Trump Pump
Trump's re-election was the catalyst needed for Bitcoin to hit $90k and the crypto market to enter the next phase of the cycle
TLDR:
Trump’s re-election on November 6th has fuelled the entire market to pump upwards, with over 30%+ gains on many coins in the past week, this is because:
Trump is pro-crypto, having given a keynote at Bitcoin 2024, promising to remove Gary Gensler from the SEC, and being the face of NFT and DeFi projects.
Trump’s team is pro-crypto, with Vance, Vivek, RFK, and Elon Musk, all holding Bitcoin or in Musk’s case creating a government department named DOGE.
US Congress is pro-crypto, with the “Stand with Crypto” campaign showing an overwhelming pro-crypto majority in both the House and Senate.
Bitcoin has been on an absolute rampage breaking new ATH (all-time-high) after ATH since Trump got elected, and it’s pulled up the entire market along with it.
Now I don’t usually discuss politics on this blog, but in this case it would be like avoiding the elephant in the room, so today let’s look at what a Trump election could mean for crypto and why it’s had such a big impact on the market.
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To the Moon
Ever since Trump got re-elected on November 6th, Bitcoin’s been hitting new ATH (all-time-high) after ATH, and it’s taken up the entire crypto market with it.
The market is completly euphoric with most coins up some 30%+ in the past week:
And you know what’s most interesting? The mainstream retail traders aren’t even here yet. You can easily tell by the fact that Google searches for “Crypto” are still no way near as high as they were in the past crypto bull cycle in 2021.
Crypto has cycles as I showed in my post on Crypto’s 4-Year Cycles. And we’re now very clearly entering the final year of the bull-run, which is where the real mania-phase kicks in, or as Jason Yanowitz the founder of Blockwork puts it, we’re entering the “euphoria” stage!
As you can see from my recent posts on Bitcoin Price Charts and Bitcoin as Digital Gold, I’ve been saying for a while that we were close to entering this next phase of the bull market, I just didn’t know exactly when as we needed a catalyst.
Yet it’s now clear that Trump being re-elected is the catalyst the market needed, but how come?
Trump on Crypto
First and foremost, I don’t want to get political and discuss whether or not Trump’s re-election is good for the US and the world, because it’s a complex subject that like everything in life has pros and cons, and is way outside the scope of my blog.
However, when looking at Trump vs Kamala purely on the subject of Bitcoin and crypto, there’s no doubt Trump’s better for crypto than Biden-Kamala’s administration ever was.
During the campaign trail Trump was the only candidate who endorsed Bitcoin and made an effort to win over crypto voters. One may look at this cynically and say that ultimately he doesn’t care, he just wanted the votes. But either way, if he sticks to his campaign’s promises then it provides a bright outlook for crypto.
Trump had a keynote at Bitcoin 2024 earlier this year that was incredibly well received where he spoke exactly to what Bitcoin holders care about, like improving the regulatory environment.
Trump made it clear that he plans to remove Gary Gensler as the chair of the SEC. Under Gary the SEC has sued as many crypto companies and projects as you can imagine, generally claiming they are selling unregistered securities of some sort.
Even though Gary’s SEC have been staunchly anti-crypto, it’s very impressive to note that crypto has still survived and thrived around the edges in the US. So you can only imagine how much more crypto will thrive when Gary’s removed.
But Trump’s even gone a step further, as he’s even dabbled in crypto himself, having been the face of both NFT and DeFi projects!
His NFT “Trump Digital Trading Cards” on Polygon have historically done really well, with over 15,800 ETH worth of trading volume, at today’s price that’s over $50m worth of trading that’s happened of these Trump themed NFTs.
Meanwhile in DeFi, he’s personally endorsed a recent project called World Liberty Finance. The project has actually done spectacularly badly, trying to raise some $300m, but recently accepting it won’t sell out and dropping that to $30m. Although none of that really matters, it’s his open embrace for crypto that people care about.
In both cases Trump’s just leveraged his brand, he hasn’t actually ran the projects. Nonetheless the simple fact that the US will soon have a sitting president who’s been the public face of NFT and DeFi projects is a pretty big deal for crypto.
Trump’s Team on Crypto
As if it wasn’t enough for the new president to be pro-crypto, he’s surrounded himself with a team of pro-crypto people too.
His Vice-President Vance has been pro-crypto for years and his financial disclosures in 2022 said he owned between $100,000 to $250,000 of BTC, no doubt that number is larger today.
The new health minister RFK is also a vocal proponent for Bitcoin, having gone to the same Bitcoin 2024 conference as Trump earlier in the year.
Elon Musk, the richest man in the world, who publically endorsed Trump on his platform X (previously Twitter) and had a big influence in getting him into power, has officially been set to lead the Department of Goverment Efficiency (D.O.G.E.).
Elon specifically named the department D.O.G.E. after Dogecoin! That’s another huge endorsement for crypto in itself in the most *in-your-face* way possible. Dogecoin’s price has naturally benefited massively from this, growing over 250% this past month.
Not to mention that Elon’s biggest company Tesla is also one of the largest corporate Bitcoin holders in the world with almost 10,000 BTC in their treasury.
Finally Vivek Ramaswamy, another important figure in Trump’s team, who’s set to work with Musk in the D.O.G.E., is another big fan of Bitcoin having also attended the annual Bitcoin conference back in 2023.
Whether these people end up spending any time shaping Bitcoin and crypto related policy at all, the single fact that a big part of the team around Trump are pro Bitcoin is undoubtedly bullish for the space.
Congress on Crypto
Finally the newly elected Congress, who ultimately make the laws and decide what policies will get through, are also now very pro-crypto!
As the Stand With Crypto campaign shows, the number of representatives in both the House and Senate are now overwhelmingly more pro crypto than against it:
Senator Cynthia Lummis from Wyoming has gone as far as suggest that the US government should build up a Bitcoin reserve, and posted a picture with the typical red “laser eyes” that Bitcoiners use to suggest they are pro-Bitcoin.
She put forward a bill suggesting that the US Government should buy up 200,000 BTC per year for the next 5 years, for a total of 1m Bitcoin - this would be a little under 5% of all 21m Bitcoin that’ll ever exist in circulation!
The US is already the largest holder of Bitcoin from seizures in the past, with China right behind them:
Whether Senator Lummis’ bill passes or not, this is yet another radical shift from the government before that seemed to shy away from speaking about Bitcoin at all.
Trump Pump
All of the above points have acted as a huge catalyst to kick off the crypto bull-market’s mania phase.
There are even more stories that corroborate with all this such as Trump saying he’ll pardon Ross Ulbricht, who’s currently serving a life-sentence for creating the illicit online market Silk Road (that originally popularised Bitcoin).
Plus Trump having previously said that the US will never create a CBDC (Central-Bank Digital Currency), which is pretty much the antithesis of Bitcoin and crypto.There’s just too much pro-crypto news right now to be able to cover it all.
With all that said, it’s still important to note that Bitcoin ultimately doesn’t care about who’s in charge. As we can see from the graph below, Bitcoin has gone up regardless of the sitting president or party, having had a local low at every US election and never revisiting that price again.
It ultimately doesn’t matter which party is in power, the fundamentals of Bitcoin remain unchanged and will continue to grow stronger and stronger. Bitcoin is apolitical and will keep marching forward and taking the market along with it.
However, it doesn’t hurt when the president of the most powerful nation in the world, and everyone around him is a supporter. Indeed it acts as a catalyst and a multiplier and will most likely speed up the growth of Bitcoin and crypto as a whole.
The mania phase of the bull-market has officially begun, expect a lot more craziness to come for at least the year ahead!
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