Crypto advocates took a victory lap on Wednesday as the vast amounts of money they poured into the US elections yielded huge dividends, from Donald Trump’s reelection to down-ballot wins for politicians friendly to the sector.
Once a crypto sceptic, Trump corralled tens of millions of dollars in industry support for Republican candidates by promising to make America the Bitcoin superpower of the world. On the campaign trail this summer, he pledged to fire US Securities and Exchange Commission Chair Gary Gensler, create a government-owned Bitcoin reserve and ensure all future Bitcoin is mined on US soil.
Bitcoin jumped to a fresh record on Wednesday as Trump barreled towards reelection. Tokens from Ether to Uniswap also rallied.
Some of the sector’s largest companies and wealthiest entrepreneurs, including Coinbase Global Inc., the Winklevoss twins and Ripple Labs Inc., poured unprecedented amounts of money into the race. Fairshake, a pro-crypto super PAC, spent over US$180 million on ensuring candidates who supported the industry would secure their place in the Senate and House of Representatives.
“We are on the brink of a new American Renaissance,” said Tyler Winklevoss, co-founder of crypto exchange Gemini Trust Co., in a post on X on Wednesday.
Here’s how some other crypto advocates and executives, from El Salvador President Nayib Bukele to Coinbase Chief Executive Officer Brian Armstrong, reacted to the election results and interpreted the market moves:
Timo Lehes, co-founder at Swarm Markets:
“Crypto markets see Trump as much more favorable to the sector than a Harris administration might have been. This comes principally down to the view of how regulators in the US treat crypto. If we look at the last four years of the Biden administration, then this tells you all you need to know about how crypto has been treated by the Democrats.
Of course we had the FTX disaster among others, but beyond that the targeting of the sector has been pointed. The Trump relief rally here is a euphoric response to the potential for this regulatory bullying to now end.”
Anatoly Crachilov, CEO of Nickel Digital:
“Bitcoin’s overnight price action reflects market expectations for constructive crypto policies under the incoming president and his technocratic team. This shift signals an end to regulation-by-enforcement, creating a new opportunity for the US to establish itself as a global leader in the digital asset space. [...] The focus now shifts to implementing the crypto-friendly policies promised on the campaign trail, a key factor for the market’s current optimism..”
Seth Hertlein, global head of policy at Ledger:
“It’s been a historic year for crypto on the ballot. We are now seeing across political lines that the force of crypto is undeniable, particularly across pro-crypto congressional candidates.”
Toby Lewis, co-founder of OrdinalsBot:
“A Donald Trump victory was what the crypto markets were waiting for, and clearly this market reaction with a massive rally was expected. Plans for a Bitcoin standard, stated intention to fire Gary Gensler and a much more pro crypto policy in general should see a more welcome environment for crypto in the US. The Democrats in terms of crypto policy were frankly stuck in the past.”
by By Anna Irrera and Emily Nicolle
