He presents himself as “the pro-innovation, pro-Bitcoin president America needs”. Since the election of Donald Trump as President of the United States, the price of Bitcoin has continued a spectacular rise, crossing $90,000 for the first time on Wednesday November 13. Long ignored by political debates in Washington, the cryptocurrency sector has become a major issue for the 47th American president, who continued, during his campaign, to praise the advantages of this electronic currency. Franceinfo explains to you why these virtual assets are at the top.
Because Donald Trump is committed to making the United States “the world capital” of cryptocurrencies
“If cryptocurrency is going to define the future, I want it mined, minted and manufactured in the USA“, declared Donald Trump during a speech in Nashville last July, as reported by the BBC. Formerly unfavorable to digital assets – he had considered, in 2021, Bitcoin a “scam” – the billionaire has radically revised its position in 2024, to the point of wanting to transform the United States into “world capital of Bitcoin and cryptocurrencies”.
During his campaign, Donald Trump also supported the idea of creating an American strategic reserve of Bitcoins, recalls Forbes. This “ambitious political promise”, according to the American economic magazine, would push the United States to invest in Bitcoin and consolidate its status as a reserve asset within the American central bank, the FED. Reassuring statements for the sector: “A government stockpile of Bitcoins could support the price” of this cryptocurrency, noted the Reuters agency in August, recalling that the American government already held more than 200,000 Bitcoins, mainly seized in the context of legal cases.
Because he wants to promote the American mining industry
Players in the cryptocurrency sector also saw candidate Trump as a way to pass new regulations. Among them, support for the American Bitcoin mining industry, responsible for validating transactions and securing payments. A complex process which requires computer servers to be able to archive particularly large files.
During his campaign, Donald Trump met with some executives of North American Bitcoin mining companies at a conference in Nashville. The Republican candidate promised to develop more infrastructure to power the cryptocurrency mining industry.
Because he opposes strict regulation of cryptocurrencies
Added to campaign promises is Donald Trump's desire to change the regulatory landscape for cryptocurrencies in the United States. The president-elect has thus sworn to replace Gary Gensler, the boss of the financial markets watchdog, the SEC, hated by a sector which criticizes him for a repressive approach and his choice to regulate cryptocurrencies like traditional financial securities.
Since 2021, the date of his appointment, the head of the SEC has brought more than 100 actions against cryptocurrency companies, reported the American channel CNBC. Gary Gensler would therefore prevent “any release of new products linked to cryptocurrencies without justification”underlines Stéphane Ifrah, analyst at Coinhouse, in a note reported by AFP. The promise of his revocation was therefore positively received by the sector.
The previous mandate of the Republican president had also granted “significant corporate tax cuts, which injected additional liquidity into the markets”recalls Nigel Green, analyst at deVere, an international financial consulting firm, to AFP. A situation which would favor “investing in high growth assets”, according to the expert.
Because Elon Musk, defender of cryptocurrencies, enters the government
Billionaire Elon Musk, supporter of Donald Trump throughout his campaign and future Minister of Government Efficiency, lands a position that could give him a leading role within the government. This campaign promise has brought a wave of optimism to the cryptocurrency market. A fervent defender of digital assets, the boss of Tesla is particularly seen by industry players as a major ally in promoting them. According to the Associated Press agency, the price of Dogecoin, Elon Musk's favorite crypto, jumped from 16 cents before the election to 41.5 cents on Wednesday, November 13.
Because the Senate is now favorable to these currencies
Beyond Donald Trump's victory, cryptocurrency enthusiasts are rejoicing at the Republican victory in the Senate. It is particularly a successful bet for networks promoting digital assets, such as Fairshake, reports Le Figaro. The lobby spent more than $134 million to support pro-crypto candidates for Congress, reports the Washington Post. This allowed at least six new senators and more than a dozen representatives to win the elections, according to the American media Politico. Among them are prominent figures like Republicans Tom Emmer and Michelle Steel, who will likely hold key positions in Congress.
“This is huge. We now have the most crypto-friendly Congress and administration we've ever had in Washington.”reacted Cody Carbone, president of The Digital Chamber, a lobby that promotes digital currencies, to Politico.
