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The election of a pro-crypto president in the United States has had industry leaders herald the 2024 election a huge win for crypto. The Election Day victory has been synonymous with a booming Bitcoin rally, with the Coinbase CEO taking the lion’s share.
Coinbase CEO Brian Armstrong shared his perspective on the election results in an X post, in which he shared his views on what might have led to the massive win for crypto. According to Armstrong, the critical factor in Trump’s victory was the win of numerous pro-crypto candidates, including Ohio’s Bernie Moreno, over sharp crypto-critic Sherrod Brown. Brown has repeatedly complained about digital assets’ use in illicit finance, arguing that some would use it to finance terrorism and evade US sanctions.
Crypto Industry Cash in on Win
Immediately following the revelation that America’s first-ever pro-crypto President had taken the day, players within the crypto industries immediately cashed in on the Tuesday victory crypto rally that followed. Coinbase enjoyed its best day on record yet, soaring 31% on Wednesday as investors and industry leaders celebrated the exchange’s victorious efforts to ensure pro-crypto candidates were elected to office. According to Fairshake, the Coinbase-backed PACs had a field day, with 46 out of the 58 candidates it supported winning, with the other 12 still undecided.
2024 Election a Huge Win for Crypto
Armstrong is the biggest investor in the cryptocurrency exchange he co-founded in 2012 before making it public in 2021, where he owns at least 10% of the company’s shares. According to the firm’s latest filings, the CEO owned at least 34.8 million shares, meaning the value of his stake should have surged by about $2.1 billion on Wednesday alone to at least $9 billion. Commenting on the election outcome in his X Post, Armstrong emphasized that the 2024 election was a massive win for crypto no matter how one viewed it.
Even before the election of America’s pro-crypto President Donald Trump was called, BTC went through the $75,000 ceiling to briefly trade at a new all-time high of $76,400, going beyond the $73,300 record set in March. The 9.5% surge in Bitcoin’s price immediately following the win saw the crypto market soaring. Coinbase took the lion’s share of 30%, followed by other crypto-related stocks, such as Robinhood, gaining 20%, while MicroStrategy gained 13%. Tesla CEO Elon Musk’s favourite Dogecoin also jumped 16%- Musk was one of Trump’s most incredible supporters.
Critic Turned Pro Crypto President
Industry insiders are over the moon because of the Trump win, believing it should signal the beginning of the end of an aggressive anti-crypto era where unjustified lawsuits and aggressive regulations were the order of the day. Commenting on the election of the pro-crypto President Trump, Cameron Winklevoss, one of the twins and co-founder of Gemini crypto exchange, noted that the crypto industry would stop losing billions of dollars in legal fees fighting the Securities and Exchange Commission (SEC) and “instead invest the money into building the future of money” further asserting in an X post that “Amazing waits.”
Initially sceptical about the cryptocurrency space, Donald Trump metamorphosed into a pro-crypto president. After that, he launched his crypto token last October when he promised to make America “that crypto capital of the planet.” The former critic, now turned the most pro-crypto President in the US, became a darling of the crypto community with the vast promises he made should he be elected. First, Trump pledged to create a crypto advisory council, stockpile a Bitcoin reserve, fire anti-crypto SEC chair Gary Gensler, and ensure that all the remaining BTC coins are mined in the country.
Conclusion
The election of America’s first pro crypto President comes when the greatest investors in Silicon Valley have played a significant role in promoting pro-crypto candidates. These have included the Winklevoss twins and venture capitalist Andreessen Horowitz.
Talking about what industry players held as a massive win for crypto, Tyler Winklevoss said the crypto army was striking, adding that “we are on the brink of a new American Renaissance.” Among those that have cashed in on the ensuing crypto rally the most is also pro crypto president Trump himself, with shares of his own Trump Media & Technology Group skyrocketing over 30% following his win.
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