How the US Election Results Spurred Bitcoin to New Heights

Despite the US Presidential elections initially appearing to be fairly equally contested, the reality is that days before Americans headed to the polls, the tide started to turn.

Whether this was due to a lack of tangible actions by the Democratic Party that aligned with the needs and desires of the American public or whether the Trump campaign had their finger on the pulse and met the needs of the people—"tickled their ears," as many opponents would have you believe—the point is moot. Trump claimed the Electoral College and Popular votes and cleaned up in the Swing states, resulting in a landslide victory.

Even former Democrat-turned-Republican Joe Rogan noted that a colour-based chart of presidential election outcomes shows no blue states; only blue cities exist. While this was tongue-in-cheek, it was not far from the truth.

The Importance of Bitcoin to Voters & Investors

One of the hot topics of the election was the US economy and the spending power of the everyday American. Social media tools like TikTok and YouTube were rife with videos showing people comparing food delivery app prices and grocery store receipts from years ago to the same products in 2024, only to discover, to their horror, that prices had multiplied four times over and more. Another crucial financial sector in which Trump cultivated alliances for the Republican Party was the cryptocurrency space.

Rather than viewing it as a cash cow to be abused and clamped down on—like the Democratic Party had shown itself willing to do—Trump made campaign promises to protect and see the expansion and further adoption of Bitcoin, Ethereum, Dogecoin, stablecoins and even memecoins.

The most important of these promises were:

1. The US Will Lead in the Bitcoin and Cryptocurrency Space: Trump aimed to achieve this goal by bringing thought leadership and the development of blockchain and Web3 products back to American soil. He specifically spoke about wanting foreign powers like China and other countries to refrain from dominating the sector by making it attractive for investors and technology leaders to move their business there.
2. An end to Operation Choke Point: Under the Democratic Party, Operation Choke Point aimed to limit the extent to which banks and the mainstream financial sector could work with cryptocurrency businesses. This initiative could have hamstrung using Bitcoin and other cryptocurrencies as daily banking methods if successful.
3. US Strategic BTC Reserve: This promise intended to show that the US government would have a vested interest in the success of Bitcoin and the cryptocurrency market by buying and holding reserves to underpin its financial decisions and policymaking. This promise drew massive support for the Republican Party during Trump's campaign.
4. The Right to Mine Crypto and Self-Custody: Of all his promises, this was one of the most important. Americans cherish their right to self-determination, and affirming the right of the individual to both generate and control personal wealth without government interference rang true with many voters. If realised, this promise will enable Americans to invest time, energy, and resources into acquiring Bitcoin while retaining the right to store it privately without disclosing its value or paying taxes on unrealised gains.

The one area where Trump opposed a crypto initiative was the creation of a government-run Central Bank Digital Currency (CBDC). While this might seem contentious on the surface, the decision was ultimately about protecting the sovereignty of the American population, as CBDCs allow the government too much access to and control over the wealth of its citizens.

The Crypto Market Responds Positively

Within days of the election results, financial markets worldwide showed a positive upswing, proving that the US was not the only country waiting with bated breath for the outcome of the elections.

Using Bitcoin as our marker, it was incredible to see that from its position at $73,000 on November 7th, the token experienced an unprecedented uptick in value over the next week, peaking at just under $90,000 by the afternoon of the 13th.

This is especially remarkable when you consider that a year ago, Bitcoin was only at $35,000. By March 2024, it had climbed to around the early $70,000 mark and then stagnated in that range for months. Even after the halving event, it did not have the expected value spike.

What it took to unlock the token's potential was a market that had given it promises of hope, creating a platform where innovation and ownership—and the value associated with those—belonged to the individual.

Even Ethereum, which has always been the second in command to Bitcoin, saw an incredible value increase over the same period. Ethereum struggled to break out of the $2,000 barrier due to competition from Solana, concerns over its gas fees, and a general focus on high-value coins that could provide financial returns rather than a working token like ETH.

However, as Bitcoin's value rose on the back of the election results, so did that of ETH. According to CoinMarketCap, the token climbed over the last seven days from $2,576 to just over $3,417rketCap.

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