Donald Trump’s return to the White House has sparked a seismic shift in the cryptocurrency landscape, ushering in what many are calling the “golden age” of digital assets.
With the value of Bitcoin soaring past $100,000 and pro-crypto policies on the horizon, the industry is poised for unprecedented growth.
But this newfound optimism comes with questions about regulation, conflicts of interest, and long-term sustainability.
Related: Tether CEO Paolo Ardoino Hopes for Net Positive from US Election, Says Bitcoin Strategic Reserve is a Great Idea: 99Bitcoins Exclusive
Trump’s pro-crypto pivot
Trump, once an outspoken cryptocurrency skeptic, has turned into one of the industry’s most prominent advocates.
During his campaign, he promised to make the United States “the cryptocurrency capital of the planet,” a pledge that resonated deeply with an industry frustrated by years of regulatory crackdowns under the Biden administration.
Trump’s proposed policies include deregulation, creating a national bitcoin reserve, and appointing cryptocurrency-friendly officials to key positions such as head of the Securities and Exchange Commission (SEC).
This shift not only motivated cryptocurrency enthusiasts, but also attracted significant financial support from the industry.
Super PACs like Fairshake have funneled more than $135 million to pro-Trump campaigns, while prominent figures like Coinbase’s Brian Armstrong and MicroStrategy’s Michael Saylor have publicly endorsed his candidacy.
Bitcoin’s meteoric rise
The market response to Trump’s election victory was immediate and dramatic.
President Trump says:#Bitcoin Cryptocurrencies will skyrocket like never before, even beyond your expectations.
The next 4 years are going to be epic! pic.twitter.com/P0BedYXuLK
– Vivek
(@Vivek4real_) December 21, 2024
Bitcoin rose nearly 40%, crossing the $100,000 mark for the first time. Analysts attribute this rise to expectations of decreased regulatory scrutiny and increased institutional adoption under the Trump administration.
Companies like Coinbase and MicroStrategy have seen their stock prices surge, reflecting investors’ confidence in a more favorable regulatory environment for cryptocurrencies.
Trump’s proposal to create a strategic reserve of Bitcoin – a government-owned stock of Bitcoin – has increased market optimism. This initiative, inspired by similar concepts such as the US Strategic Petroleum Reserve, aims to position Bitcoin as a digital store of value alongside traditional assets such as gold.
Supporters argue that such a move could push Bitcoin prices soaring, potentially to $250,000 or more per coin.
Related: Bitcoin Price Hits $106K as Trump Teases US Bitcoin Strategic Reserve Plan
Trump’s Crypto Revolution: The Golden Age of the Industry Begins?
Many prominent figures in the cryptocurrency world have joined Trump’s vision, each playing a pivotal role in shaping this new era:
Brian Armstrong (Coinbase): The CEO of America’s largest cryptocurrency exchange has been a vocal supporter of Trump’s pro-crypto agenda. Armstrong has benefited greatly from the post-election rally, with Coinbase shares rising as regulatory headwinds subside.
Michael Saylor (Microstrategy): Saylor, who is known for turning his software company into a Bitcoin powerhouse, has doubled down on his bullish stance. With plans to buy billions more in Bitcoin, Saylor sees a Trump presidency as validation of his long-term investment strategy.
Cameron and Tyler Winklevoss (Gemini): The twin founders of Gemini have gone from regulatory moderates to fierce critics of the SEC under Biden. Their financial support for Trump underscores their belief that his administration will foster a more favorable environment for cryptocurrency innovation.
Paolo Ardoino (Tether): As CEO of Tether, Arduino welcomed Trump’s non-regulatory stance while continuing to defend his company against allegations of enabling illicit activity. Tether’s role as a stablecoin leader makes it a major player in this evolving landscape.
Vitalik Buterin (Ethereum): Unlike his peers, Buterin criticized Trump’s approach as overly opportunistic and warned against sacrificing the fundamental values of cryptocurrencies for short-term gains.
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