In exhilarating news for the world of Bitcoin Donald J Trump is on the path to become the next USA president and along the way he has dragged the price of Bitcoin in a new All Time High of more than $75,000 according to CoinMarketCap.
The victory is total, with the Republicans taking charge not just of the presidency, but also the Senate and the House of Representatives. This signals that the Trump administration will have very wide legislative powers, unlike the last time it was in power.
The election started heavily skewed on the Trump camp with a clear difference between the two candidates from the beginning. Betting markets reacted quickly pushing their liking for Trump above 70% very early on in election night.
As the results started solidifying, the price of Bitcoin also started rising above $70k. In almost simultaneous fashion as the votes were coming in, more and more people were speculating on the success of Bitcoin, based on the announcements from Donald Trump that he will support the currency once elected.
In a parallel theme the discussion heated up about the chances of Ross Ulbricht being freed, should Trump win this election, as he promised on the election campaign trail. Many in the Bitcoin community have put a lot of hope on freeing Ross, after 11 years of incarceration for creating a website, to return to normal life. Many still credit him for some of the success for Bitcoin to get established.
As the night went on, the price of Bitcoin skyrocketed to above $74k, as the election map kept on becoming more red. Still early into the night, Elon Musk called the result with a poignant tweet confirming the win.
Elon Musk has been a vocal supporter of Donald Trump, a financial backer and later part of Trumps team. He has helped to push the envelope in getting the president elected and is widely expected to play a role in the next administration.
Another highlight of the night has been the winning rate of candidates that were supportive of the Bitcoin and crypto space. Those candidates did a lot better in the House of Representatives than the candidates which did not support blockchain-friendly regulation and policies. The power of blockchain and Bitcoin has been one of the underlying elements of this election. With a reported 22 million people holding Bitcoin and other crypto in the USA, it formed a very large part of the electorate that placed it’s hopes on Donald Trump to support their investment.
Analysts also noted that Donald Trump came so significantly ahead by gaining the support of independents such as Robert F. Kennedy Jr, who abandoned his race and fully endorsed him. This move gave him a place as Health tzar which is a position he is relishing to start working for.
A historic day for politics in the USA, but also a very significant event for Bitcoin and financial markets. The win for Donald Trump signals hope for less war, more business and more support for freedom. The release of Ross Ulbricht and acceptance of Bitcoin in traditional finance are hugely anticipated by those that supported Donald Trump in this election.
It is up to him now, to keep them happy, or disappoint them. It is will be fascinating to see.
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- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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