Trump’s re-election fuels crypto boom—what’s next?

Bitcoin has recently hit an all-time high as the entire crypto universe surges. The first cryptocurrency skyrocketed to a historic market cap of nearly 2trn, and US president-elect Donald Trump is receiving credit for this bounce-back.

The former president has now adopted a more crypto-friendly stance, unlike during his previous tenure from 2016 to 2020. Trump’s victory has positively impacted the market, pushing it into a bullish trend as predicted.

The world’s largest cryptocurrency, Bitcoin, was traded at a record high of $89,864.13 on Tuesday, according to Goingecko. Meanwhile, on election day, Bitcoin was trading in the $67k-$70k zone.

While the pro-crypto president has already been elected in the US, what’s next for the industry?

Crypto-friendly regulation anticipated

“If you favor crypto, you better vote for Trump.” This is what the elected 47th president said during a notable gathering at his Mar-a-Lago resort in Palm Beach, Florida, almost six months ago. Now, the US has voted for him, and the pro-crypto voters are anticipating more favorable regulation, unlike under Joe Biden’s administration.

The president-elect Trump has openly said that he wants to turn the United States into the “crypto capital of the planet.” He has reportedly started the homework for the preparation of a crypto-friendly stance.

The former president has already promised to “fire” the US Securities and Exchange Commission’s chairman, Gary Gensler. Under Gensler’s leadership, the SEC has taken a tough stance on crypto companies, filing fraud charges against FTX’s leader and leveling allegations against Binance for questionable business practices. The agency has also engaged in legal battles with Coinbase, Kraken, and Ripple, accusing them of not complying with federal registration laws, though all deny the charges.

US budget in blockchain?

Crypto and blockchain were not just Trump’s issues during the election campaign. 

Robert F Kennedy Jr, the former independent presidential candidate, was proposing the idea of putting the “US budget on blockchain.”

“We’re gonna have 300m eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it,” Kennedy said.

He has not won the election; however, he is reportedly promised “control of the public health agencies” by Trump. It looks like Trump may have to battle with his advisers to take Kennedy Jr. under his wing; his idea may flourish. Kennedy Jr. is also strongly supportive of crypto.

Musk to lead DOGE!

Trump has appointed the richest man in the world, Elon Musk, to run a new Trump’s agency, the Department of Government Efficiency (DOGE), together with Vivek Ramaswamy. 

“I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (DOGE). Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies—Essential to the ‘Save America’ Movement,” reads the announcement. 

The Tesla CEO, Musk, is always crypto-supportive and allowed to buy his electric car with Bitcoin for the short term. Furthermore, the tech billionaire has turned into a Dogecoin fan, causing many hikes of the popular memecoin.

DOGE, representing Dogecoin, is also the acronym for Trump’s new agency. It may not be a mere coincidence that it matches Musk’s favorite coin and the agency he is set to lead.

The new agency will focus on reducing government bureaucracy, cutting excessive regulations, and eliminating wasteful spending. This agency aims to implement structural reforms and an entrepreneurial approach to government, making it more efficient and accountable to the American people.

With a matching name, some Dogecoin involvement is expected under Musk’s involvement.