The Crypto Industry's Optimism in the Wake of Trump's Victory
Following Donald Trump's victory in the U.S. presidential election, the cryptocurrency industry has expressed a positive outlook for its future in America. Binance CEO Richard Teng sees Trump's win as a "golden era" for the sector, anticipating the arrival of new, crypto-friendly regulators. This shift in attitude is a welcome change from the previous Democrat administration, which the industry felt stifled innovation and pushed businesses out of the U.S.
The industry's optimism is evident in the post-election surge of Bitcoin, which reached a record high of over $76,000. Investors are hopeful that the Trump administration will attract major U.S. institutions that have so far remained uninvolved in the crypto space. Venture capitalist Shervin Pishevar believes that the US is now "on the verge of sensible crypto policy."
The industry's ultimate goal is a policy shift at the Securities and Exchange Commission, where chair Gary Gensler has initiated a comprehensive offensive. They hope for a halt on pending cases and a rectification of the perceived injustices of the previous leadership.
This optimism aligns with predictions of a bullish cycle in the crypto market. Analysts cite favorable macroeconomic conditions and the potential for more crypto-friendly legislation under the Republican administration as key drivers of this anticipated growth. Additionally, the expected shift in regulatory policies is seen as a significant factor in the predicted strong performance of Bitcoin and gold under the Trump presidency.
Industry experts anticipate that a more favorable regulatory climate under the Trump administration could drive further growth in the crypto market, potentially pushing Bitcoin's price to $80,000 this month.