The United States stock market and Bitcoin have been rising tremendously since Donald Trump was elected as the 47th President of the United States. Investors have started to prepare for what is to come from Trump’s economic policies that will come into place after January 2025. Trump has always been questionable about cryptocurrencies, but on July 27th, he explained that he has embraced crypto for his second term if elected president.
Since the end of the 2024 election, Bitcoin has risen by almost 8% which exceeded 75,000 which sets a new high record. Since Trump has wanted to embrace Bitcoin and the crypto market in general, he explains, “If Crypto is going to define the future. I want to be mined, minted, and made in the USA. It’s going to be. It’s not going to be made anywhere else…” His campaign even started to take donations of cryptocurrency. Trump plans to loosen many Bitcoin regulations and fire people such as the chair of the Securities and Exchange Commission, Gary Gensler.
This is normal for cryptocurrencies and stock markets to rise after an election, but Bitcoin set a new high record. Many different cryptocurrencies rose too, not just Bitcoin. Ether had jumped up 8% also and Dogecoin, which Elon Musk has said is his favorite crypto, has jumped by a staggering 19.4%. Crypto is on the rise after the 2024 election which impacts the world, not just the United States.
Trump also mentioned a national Bitcoin reserve when he explained at a Bitcoin conference. A national Bitcoin reserve would mean that the United States would buy and use Bitcoin as an asset. The country would become more wealthy depending on price increases in Bitcoin. Bitcoin could have many purposes as part of a national reserve. It would overall positively benefit our country.
Crypto is new around the world. The idea of digitized currency still worries people. People all around the world have been participating in crypto, and it has gained a lot of popularity in the last decade. US citizens are still worried about what can go wrong, but lots of young people have sprung at the chance to be involved. Many people have made millions of dollars participating in the market but there are others who have lost. Lots of regulations hold many Bitcoin miners and experts from progressing crypto influence around the world. Trump said during his conference, “On day one I will fire Gary Gensler and appoint a new SEC chairman.” The SEC oversees the stock market and financial markets. Gary Gensler is responsible for putting several tighter regulations on the crypto market. He has also started many lawsuits against major cryptocurrency platforms such as Coinbase.
Since Trump has been pro-crypto, many trust the crypto market more than before and a lot of people have already started putting money in. There are several factors as to why the crypto market rose after Trump was elected, but the main reason is that so many more people trust it now. In the case that a Bitcoin reserve comes into place, many Americans might start to buy or mine more Bitcoin.
