Bitcoin prices soared to an all-time high, reaching $75,000 at one point, an increase of more than 8%.
Just yesterday, Trump announced his victory.
Looking back at 2019, Trump, then the US president, tweeted that he was not a supporter of Bitcoin and other cryptocurrencies, criticizing them for not being money, their value was extremely unstable and completely created out of thin air. He also expressed concerns about a series of problems caused by the lack of regulation of cryptocurrencies: "Unregulated crypto assets will facilitate illegal behavior, including drug trafficking and other illegal activities."
In March of this year, Trump began to talk about the advantages of cryptocurrencies: "I make money with it and have fun with it."
In an interview with CNBC, Trump called them "crazy new currencies." Two months later, when he hosted "big holders" of his NFTs at Mar-a-Lago, he announced that he would "support" cryptocurrencies and criticized Biden and the Democratic Party for "opposing cryptocurrencies." Many people believe that this gathering was a turning point in elevating cryptocurrencies to the focus of this campaign.
When he announced that he would fire SEC Chairman Gary Gensler once he returned to the White House, there was an immediate burst of cheers and applause from the audience. In addition, he also said that if re-elected, he would set up a presidential advisory committee to ensure that the regulatory framework for cryptocurrencies becomes law.
In addition, the Trump family also launched the decentralized finance (DeFi) project World Liberty Financial (WLFI) to provide lending services for cryptocurrencies on the Ethereum network.
Trump's victory is widely seen as a huge boon to the cryptocurrency industry. The billionaire real estate tycoon turned politician expressed his support for cryptocurrencies before the election.
Let's cheer for Trump together.