After President-elect Donald Trump’s presidential campaign victory against Vice President Kamala Harris, the U.S. stock market is booming and along with it shares for bitcoin, according to CNBC.
The jump is largely related to Trump’s pledge to make America the “bitcoin superpower of the world.” The former business mogul has said that he plans to establish a crypto advisory council in his first 100 days in office, create favorable regulation to encourage domestic “made in the USA” bitcoin mining, establish a national bitcoin stockpile, and fire Securities and Exchange Commission Chair Gary Gensler. Gensler has made a practice of suing multiple crypto firms.
Trump, at a recent bitcoin conference in Nashville, spoke about empowering the growing industry.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry.”
The first #Bitcoin President of the United States of American. @realDonaldTrump pic.twitter.com/Gjo67LJkLX
— Bitcoin (@Bitcoin) November 7, 2024
“The themes around the Trump trade for crypto are deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on parts of government like financial institutions and the Fed — or at least an alternative for decentralized currency — and overall support of risk assets and the growth of crypto … is really what’s making it grow,” Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC.
Anthony Yeung, global head of strategic development at CoinCover, a blockchain protection company, urged the government to act quickly to create a regulatory framework.
“While President-elect Trump has claimed to make the U.S. the ‘crypto capital’ of the world, the details of his plans remain to be seen, and I expect it to take some time to truly understand his stance towards crypto,” said Yeung. “What it needs is targeted and proportionate regulation that prioritizes consumer protection and encourages innovation.
“Striking this balance will require close collaboration between regulators, policymakers, and industry participants.”
Austen Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten
