The election will soon conclude, with multiple U.S. media outlets reporting that Trump won the 2024 U.S. election. Bitcoin reached a historic high of $75,407. Democratic candidate Kamala Harris officially acknowledged her campaign defeat on Wednesday afternoon, a few hours after the election results confirmed her loss. She congratulated Republican candidate Donald Trump via phone while also issuing a warning to him.
Trump's election as President of the United States would have a significant impact on the Bitcoin market.
With Trump's likely election, as he has promised to treat Bitcoin as a strategic reserve for the nation, the net inflow into Bitcoin ETFs has reached $2.3 billion in the past week, indicating the market's optimism about Trump's election and Bitcoin. His victory would provide significant momentum and strong benefits for Bitcoin! Multiple senior market analysts have stated that the best time to enter the market is actually before the election results are confirmed!
Has Trump changed his attitude towards crypto? Can he fulfill the ten commitments regarding cryptocurrency?
First, let's review the ten commitments Trump made regarding cryptocurrency:
1. Make the U.S. the world's cryptocurrency capital
Back to September 6, during a public speech at the New York Economic Club, Trump reiterated that if re-elected president, he would make the U.S. the world's cryptocurrency capital and embrace cryptocurrencies, artificial intelligence, and other 'future industries.'
Additionally, he believes the crypto industry is in its infancy and may surpass gold in the future. At the 2024 Bitcoin conference, he stated that if he returns to the White House, he will designate Bitcoin as a strategic reserve asset for the U.S. and will never sell any Bitcoin seized by the government. Regarding the $35 trillion national debt issue, Trump has also suggested that perhaps it could be solved using cryptocurrency.
2. Fire SEC Chairman Gensler
When Trump first made a commitment at the Bitcoin conference, the first promise was to fire SEC Chairman Gary Gensler, the public enemy of the crypto industry, on his first day in office. However, it is not that easy for a president to fire the SEC chair; these processes could take a year unless Gensler resigns himself, in which case he could be replaced at any time. It is said that the likely successor is Hester Peirce, known in the crypto community as 'Crypto Mom.'
3. Establish a strategic Bitcoin reserve
As mentioned by others, Trump seems to believe that Bitcoin can serve as an important asset reserve, enhancing the economic strength and financial position of the United States. If this idea is realized, it will have a significant impact on both the U.S. financial system and the status of Bitcoin.
4. Prevent the U.S. from selling its Bitcoin holdings
Will retain 100% of the Bitcoin he owns.
5. Prevent the U.S. government from further developing CBDC
Indicates that Trump will promote a more crypto-friendly policy, possibly including easing regulations or providing a clearer legal framework.
6. Propose a comprehensive crypto policy
Trump stated he hopes Bitcoin will be mined, minted, and manufactured in the U.S., proposing a comprehensive crypto policy that covers everything from stablecoin regulation to Bitcoin self-custody rights.
7. Stop the crackdown on cryptocurrency within one hour of taking office
This commitment will stop the crackdown on cryptocurrency policies and establish a 'Cryptocurrency Presidential Advisory Committee,' allowing crypto-loving experts to formulate transparent and fair regulatory standards, enabling the Bitcoin community to thrive in a fair environment.
8. Terminate the U.S. government's illegal crackdown on the crypto industry
9. Suggest using cryptocurrency to address the U.S. debt problem
According to Treasury data, over the past 100 years, U.S. federal debt has increased from $394 billion in 1924 to over $35 trillion in 2024. Some believe cryptocurrency could help address the U.S. national debt issue, but Trump may not successfully establish a reserve fund, or even if he does, his successor may cancel it. Thus, this promise may just be a campaign rhetoric.
10. Reduce the prison sentence of Silk Road founder Ross Ulbricht
Trump stated he would bring home Ross Ulbricht, who was sentenced to life in prison for creating the dark web marketplace 'Silk Road,' as he has already served 11 years. As president, Trump has the authority to reduce sentences or lessen convictions for federal crimes, so this promise could potentially be fulfilled quickly.
The crypto market urgently needs Trump's commitment
Regardless of whether the wise king can fulfill all his commitments, the Trump family has recently launched a DEFI project called World Liberty Financial, and Trump himself has received around $8 million in cryptocurrency donations through his political action committee. Trump's crypto commitments have not only earned recognition and support from the crypto community but also sparked their enthusiasm for participating in the elections.#特朗普加密政策承诺
On prediction platforms like Polymarket, the crypto community has wagered billions of real dollars on Trump's election. This move not only shows the crypto community's trust and support for Trump but also highlights their growing influence on the political stage.
During the campaign, Trump's multiple statements regarding cryptocurrency fueled significant increases and volatility in BTC. The crypto community's expectations and enthusiasm for Trump are evident.
Multiple analysts believe BTC will continue to set historical highs, potentially breaking $100,000 by the end of the year.
Standard Chartered analyst Geoff Kendrick stated that BTC will rise another 10% in the coming days and reach $125,000 by the end of this year. Bernstein analysts have suggested that Bitcoin prices could reach $80,000 to $90,000. Jeff Park, head of Alpha Strategies at crypto asset management company Bitwise, predicted that Bitcoin's price could rise to $92,000.
The last election year was 2020, when the crypto market was in a bear market, and Bitcoin was around $8,000. In 2024, the crypto market is entering a bull market, with Bitcoin repeatedly breaking the $70,000 mark, once surpassing the market value of silver, having long since transitioned from an edge asset to a mainstream global asset. As a super 'sales king,' Trump's flamboyant crypto pitch during the campaign also attracted a larger global audience's attention to crypto and even participation in it.
The crypto market urgently needs Trump's commitment; after all, the endpoint for Bitcoin is not just 80,000!$BTC