Donal Trump emerges the winner of the US presidential election beating Kamala Harris which brings some enthusiasm for the crypto community in the country, as the Associated Press’s national and battleground state poll data showed Wednesday.
Mik Johnson, Speaker of the US House of Representatives, also announced that he is now President-elect of the United States. Before the official confirmation he addressed the public during an event in Florida’s West Palm Beach and congratulated the voters that have decided to elect him.
The timeline of this presidential race was also characterized by a reversal in the campaign timeline. Trump, who had been dreaming of the seat for almost 10 years, was pitched against the Vice President Mrs Kamala Harris who had declared her intention a few months back. Agreed the competition was fierce and kept the nation glued to the television.
As Harris and Trump remained almost neck to neck in the early polls across all seven swing states, the contest looked promising. While Trump’s victory became certain, there was more volatility within the market and the price of bitcoin shot to record levels of over seventy-five thousand dollars.
His colleagues also managed to secure more positions in the Senate.
Elon Musk, the billionaire, commented that the American people had given a “no holds barred change mandate” to Mr Trump. In the same vein, Mark Cuban who had supported Harris congratulated Trump and said it was a fair win.
Trump Took Early Lead in Seven Major Swing States
The latest opinion polls confirmed that Trump is winning in all the seven mentioned swing states consisting of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. This has also been the finding in RealClearPolitics where Trump appears to be leading in betting markets too.
Early voting figures and polls indicated that Trump was winning in North Carolina and Georgia getting victories in both states. Thereafter he won the states of Pennsylvania and Wisconsin which he was also leading.
At the ethnic makeup of the electorate Harris was expected to be much more competitive with a few states looking quite good based on the polls. In Nevada, the races were very competitive with both candidates doing well with only a quick middle of the pack timelines.
Around 1.00 am EST, Polymarket recorded Trump’s likelihood to win above 97 percent suggesting the sportsbook’s success in betting.
Donald Trump’s Win Raises Expectations for the Same Growth in Crypto Market and for Easing of Regulations
With regards to the cryptocurrency industry this year, Trump has been quite positive. His desire to have a national reserve of bitcoins, as he referred to, looks ambitious. He promised to reinstate the SEC chair that he removed on his first day if elected President again: Gary Gensler, who, as it turns out, is opposed to bitcoin. Besides, his family’s company supports a project focusing on decentralized finance, World Liberty Financial, which he has backed publicly.
Markus Levin who co-founded the XYO Network commented in an interview with Cryptonews where he was asked this question: How do you think This event can change attitudes towards crypto – it is clear that Trump is pro-crypto and if he comes to power it will change the climate most likely for the better?
“In the end, why not. Global institutions such as the IMF and the World Bank are against crypto at the present moment. And if there’s a crypto friendly executive in the White House, it will also help those institutions to be more crypto friendly, which will in turn benefit the blockchain and currency through contribution towards its global growth and proliferation,” he expounded.
Kadan Stadlemann the CTO of Komodo also agrees to the dot that Trump’s victory could bring about some favorable conditions for the crypto market. This would be the case in that US-based crypto companies would consequently find it easier to operate due to less restrictive legislation, allowing them to further increase investments```
He argued that “Trump is likely to appoint a much more crypto friendly SEC chair who can approve more spot crypto ETFs and make DeFi regulations more favourable thereby easing the compliance burden.” Companies located in the U. S. could also witness greater innovation and growth that would attract other international players to target the US market.
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