The election of the first pro-crypto president in US history has triggered a wave of optimism among crypto industry participants, leading to a sharp market rise and changing perceptions of cryptocurrencies.
Crypto Industry's Reaction to the Victory
Following the announcement of the pro-crypto president’s election, crypto industry players took advantage of the victory. Coinbase enjoyed its best market session yet, soaring 31% on Wednesday. According to Fairshake, 46 out of 58 candidates supported by Coinbase's PACs were victorious, with the remainder yet to be determined.
2024 Victory: What it Means for Crypto
Brian Armstrong, co-founder and CEO of Coinbase, noted that the 2024 election results represent a massive achievement for crypto, regardless of perspective. According to the latest filings, Armstrong owned at least 34.8 million shares of the company, which increased his stake's value by $2.1 billion on Wednesday alone. This coincided with Bitcoin's price surge to a new record high of $76,400.
Critic Turned Pro-Crypto President
Initially skeptical of cryptocurrency, Donald Trump became an ardent supporter, promising to turn the US into the global crypto capital. Last October, he even launched his own crypto token. Cameron Winklevoss noted that the industry would invest more in development rather than legal battles against the SEC.
The election of America’s first pro-crypto president marked a new phase for the sector, a pivotal point for Silicon Valley leaders and crypto enthusiasts worldwide, like the Winklevoss twins and Andreessen Horowitz.
