In 2016, Donald Trump became president just as the cryptocurrency industry was beginning to take off. Four years later, he lost to Joe Biden, whose administration took a tough stance on crypto, creating a challenging environment for the industry.
Now, as the 2024 campaign heats up, crypto enthusiasts are rethinking their views on Trump, and it’s easy to see why.
At the start of the 2024 race, not many expected Trump to become a supporter of cryptocurrency, given his earlier anti-crypto stance. However, things quickly changed as Trump openly backed the industry. He promised to overhaul the existing crypto regulatory framework, aiming to make it more favorable for both investors and businesses.
With Trump’s victory looking increasingly likely, the crypto market is seeing renewed optimism.
As Trump’s chances of victory grow stronger, many are wondering if his presidency could undo the regulatory harm caused under Biden’s administration. In his first public address after the election results, Trump said, “We are going to help our country heal.”
Could that healing extend to the crypto market, which has struggled under heavy regulations?
Currently, Trump has secured at least 267 electoral votes, while Democratic candidate Kamala Harris has 224. Unlike in 2016, Trump is also leading in the popular vote, with 51% compared to Harris’s 47.5%.
Though counting continues, trends show Trump is likely to win more than 300 electoral votes. In his remarks, he has expressed confidence in reaching that milestone.
As the crypto world closely watches the election, Trump has made three major promises that stand out to crypto supporters:
In addition, Trump has promised to remove current SEC Chairman Gary Gensler, whose strict regulatory approach has been criticized by the crypto community.
The crypto community is hopeful that a Trump administration could lead to a more crypto-friendly regulatory environment. If these promises come to fruition, it could ease some of the current regulatory pressure and spark a new wave of bullish momentum in the market.
With Trump’s path to victory looking clearer, the crypto industry could soon enter a new chapter.
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