As a researcher with over a decade of experience in the financial markets and a strong interest in cryptocurrencies, I find the recent developments in the US elections both intriguing and encouraging. The surge in pro-crypto candidates and the potential return of a pro-crypto president is a significant turning point for the digital asset industry.
In the current U.S. election, pro-cryptocurrency candidates are gaining momentum over their opponents who are not supportive of cryptocurrencies.
According to Stand With Crypto, a group that champions crypto advocates, data reveals that 235 pro-cryptocurrency candidates successfully ran for seats in the House of Representatives, whereas 112 non-crypto supporters were also elected. Additionally, pro-crypto candidates dominated the Senate race, with 14 pro-crypto candidates winning compared to only 9 anti-crypto candidates.
In the recent elections, several pro-cryptocurrency candidates such as Republican Senator Bernie Moreno, Steven Horsford, Zach Nunn, and others, were successful in their bids. On the other side, anti-crypto candidate Elizabeth Warren also triumphed, beating John Deaton who is a firm advocate for cryptocurrencies.
In a commendation, Brian Armstrong, the CEO of Coinbase, lauded Bernie Moreno, expressing his viewpoint that the newly elected senator recognizes cryptocurrency as a crucial component of America’s impending future. He added that Bernie, along with crypto enthusiasts who backed him during the election, appreciate the advantages of digital assets and are resolute in their efforts to safeguard them.
Armstrong warmly invited the cryptocurrency community to what he referred to as “the most pro-crypto Congress in America yet.” He emphasized that the voice of crypto voters has been clear, favoring digital assets and advocating for clear guidelines on their use, stating:
As an analyst, I’m eagerly observing the resounding voice of the crypto-savvy electorate tonight. Regardless of political affiliations, the significance of cryptocurrencies has been undeniably highlighted in pivotal races nationwide. The American public is expressing a strong desire for clarity regarding digital asset regulations. I’m excited about collaborating with the incoming Congress to establish these necessary guidelines and ensure a secure, transparent future for digital assets.
In response to Brian’s post, there was a flurry of comments from cryptocurrency users. Notably, Jesus Martinez – a well-known crypto commentator with over 200,000 followers on various platforms – expressed his opinion that cryptocurrencies represent the most significant economic challenge facing America in the near future. He was pleased to observe the pro-crypto stance of Congress and felt hopeful about the nation’s financial trajectory once more.
Market Reaction: Bitcoin Surges on Pro-Crypto Gains and Trump’s Support
Significantly, it appears that the election is leaning towards the crypto community, with a high probability of Donald Trump taking the lead. As per Stand With Crypto, he currently leads with 286 electoral votes.
Trump has openly expressed his backing for cryptocurrencies and has made numerous pledges to the digital asset community. One of these commitments includes dismissing SEC chair Gary Gensler on his inauguration day. He also intends to transform the U.S. into a global hub for cryptocurrencies, waive capital gain taxes on Bitcoin, and advocate for Bitcoin mining.
The cryptocurrency market has positively reacted to the pro-crypto candidates winning the election, as the value of Bitcoin surpassed $73,000 and reached a new peak of $75,000 earlier today. Some crypto experts are predicting that the price of Bitcoin might reach as high as $100,000 by the end of the year if Trump wins re-election.
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2024-11-06 14:46