Bitcoin hits record high immediately after Trump wins US presidential election, and cryptocurrency advocates hold majority in both houses of Congress


By Gage Skidmore

Republican candidate Donald Trump won the United States presidential election held in November 2024. The price of the virtual currency Bitcoin was greatly affected by this result, and it is reported that it reached an all-time high of $76,493.86 (approximately 11.8 million yen).

Bitcoin breaks new all-time high above $74,000 amid Trump's early lead on Election Day | The Block
https://www.theblock.co/post/282319/bitcoin-all-time-high

Bitcoin hits record $76,000 as Trump victory heralds weaker regulation
https://www.cnbc.com/2024/11/05/bitcoin-crypto-market-election-night.html

The Crypto Industry's Spending on the Election Pays Off - The New York Times
https://www.nytimes.com/2024/11/06/technology/crypto-industry-spending-election.html

According to The Block, a cryptocurrency-related information site, as soon as the presidential election vote count began and Trump's dominance was reported, the price of Bitcoin rose 9.5% in the past 24 hours, reaching a record high of $76,493.86. It is said that it exceeded the $73,000 (about 11.27 million yen) recorded in March 2024. In addition, the price of Ethereum rose 6.72% to $2,562 (about 400,000 yen), and Solana rose 13.29% to $179 (about 27,600 yen), and the market price rose 6.77% across the cryptocurrency market.

Bitcoin Price | BTC to USD Price Index and Live Chart - CoinDesk
https://www.coindesk.com/price/bitcoin



Economic media CNBC said, 'The 2024 US presidential election is said to be the most important election in history for the cryptocurrency market.' The cryptocurrency market seems to have seen Trump's victory as a boost for cryptocurrencies, while Harris' victory would be a threat to cryptocurrencies.

As he seeks a second term as president, Trump has adopted a friendly approach to cryptocurrencies. For example, the Trump campaign began accepting cryptocurrencies as campaign donations in May 2024. He has also met with executives of bitcoin mining companies and commented that he wants to 'make America the cryptocurrency center of the planet' and 'make all remaining minable bitcoins 'MADE IN THE USA.''



In addition, in September 2024, Trump himself purchased a hamburger with Bitcoin, demonstrating his support for virtual currencies.



In response to this, President Joe Biden, who was in office at the time of writing, vetoed a resolution to revoke the Securities and Exchange Commission's Accounting Bulletin 121 on May 31, 2024. Accounting Bulletin 121 requires cryptocurrency holdings to be recorded as liabilities on the balance sheet, and pro-cryptocurrency Republican lawmakers argued that it should be revoked. The Biden administration's refusal to revoke Accounting Bulletin 121 was strongly criticized by investors who support cryptocurrencies.

Kamala Harris, who served as vice president in the Biden administration and was also a Democratic candidate in the recent presidential election, has taken a relatively tolerant stance toward virtual currencies, such as in her Wall Street speech, saying, ' We will encourage innovative technologies such as AI and digital assets while protecting consumers and investors .' However, there have been reports that virtual currencies other than Bitcoin and Ethereum are unlikely to be approved , and Harris was considered to have a negative stance toward virtual currencies.

The federal congressional elections held on the same day also proved to be a tailwind for the cryptocurrency market. According to the daily newspaper New York Times, 253 pro-cryptocurrency candidates and 115 anti-cryptocurrency candidates were elected in the House of Representatives elections. In addition, 16 pro-cryptocurrency candidates and 12 anti-cryptocurrency candidates were elected in the Senate elections. This means that cryptocurrency supporters now have a majority in both houses of Congress.

For example, Republican blockchain entrepreneur Bernie Moreno defeated Democratic incumbent Sherrod Brown in the Ohio Senate election, who had expressed opposition to cryptocurrencies and supported Senator Elizabeth Warren, who called for cryptocurrency regulation.

In total, Fairshake, a pro-cryptocurrency special political action committee, has spent more than $40 million to support Moreno, reportedly donated by cryptocurrency market participants and investors.



Coinbase CEO Brian Armstrong commented on Moreno's victory, saying, 'Welcome to the most pro-crypto Congress in American history.'

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