On November 6, Donald Trump was declared the winner of the 2024 U.S. Presidential Election, a development that has sent ripples through the cryptocurrency community. This win follows months of pro-crypto positioning by Trump, highlighted by his notable appearance at the Bitcoin 2024 conference in Nashville on July 27. His speech at the event laid out bold intentions for cryptocurrency and decentralized finance (DeFi) under his administration.
During his address, Trump praised Bitcoin as an unparalleled achievement in technological innovation and human collaboration. He suggested that Bitcoin could one day surpass gold’s market capitalization and outlined his vision for the U.S. to lead the global cryptocurrency market by bringing all Bitcoin mining within American borders.
Trump’s speech also emphasized the right for individuals to self-custody digital assets and included a pledge to dismiss current SEC Chair Gary Gensler on his first day in office. Trump committed to structuring future crypto regulations around individuals with a vested interest in advancing the sector. Furthermore, he announced plans for a new regulatory framework for dollar-backed stablecoins, aimed at bolstering the strength of the U.S. dollar. Trump asserted that Bitcoin itself does not threaten the dollar’s stability; rather, the current policies of the U.S. government are the real risk to the dollar’s value.
The former president concluded by mentioning the U.S. government’s significant Bitcoin holdings, expressing an intent to preserve and even expand these reserves in the future.
Since his speech in July, Trump and his family have maintained a high profile in the crypto space, actively promoting various initiatives across platforms such as X (formerly Twitter) and Truth Social.
On September 16, Trump announced the launch of World Liberty Financial, a cryptocurrency project, through a video on X. In the announcement, he invited the public to join a live session to introduce the project, describing it as an ambitious endeavor in decentralized finance. World Liberty Financial’s governance token, WLFI, is built on the Aave platform and the Ethereum blockchain, intended to promote decentralization while remaining non-transferable.
Following Trump’s election win, prominent macro investor Dan Tapiero shared a highly bullish perspective on Ethereum. With ETH trading around $2,723, Tapiero commented on X that Ethereum appeared undervalued, suggesting that the asset was primed for a significant price surge. His statement reflected optimism that a pro-DeFi regulatory climate under Trump’s administration could enable Ethereum to surpass the $4,000 mark and potentially reach $8,000 in the coming year.
Chris Burnske, a Partner at crypto-focused venture capital firm Placeholder, seems to share at least some of Tapiero’s bullishness on Ethereum.
As of 8:50 a.m. UTC on November 7, Ethereum has already shown positive momentum, trading at approximately $2,835—a 9.3% increase in the past 24 hours.
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