro-crypto agenda, times are looking good for the industry.

He said he'd make the US a $BTC superpower and hinted at a national Bitcoin reserve. Meanwhile, Harris hasn't specified any plans to support the crypto industry.

The second pro-crypto element is Bernie Moreno's Senate win in Ohio.

What's significant about this? Moreno had a $40M campaign fund from Fairshake, the crypto industry's super PAC (Political Action Committee).

This is what happens when you mess with the crypto army.

- Cameron Winklevoss

Plus, Moreno's adversary, Sherrod Brown, was a known crypto industry skeptic. His loss makes the Senate mostly Republican, which should mean a pro-crypto attitude.

According to the latest results, the GOP holds 51 seats in the Senate, so they already hold the majority rule.

Source: AP News

Does this mean the US is unanimously Republican and pro-crypto? Not exactly.

Elizabeth Warren Beats John Deaton in Massachusetts

US Senator Elizabeth Warren (infamous crypto detractor and industry regulation pusher) outscored Republican John Deaton for the Massachusetts Senate seat.

Warren famously said that the SEC had made a mistake by approving $BTC ETFs.

The [US Securities and Exchange Commission] is wrong on the law and wrong on the policy with respect to the bitcoin ETF decision.

- Elizabeth Warren

On the other hand, Deaton had received $2.1M in campaign backing. Some of his supporters included Gemini co-founders Cameron and Tyler Winklevoss, as well as Ripple's current and former CEOs, Brad Garlinghouse and Chris Larsen.

Warren's Massachusetts win is an interesting counterpoint to Moreno's victory in Ohio. But it might be insufficient to mount a proper anti-crypto resistance.

It's very likely that Republican Tim Scott (known blockchain believer) might become chair of the Senate Banking Committee, of which Warren is a member.

Bitcoin and Meme Coins Shoot to the Stratosphere

Bitcoin is currently $73.8K, a 7.35% increase in the last day. More importantly, its 24-hour trading volume shot up by 136.75%.

CoinMarketCap shows a 74% bullish community sentiment, and the total crypto market cap is $2.46T, an 8.98% increase in the last day.

Bitcoin's future looks brighter by the day, with many experts agreeing on the bullish sentiment:

• Joshua de Vos (Research Lead at CCData) says a short-term rally is in store under the Trump victory, thanks to the expectations of a supportive regulatory environment. He also thinks a Harris win wouldn't have been as bad for the industry.
• Bernstein analysts agree on a $90K all-time high for Bitcoin now that Trump has won.
• David Brickell (Head of FRNT Financial) and Chriss Mill (former Forex trader) say Trump's win will likely send $BTC to $100K.
• Standard Chartered (UK bank) suggested $BTC could reach $125K by the end of 2024 with the Republicans in the White House. The target was $75K with a Harris win.

Overall, Bernstein gives the most bullish prospect - Bitcoin reaching $200K by the end of 2025, regardless of who won the US elections.

Javier Rodriguez-Alarcon (XBTO chief commercial officer) confirmed this, saying the macro backdrop is supportive for Bitcoin,' referring to a continuation of the performance bump we're seeing now.

Our Opinion - Trump Wins, Crypto Soars, Industry Benefits

With 277 votes, Trump is unquestionably the next US president. Therefore, crypto's future in the US should be safe.

The Bitcoin genie is out of the bottle, and it is hard to reverse this course.

- Bernstein

Now, it remains to be seen whether Trump will keep his promises to the industry and put a stop to the SEC's constant hounding of crypto. Will the US become a Bitcoin superpower? Again, we'll see.

References

• Cameron Winklevoss' X Post on Bernie Moreno's Win in Ohio (X)
• Elizabeth Warren's X Post on the SEC Allowing $BTC ETFs (X)
• Bitcoin Performance (CoinMarketCap)
• Six experts on where Bitcoin's price will land after the election (DLNews)
• Associated Press Election Results (Associated Press)

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