Highlights:
- President Bukele congratulates Trump, Indicating shared support for pro-crypto policies.
- Markets see Trump’s potential presidency as favorable for crypto, driving Bitcoin’s growth.
- Bitcoin hit a new record high of over $75,000 amid a pro-crypto solid sentiment.
Just before the official declaration, El Salvador’s President Nayib Bukele was the first world leader to congratulate Donald Trump for his victory in the 2024 U.S. presidential election. Bukele shows Trump his support while both are pro-crypto, and markets anticipate massive shifts in American crypto policies during Trump’s reign.
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Congratulations to the President-Elect of the United States of America, @realDonaldTrump 🇺🇸
May God bless and guide you. pic.twitter.com/kl1lr0Dwv4
— Nayib Bukele (@nayibbukele) November 6, 2024
Bitcoin Surges Amid Trump’s Crypto Support and Bukele’s BTC Advocacy
Bitcoin prices reacted strongly to these developments, reaching an all-time high of over $75,000. This price surge came as Trump, known for his pro-crypto policies. Trump’s victory in the presidential race has caught the attention of crypto investors, many of whom believe his presidency could benefit the industry. This view contrasts with Kamala Harris, who was generally not seen supporting digital assets.
The anticipation of more favorable crypto regulations has resulted in a significant price jump, with Trump openly endorsing digital currencies and accepting campaign donations in Bitcoin.
Both Trump and Bukele share a strong commitment to promoting cryptocurrency adoption. Bukele made Bitcoin a legal tender in El Salvador in 2021 and has worked to integrate it into the country’s economy through numerous initiatives. Under Bukele’s leadership, El Salvador accumulated nearly 6,000 BTC, solidifying his position as a leading advocate for Bitcoin.
FOX-projected Trump White House victory called ‘the greatest political comeback in American history’ https://t.co/LJNTA9Qij3
— Fox News (@FoxNews) November 6, 2024
Trump’s Pro-Crypto Agenda Fuels Bitcoin Rally and Market Optimism
Trump has also accepted the position of “crypto candidate.” At a recent Bitcoin session, he promised to remove current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, whose policies have been controversial with the crypto community.
Additionally, Trump suggested establishing a national Bitcoin reserve, an audacious plan that has enthralled his followers in virtual currencies. Republicans also won early in congressional elections, which increased market trust in a government that supports cryptocurrency.
On the other hand, Massachusetts’s Democratic Senator, Elizabeth Warren, managed to easily retain her position against Republican representative Deaton, a crypto attorney. Warren has been characterized as ‘anti-crypto’ due to her policy decisions promoting more stringent cryptocurrency market regulations. This is a position that she has long taken against digital assets.
Trump and Bukele’s engagement in promoting cryptocurrency shows an understanding among the leaders. Their activism will improve the optimistic narratives about crypto assets. The integration of blockchain and currencies into world economic and political systems may alter the present systems.
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