Donald J. Trump has officially emerged victorious and claims the presidency for the second time as the 47th president of the United States. With a crucial victory in Pennsylvania and a decisive victory in Wisconsin, Trump clinched the presidency by surpassing the 270 electoral votes needed to secure his return to the White House. These key battleground states, which were heavily contested during the campaign, proved crucial in pushing Trump over the threshold and consolidating his victory.
Trump’s final election tally reflects significant support in much of the Midwest and South, with additional wins in states such as Ohio and Florida strengthening his lead. Vice President Kamala Harris, despite strong performances in traditional Democratic strongholds like California and New York, fell short as Pennsylvania and Wisconsin tipped in Trump’s favor, marking the turning point in the race. Trump also won a majority of the vote, with more than 51% (66.7 million votes), marking a renewed mandate from voters who prioritized his economic policies and focused on deregulation.
A milestone for Bitcoin in the White House
This election victory also marks the historic inauguration of the first openly pro-Bitcoin president in the United States. During his campaign, Trump made a stop Bitcoin-2024 in Nashville, where he embraced several key promises aimed at Bitcoiners and the broader crypto community, which set him apart from previous candidates and resonated strongly with decentralized finance advocates. His stance on Bitcoin showed an alignment with the values of financial freedom and sovereignty that underpin the broader crypto community. By promising to protect Bitcoin miners, exploring the possibility of a Bitcoin Strategic Reserve, and even promising to commute Ross Ulbricht’s sentence, Trump gained significant support from Bitcoin and crypto voters.
Trump’s promises have not only sparked optimism among Bitcoiners, but have also highlighted a possible shift in the government’s approach to cryptocurrency. During his campaign, Trump criticized CBDCs as an erosion of personal financial freedom, signaling his wariness of state-controlled digital currencies. This stance, which echoes concerns in the Bitcoin community about financial privacy and state excess, has helped make Trump a potential ally in the fight against excessive financial control.
Promises to Bitcoiners and the Crypto Community
Trump’s most notable commitments to Bitcoiners include several promises that represent a radical departure from previous administrations’ approach to cryptocurrency:
- Support for Bitcoin Miners in America: Trump has pledged to protect the fast-growing Bitcoin mining industry in the United States. His commitment to deregulation and support for energy independence aligns with the interests of miners, many of whom depend on stable energy policies and a supportive regulatory environment. This focus could help secure the US’s position as the global leader in Bitcoin mining, fueling economic growth and innovation in blockchain technology.
- Bitcoin Strategic Reserve: In a move that would be unprecedented for a sitting president, Trump’s campaign discussed the idea of creating a Bitcoin Strategic Reserve. Such a reserve could provide protection against inflation and currency devaluation, in line with Bitcoin’s core appeal as ‘digital gold’. By supporting this initiative, Trump has demonstrated openness to treating Bitcoin as a legitimate asset within the national financial framework.
- Pardon for Ross Ulbricht: Trump’s promise to pardon Ross Ulbricht, the founder of Silk Road who is serving a double life sentence, struck a chord within the Bitcoin community. Ulbricht’s capture has long been seen by many Bitcoiners as a case of excessive punishment, and Trump’s willingness to revisit the issue has further cemented his image as a candidate who values justice reform and personal freedom.
- Opposition to Central Bank Digital Currencies (CBDCs): Trump’s campaign included strong opposition to the creation of a Federal Reserve-controlled CBDC, citing concerns about the overreach of government and the loss of individual financial autonomy. Many in the Bitcoin community see CBDCs as against the principles of decentralized finance. Trump’s alignment with this position has strengthened his appeal among Bitcoiners who prioritize privacy and freedom from state-controlled monetary systems.
- Simplified Tax Code for Digital Assets: While not explicitly part of his campaign, Trump’s emphasis on simplifying tax laws has led many Bitcoiners to speculate that his administration could issue policies to make taxes on digital assets less burdensome . By simplifying the tax reporting process for cryptocurrency holders, the Trump administration could promote greater adoption and legal clarity for investors.
With Bitcoin adoption on the rise, Trump’s presidency could mark a pivotal moment for Bitcoin in America. The growing alliance between Bitcoin’s ideals of decentralization and Trump’s economic freedom policies suggests a promising path for Bitcoin under the next administration.