To me, the most surprising thing about Trump’s victory isn’t that he won the election outright…
Or even that he swept the swing states.
It’s that he’s about to become the first openly pro-crypto candidate to be elected President of the United States.
Because during the last go-around he wasn’t a fan of cryptocurrencies.
As recently as 2021, Trump told Fox Business: “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.”
What a difference a couple of years (and a bitter election cycle) make.
Trump’s endorsement of bitcoin (BTC) has helped it surge to record highs.
As of this morning it’s sitting at around $98,000 a coin.
What’s more, I haven’t seen people this excited about crypto since the mid-2010s.
And I say it’s about time!
Because I believe crypto is facing an even brighter future.
A New Day for Crypto
According to ARK research, President-elect Trump will be joined by 266 pro-crypto candidates in the House of Representatives.
That means there are about to be more pro-crypto members on both sides of the aisle than there will be members who are against it.
And that’s going to help Trump fulfill the pro-crypto agenda he campaigned on…
Especially the two key promises he made to the bitcoin community before he was reelected.
The first is that he’d fire Gary Gensler, the chair of the Securities and Exchange Commission.
Photo: U.S. Securities and Exchange Commission
Gensler is known as “the Most Hated Man on Planet Crypto” because, under his guidance, the SEC’s approach to regulation has been through enforcement instead of clear rulemaking
But punishment without rules is bad policy, and Gensler’s tenure has been a roadblock to legitimizing the crypto industry.
Of course, Trump can’t technically fire the SEC chair. But that doesn’t matter.
The SEC announced last week that Gensler will step-down on January 20, as is customary when a new administration comes into office.
So the president-elect will still get his way.
And once bitcoin’s biggest villain is eliminated, I believe Trump will appoint a much more crypto-friendly SEC Chair…
One who will bring much needed clarity to the regulation of digital assets in the United States.
Bloomberg recently reported that a White House post dedicated to cryptocurrency policy is on the table too.
I predict that the new, pro-crypto Congress will pass legislation to establish comprehensive regulatory frameworks for the exchange and custody of digital assets…
And that all these moves will help legitimize the industry.
But it’s Trump’s second campaign promise that I find even more intriguing…
A Bitcoin Reserve?
Back in July, he told a crowd of Bitcoin enthusiasts that, if elected, he would create a Strategic Bitcoin Reserve.
And the impact of this proposal can’t be understated.
It would mean the U.S. government would formally back bitcoin, endorsing it as a national asset.
This move could fully legitimize bitcoin as an asset class, and it would almost certainly cause other governments to respond by creating their own bitcoin reserves.
That’s a complete 180 to the cautious stance the U.S. government has taken on crypto so far.
But how likely is it to happen?
Legislation to make this federal bitcoin reserve a reality has already been submitted to Congress.
Senator Cynthia Lummis of Wyoming proposed her BITCOIN act in late July. It calls for establishing a decentralized network of secure bitcoin vaults operated by the United States Department of Treasury…
Along with a plan for the U.S. to acquire a total stake of approximately 5% of the total global bitcoin supply over the next 5 years.
That’s roughly one million bitcoin.
And that’s exciting for those of us who have been championing crypto for years.
But it’s also more than a little ironic.
You see, the whole idea behind bitcoin is that governments shouldn’t be able to manipulate currency values to suit their interests.
Bitcoin is appealing as an alternative form of money because the underlying protocol only allows for 21 million bitcoins to ever exist.
So unlike fiat currencies like the U.S. dollar or the Euro, its value can’t be inflated away by central bankers who choose to simply expand the money supply at will.
Yet under the Trump administration, it’s likely the U.S. government will become a backstop to the price of bitcoin.
Here’s My Take
To me, this kind of government intervention and oversight is worth it.
I’m convinced it will help bitcoin transition from a speculative asset to a legitimate form of global currency.
What’s more, I believe the Trump 2.0 administration will reignite digital asset innovation and provide the entire crypto industry with significant tailwinds.
And that’s great news for crypto investors.
Members of my Next Wave Crypto Fortunes have had the chance to experience eye-watering gains already…
Like partial gains of 4,000% and 18,000% on LUNA…
And partial gains of 1,900% and 9,555% on Solana.
But over the next four years, I think we’ll see bigger, better and more frequent opportunities to make money in this space.
So if you’ve been avoiding crypto so far…
Don’t you think it’s time to give it another look?
Regards,
Ian King
Chief Strategist, Banyan Hill Publishing
Editor’s Note: If you’re interested in finding out more about Ian’s Next Wave Crypto Fortunes service, click on this link.
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