Donald Trump Officially Elected, Promises Abound for the Crypto Market

Donald Trump officially became the 47th President of the United States after defeating his opponent Kamala Harris. The return of this 78-year-old billionaire promises to bring a new wind in the economic field, not only in the US but also creating a global impact.

Bitcoin price skyrocketed to $ 75 thousand during the election, showing strong confidence of investors in Donald Trump’s return.

During this term, Trump made a series of commitments, including making the United States the center of the cryptocurrency industry. He pledged to promote Bitcoin mining in the US and stated that he wanted “all remaining Bitcoin to be MADE IN THE USA”.

Although the new president has not revealed details on how to achieve this goal, some members of the cryptocurrency community still see Trump’s victory as a positive signal thanks to his pro-mining stance.

For example, Samson Mow, CEO of Bitcoin fintech firm Jan3, said on June 13 that Trump’s support for mining would “push things even further.”

Bitcoin mining has sometimes faced opposition from environmental groups, who argue that the process causes significant carbon emissions. However, a pro-mining president could use his position to block new environmental regulations that would restrict the practice.

Donald Trump also pledged to fire Gary Gensler within 24 hours of taking office. Gary Gensler, the SEC chairman appointed by President Joe Biden, is widely seen as hostile to the cryptocurrency market due to his hardline policies, which have made it difficult for many blockchain companies.