This year’s presidential election has been eventful, with both candidates making compelling arguments for their respective parties. As such, it’s not a surprise to learn that it was a tight race. However, the US media revealed early Wednesday morning that Donald J. Trump had enough votes to secure the 2024 election.
This presidential election differs from previous ones for several reasons. For one, cryptocurrencies are a key topic. As such, market conditions could sway greatly depending on the results. Here’s everything you need to know.
How Did the Candidates Stand on Crypto?
The last four years represent a monumental shift in the perspective and reach of the blockchain economy. Today, cryptocurrencies are used across the globe for multiple purposes and industries. As such, the candidates have put forth some effort to secure the crypto vote. Here’s what they have stated so far.
Harris on Crypto
Kamala Harris was mostly relaxed about her crypto stance. In general, she had been hesitant to explain her stance on the pro-crypto movement. This distance could be because many democratic legislators have filed anti-crypto legislation in the past. Consequently, Harris never outright said she supports the industry.
Notably, her predecessor, President Joe Biden, is seen by many as a hindrance to the adoption of the technology. As such, Harris’ position may be “none at the moment” in a bid to appeal to all sides. However, throughout her political campaign, she worked with some crypto groups to help bring clarity to the sector.
The Crypto4Harris group was formed after the party reached out to prominent crypto stars seeking to amend their relationship. The group helped the candidate host multiple fundraisers, securing additional campaign support.
If Harris Has Won the 2024 Election
The crypto community saw Harris’ hands-off approach as a mix of troubling and lazy, adding to the lack of transparency already plaguing the market. Multiple analysts saw a Harris win applying negative buy pressure to the market. However, many agree this would only be temporary bear momentum as the Bitcoin ETF and other market developments should keep the industry steady.
The exception would be if the SEC succeeds in getting cryptocurrencies placed under the securities regulations laws. This maneuver is seen as a nail in the US crypto market if passed. As such, groups like Crypto4harris would have played a vital role in helping prevent regulatory overreach if Harris won the election.
Trump on Crypto
Trump has done a 180-degree turn on crypto since the start of his political career. He famously said that Bitcoin “seemed like a scam” in the past. However, everything changed when he ventured into the NFT space. Trump successfully launched multiple NFT collectibles which helped him secure millions in funding.
Now, Trump has embraced the crypto movement. His family has even announced the launch of a digital assets exchange called World Liberty Financial in the coming weeks. The maneuver has drawn praise from the crypto community as it will help speed up the creation of a fair legal framework. Conversely, some see the maneuver as a conflict of interest.
Big Promises from Trump
Never before has a presidential candidate made such bold claims in favor of the crypto movement. For one, Trump’s vice presidential pick is a long-time Bitcoinist, JD Vance. Trump even spoke at the 2024 Bitcoin Conference in Nashville. He praised the community and laid out his vision for a pro-crypto US economy alongside supportive crypto legends like Marc Andreessen and the Winklevoss twins.
Source – Bitcoin 2024
At the conference, Trump detailed his crypto stance and what he plans to do if elected. He first said he would enact fair and balanced laws that prevent unlawful harassment and persecution of crypto innovators. He even went as far as to say he would commute the sentence of Ross Ulbricht.
Ulbricht, known as Dread Pirate Roberts, created the Silk Road online marketplace. He was handed a life sentence for creating the unregulated market, which helped show the world the viability of a p2p digital currency. As such, many believe he has served his time, and Trump agrees.
Right to Mine Bitcoin
Trump believes Americans should have the right to mine Bitcoin enshrined in law. He also stated that the self-custody of crypto should be protected. Self-custody is one of the main benefits of blockchain assets, as they can’t be confiscated or altered by outside parties.
No CBDC
Trump railed against CBDC (Central Bank Digital Currencies) and how they would eliminate privacy for Americans. He went on to say that everyone deserves the right to transact free from government surveillance. From there, he stated he would fire SEC Chair Gary Gensler on the first day, which caused a gleeful roar from the crowd.
Gensler is seen as a hindrance to large-scale adoption as the group has been completely unwilling to specify regulations on multiple occasions when needed to get blockchain assets approved. Lastly, he spoke of creating a national Bitcoin reserve, which he hopes could help to offset the nation’s $35T debt.
Results of a Trump Win in 2024 Election
Most analysts agreed that a Trump victory would lead to crypto price gains. The candidate had been supportive of the technology and is now vested in the blockchain market. It’s vital to understand that Trump went from not understanding the technology and calling it a scam to a DEX founder, representing a major shift in perspective that the industry can’t ignore.
Some analysts saw a Trump victory boosting Bitcoin to new all-time highs – a prediction which has already come true as BTC briefly touched $75,000 on certain exchanges. For the remainder of the year, conservative predictions range from +$80k to $125K. One thing’s for sure, there will be a strong desire to cement the crypto industry into the economy and protect it from future legislative biteback as soon as possible.
Trump’s victory also signals more pro-crypto legislation in general. The victory would drive international support and could start a crypto race where nations like China compete against the US to become the next global blockchain hub.
What to Expect Now – 2024 Election Results
Determining the official winner of the US 2024 presidential election could take some time. To secure the president’s seat, the winner must secure 270 electoral votes, with the first polls closing at 6:00 p.m. EST on Tuesday. Despite the last poll closing on Wednesday, there are instances when the decision can take days and even weeks to announce, especially when the race is close.
A notable example was the 2000 election. It took 5 weeks to determine whether George W. Bush was the winner over Al Gore. Considering that all polls show Trump and Harris running neck and neck, it’s wise to be cautious of early results, as there will undoubtedly be the need to recount some ballots. However, the polls do show that Trump won the popular and electoral votes needed to secure the win.
Trump Wins the Key States
In the US election, certain states hold more power over the presidential election results due to the electoral college system. Specifically, Pennsylvania, Michigan, Georgia, North Carolina, Wisconsin, Arizona, and Nevada are often referred to as swing states because they can alter the entire course of an election. Trump managed to win nearly all the battleground states, leading him to a certain victory.
It Could be a Battle
Regardless of who the polls list as the winner, there’s sure to be some legal backlash. There are already +100 pre-election lawsuits awaiting trial. Interestingly, the majority of this litigation revolves around ensuring voter eligibility. However, the majority was put forth by Republicans, leading most to believe the number of cases will decrease sharply.
Companies that can Benefit from the 2024 Election Results
The stock market has several firms that analysts predict to see growth thanks to a Trump victory. These companies are either closely related to his campaign promises or have worked with the ex-president to promote his campaign. Here’s one company that is sure to receive some additional support.
Tesla
Tesla (TSLA +3.54%), the US EV tech company and EV manufacturer, saw an immediate boost in stock prices following the announcement Trump was victorious. The company is the leading EV manufacturer in the US and is one of the most active tech stocks you can hold.
Tesla, Inc. (TSLA +3.54%)
Notably, Elon Musk was one of the most vocal supporters of the Trump campaign. He even offered rewards to those who helped mobilize voters and has done live interviews with Trump, discussing key aspects of the government.
All of his support has resulted in Trump offering Musk oversight positions to trim government waste. As such, Musk will now use his newfound leverage to help build up an active EV market and expand operations to new heights.
Don’t Worry – Crypto is Safe in the 2024 Election
While a Trump win seems to be the obvious pro-crypto stance, there’s plenty of evidence that the crypto market will survive no matter who is elected. Today, there are more blockchain projects, governmental integrations, and pro-crypto legislation than ever. As such, all signs show that the global economy is ready for a digital alternative. Now, if the US will lead that charge, that’s yet to be seen.
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