What A Night For Crypto!🚀
Bitcoin hits a new all time high, pro crypto candidates win by a landslide, and the first crypto president
Hey Thinkers 💡
🚀 Bitcoin Smashes Through All-Time High
The markets went wild on election night, with Bitcoin rocketing past its previous all-time high, breaking through $74,000 and touching $75,000. It’s a pivotal moment, as Bitcoin enters a new price discovery phase, with analysts predicting a potential climb to $82,000 or even $100,000 by year-end.
However, there’s a note of caution: alongside Bitcoin’s surge, the DXY and bond yields also saw substantial increases.
While this could be an initial knee-jerk reaction to election results, continued upward pressure on these metrics could present challenges. We’ll be closely watching for market stabilization in the days ahead.
🗳️ Election Results: Pro-Crypto Candidates Sweep Congress
Donald Trump has clinched the presidency, making history as the first openly pro-crypto President. Trump’s campaign promises included bolstering the industry and removing regulatory roadblocks. His election could mean major changes at the SEC, with plans to remove SEC Chair Gary Gensler on day one. Trump’s remarks at the Bitcoin Conference in August, where he promised Gensler’s dismissal, gave hope to many in the industry who see Gensler’s policies as restrictive.
Ripple CEO Brad Garlinghouse shared his thoughts on Twitter, congratulating Trump and urging action on key crypto issues. Garlinghouse outlined a 100-day checklist for Trump, emphasizing:
Firing Gensler on Day 1
Appointing a new SEC Chair with a crypto-friendly perspective, suggesting names like Giancarlo, Brooks, or Gallagher
Pushing forward the Digital Asset Market Structure Bill in the Senate
Bringing clarity to digital assets such as ETH and XRP, to secure their status outside of security regulations
One significant promise from Trump’s campaign is the release of Ross Ulbricht, with Trump committing to granting clemency. This would be a monumental step for the crypto community, given Ulbricht’s symbolic status in the early days of Bitcoin.
🇺🇸 A Pro-Crypto Congress Takes Shape
With pro-crypto candidates dominating in both the House and Senate, the upcoming Congress will be the most supportive of digital assets in history. Here are the numbers from Stand With Crypto:
Notably, Bernie Moreno defeated long-time crypto critic Senator Sherrod Brown in Ohio. Brown’s defeat is a major win for crypto advocates, as he was a central figure in Elizabeth Warren’s anti-crypto coalition, which many in the industry view as part of "Operation Chokepoint 2.0."
In addition, the shift in Senate control means Tim Scott is set to replace Elizabeth Warren as head of the Senate Banking Committee. This change could usher in investigations into the alleged anti-crypto measures under “Operation Chokepoint 2.0,” further paving the way for regulatory clarity and industry growth.
Despite the overwhelmingly positive results, there was one notable loss: John Deaton was defeated by Elizabeth Warren. Nevertheless, Deaton’s campaign helped expose the anti-crypto sentiment in Congress, highlighting the need for transparency and fairness in financial regulations.
🌅 A Bullish Future for Crypto
With a pro-crypto President-elect, supportive Congress, and a clear path to market-friendly regulation, the stars seem to be aligning for the crypto industry. Combined with a continuing bull market, these election results mark a pivotal moment that could define the future of digital assets in the U.S.
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📈Crypto Market Metrics
Here are some key data points from Santiment
Top 10 Coins Trending via Social Media
Developer Activity
The top 10 coins with the most developer activity over the past 30 days
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📺 Recent Interviews
Mark Yusko of Morgan Creek Capital joined me to discuss the latest with Bitcoin. We touch on the ETFs, Election, Bretton Woods, Bull Run Price Prediction, and much more.
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📖 ReThinking Crypto Book
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-Tony
Epic night for crypto, and it's just getting started!