In his victory speech, Trump said, “I’m excited to be your 47th and 45th president.” Trump currently holds 277 electoral votes, surpassing the 270 needed to win. His Democratic opponent, Vice President Kamala Harris, has 224 electoral votes and no longer has a viable path to victory.

International leaders have begun congratulating Trump on his expected win. The cryptocurrency market is also responding to the election results.

Trump’s Crypto Promises

Trump‘s victory is seen as a promising sign for the cryptocurrency industry in the U.S. He has repeatedly expressed his support for crypto and presented himself as a pro-crypto candidate.

Trump had promised that, if elected, he would end the war on crypto and make America the “crypto capital of the planet.” At the Bitcoin 2024 conference in Nashville, Tennessee, in July, Trump announced that he would fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day back in office. SEC Commissioner Hester Peirce, known for her pro-crypto stance, is believed to be a potential replacement for Gensler.

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Trump also promised to launch a strategic Bitcoin reserve in the U.S. to hold 200,000 BTC acquired through enforcement actions.

Trump has made significant promises regarding Bitcoin mining as well. Strongly supporting the crypto mining industry, Trump is determined to make the U.S. a global leader in Bitcoin mining.

Crypto Community Supports Trump The cryptocurrency community is largely backing Trump over Harris. Despite Trump’s reversal on Bitcoin, founders of major crypto exchanges like Gemini and Kraken have publicly supported him and donated millions, calling him the “only crypto candidate.”

Notable figures supporting Trump include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, and Bitcoin Foundation founder Charlie Shrem.

Bitcoin Breaks Historic Records Amid Trump’s Election Victory

The crypto market has made a historic response to Trump’s victory. Bitcoin broke past its historical highs, briefly touching $75,000 on November 6. Currently, Bitcoin is trading at $73,580 according to CoinGecko, marking a 7% increase over the past 24 hours.

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