Having taken a firmly pro-crypto stance early on in the campaign, Trump’s election win has filled investors with confidence
Bitcoin (BTC-USD) rallied to an all-time high of more than $75,000 overnight as Donald Trump beat Kamala Harris in the race to become the 47th President of the United States.
The digital asset’s price pulled back to around the $74,000 mark on Wednesday morning, but it remains higher than its previous all-time high as traders celebrate the promise of a pro-crypto Trump presidency.
Harris’ “regulatory framework”
While Trump distinguished himself as the pro-crypto candidate early on in the campaign, Harris’ stance hasn’t been anti-cryptocurrency. In October, a document published on the former Vice President’s official website cited cryptocurrency as part of an agenda to provide black men “with the tools to achieve financial freedom”.
The document also expressed support for a “regulatory framework for cryptocurrency and other digital assets so black men who invest in and own these assets are protected”.
However, the publication did not directly reference Bitcoin or similar decentralized currencies. Moreover, outside of the document, the Harris campaign provided little direct clarification of her intentions with Bitcoin if elected president.
Trump’s crypto stockpile
In contrast, Trump made his pro-crypto intentions loud and clear. In July, at the 2024 Bitcoin Conference in Tennessee, the former president presented his case for a strategic national crypto stockpile, and urged attendees to “never sell your Bitcoin”.
Trump even went so far as to proclaim that, under his leadership, the U.S. “will be the crypto capital of the planet and the Bitcoin superpower of the world”. Additionally, in August, a financial disclosure revealed that Trump owned at least $1 million worth of cryptocurrency.
It remains to be seen whether an American cryptocurrency stockpile actually comes to fruition during Trump’s second term. For now, though, Bitcoin traders are evidently optimistic as the world’s most popular cryptocurrency flirts with fresh highs.
