According to calculations by Fox News and The Hill, the Republican presidential candidate, Trump, has received 277 electoral votes, surpassing the 270 votes needed to win the election. According to the counting rules, Trump will be elected as the 47th President of the United States. On November 5th, Eastern Time, the general election voting officially began. Along with the rise in Trump’s votes, Bitcoin also broke through the $73,800 mark, which was set in March 2024, creating a new historical record for the coin price, reaching $75,407. At this moment, Bitcoin’s global market value has surpassed Meta, regaining its position in the top ten of the world’s market value ranking. DOGE also reached a position of $0.219, the highest since April 1st.
During his campaign, Trump made numerous commitments regarding Bitcoin. He stated that if he were to return to the White House, he would list Bitcoin as a strategic reserve asset of the United States and would never sell the Bitcoin confiscated by the government. He opposed CBDCs, stating that he would not introduce a Central Bank Digital Currency (CBDC) during his tenure as president. Once he wins the election, he will fire the current U.S. SEC chairman, Gray Gensler, who is unfriendly to cryptocurrencies, on his first day in office. His support for cryptocurrencies was even written into the Republican Party platform. From the current situation, with Trump’s inauguration, the Republican Party is likely to gain a majority in the Senate and the House of Representatives. If so, Trump will have an extremely strong policy execution ability. For cryptocurrency investors, a Trump who can fulfill his promises as the President of the United States is exactly what they want to see.
Although Trump’s cryptocurrency promises are yet to be tested by time, the market is generally optimistic about the cryptocurrency market after Trump takes office. Many analysts believe that BTC will continue to set historical highs and may even make its first breakthrough of $100,000 by the end of the year. Standard Chartered analyst Geoff Kendrick said that BTC will rise by another 10% in the next few days and reach $125,000 by the end of this year. Bernstein Research stated in a forecast report on Bitcoin prices that the price of Bitcoin may reach as high as $200,000 by the end of 2025.
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