Crypto advocates took a victory lap on Wednesday as the vast amounts of money they poured into the U.S. elections yielded huge dividends, from Donald Trump's reelection to down-ballot wins for politicians friendly to the sector.
Once a crypto skeptic, Trump corralled tens of millions of dollars in industry support for Republican candidates by promising to make America the Bitcoin superpower of the world. On the campaign trail this summer, he pledged to fire U.S. Securities and Exchange Commission Chair Gary Gensler, create a government-owned Bitcoin reserve and ensure all future Bitcoin is mined on U.S. soil.
Bitcoin jumped to a fresh record on Wednesday as Trump barreled towards reelection. Tokens from Ether to Uniswap also rallied.
Some of the sector's largest companies and wealthiest entrepreneurs, including Coinbase Global, the Winklevoss twins and Ripple Labs, poured unprecedented amounts of money into the race. Fairshake, a pro-crypto super PAC, spent over $180 million on ensuring candidates who supported the industry would secure their place in the Senate and House of Representatives.
"We are on the brink of a new American Renaissance," said Tyler Winklevoss, co-founder of crypto exchange Gemini Trust, in a post on X on Wednesday.
Here's how some other crypto advocates and executives, from El Salvador President Nayib Bukele to Coinbase CEO Brian Armstrong, reacted to the election results and interpreted the market moves:
Congratulations to the President-Elect of the United States of America,
@realDonaldTrump 🇺🇸 May God bless and guide you.pic.twitter.com/kl1lr0Dwv4 — Nayib Bukele (@nayibbukele)
November 6, 2024
Timo Lehes, co-founder at Swarm Markets:
"Crypto markets see Trump as much more favorable to the sector than a Harris administration might have been. This comes principally down to the view of how regulators in the U.S. treat crypto. If we look at the last four years of the Biden administration, then this tells you all you need to know about how crypto has been treated by the Democrats.
Of course we had the FTX disaster among others, but beyond that the targeting of the sector has been pointed. The Trump relief rally here is a euphoric response to the potential for this regulatory bullying to now end."
Elizabeth Warren henchman Sherrod Brown has been defeated by
@berniemoreno for Ohio Senate. This is what happens when you mess with the crypto army.— Cameron Winklevoss (@cameron)
November 6, 2024
Anatoly Crachilov, CEO of Nickel Digital:
"Bitcoin's overnight price action reflects market expectations for constructive crypto policies under the incoming president and his technocratic team. This shift signals an end to regulation-by-enforcement, creating a new opportunity for the U.S. to establish itself as a global leader in the digital asset space. [...] The focus now shifts to implementing the crypto-friendly policies promised on the campaign trail, a key factor for the market's current optimism.."
@berniemoreno understands that crypto is an important part of America's future. Bernie and the crypto owners who helped him secure this win understand how everyone can benefit from crypto and are willing to fight for it. Welcome to America's most pro-crypto Congress ever…— Brian Armstrong (@brian_armstrong)
November 6, 2024
Seth Hertlein, global head of policy at Ledger:
"It's been a historic year for crypto on the ballot. We are now seeing across political lines that the force of crypto is undeniable, particularly across pro-crypto congressional candidates."
Congratulations to
@realDonaldTrump and@elonmusk the campaign was incredibly well executed. Excelsior.— Anthony Scaramucci (@Scaramucci)
November 6, 2024
Toby Lewis, co-founder of OrdinalsBot:
"A Donald Trump victory was what the crypto markets were waiting for, and clearly this market reaction with a massive rally was expected. Plans for a Bitcoin standard, stated intention to fire Gary Gensler and a much more pro crypto policy in general should see a more welcome environment for crypto in the U.S. The Democrats in terms of crypto policy were frankly stuck in the past."
Congratulations to
@realDonaldTrump , the 47th President of the United States.Crypto at its very core is about freedom of the individual and the future of crypto has never looked brighter than today.— Kris | Crypto.com (@kris)
November 6, 2024
