One Month After Trump’s 2024 Election Win: The Early Pro-Crypto Signals Behind the Market Surge
Introduction
It’s been a month since Donald Trump won the 2024 election on Nov 5th, and Bitcoin’s price has been steadily climbing (which was below 70K before the election!). For newcomers who only know crypto as “that digital money,” it might seem puzzling. But just yesterday, Trump doubled down on his pro-crypto stance during the visit of the New York Stock Exchange, saying that the United States aims to become the global leader in cryptocurrency. He even hinted at creating a national strategic bitcoin reserve, a remarkable shift compared to the previous administration’s rocky relationship with digital assets.
As the month following his election victory unfolded, President-elect Trump began naming pro-crypto figures to influential regulatory and innovation roles, while also consulting closely with industry leaders. Though no formal policies have been enacted yet, these strategic moves—paired with Trump’s strong public endorsements—are already shaping investor sentiment. In this article, we’ll break down the details of his recent actions, the statements he’s made, and the background of the individuals he’s chosen to guide the nation’s crypto future.
Key Takesaway
Trump’s Pro-Crypto Vision in Action: President-elect Trump is actively delivering on his promises, from appointing pro-crypto figures to supporting transformative developments, setting the stage for the U.S. to lead global crypto innovation.
Expert Leadership Driving Change: The appointments of Paul Atkins as SEC Chair and David Sacks as AI and Crypto Czar bring seasoned professionals with deep experience in financial innovation, regulation, and technology to guide the administration’s pro-crypto agenda.
Real Actions, Not Just Promises: Trump’s swift follow-through demonstrates that his pro-crypto stance isn’t just campaign rhetoric but a tangible effort to shape policy and regulation, with far-reaching implications for the industry.
A Call for Investors: As the U.S. embraces crypto innovation, investors are encouraged to view this as a transformative shift, not mere speculation, and to align with the broader trend shaping global markets.
Trump's Pre-Election Crypto Stance: Insights from the Bitcoin 2024 Conference
Trump has always been a vocal supporter of cryptocurrency, and his own experience as a businessman has made him keenly aware of the necessity of decentralized financial systems. During the Bitcoin 2024 Conference in Nashville, Tennessee, on July 27, 2024, former President Donald Trump delivered a keynote address outlining his vision for the United States to become a global leader in cryptocurrency. Key highlights from his speech include:
Establishing a Strategic Bitcoin Reserve
Forming a Bitcoin and Crypto Advisory Council
Opposing a Central Bank Digital Currency (CBDC)
Dismissing SEC Chair Gary Gensler
Advocating for Ross Ulbricht's Clemency
In the month since his election victory, Trump has already taken decisive steps to back his pro-crypto promises, showing that his agenda is more than just campaign rhetoric. His swift actions leave little doubt that he’s serious about making the United States a global leader in cryptocurrency and turning his vision of a decentralized financial future into reality.
Elon Musk: Trump’s Most Influential Ally and Crypto Champion
Elon Musk, one of Trump’s most prominent allies, is a key figure in the crypto world and an instrumental force in shaping public and market perception of digital assets. Musk’s engagement with cryptocurrency began in 2019 when he described Bitcoin’s structure as “quite brilliant,” but his influence skyrocketed with Dogecoin. In a playful Twitter exchange, Musk humorously declared himself the “CEO of Dogecoin,” an act that catapulted the meme-based cryptocurrency into mainstream recognition. His frequent tweets about Dogecoin have consistently triggered significant price surges, showcasing his ability to move markets with just a few words. Beyond social media, Musk has worked with Dogecoin developers to enhance transaction efficiency and took a bold step by enabling Tesla to accept Dogecoin as payment for merchandise, further integrating it into practical use cases.
In the political sphere, Musk’s influence aligns closely with Trump’s pro-crypto agenda. One particularly symbolic move came in November 2024, when Trump appointed Musk to co-lead the newly established Department of Government Efficiency (DOGE). The department’s name, sharing an acronym with Dogecoin, felt like a deliberate nod to Musk’s influence and a playful endorsement of the cryptocurrency’s meme cultural impact.
November 18: Trump’s Private Meeting with Coinbase CEO Brian Armstrong
On November 18, 2024, President-elect Donald Trump met with Brian Armstrong, CEO of Coinbase (Nasdaq:COIN), to discuss key personnel appointments for the incoming administration. This engagement underscores the administration's commitment to collaborating with industry leaders to shape a crypto-friendly regulatory environment.
Brian Armstrong co-founded Coinbase in 2012, leading it to become one of the world's largest cryptocurrency exchanges. Under his leadership, Coinbase became the first major crypto company to go public in April 2021. Armstrong has been a vocal advocate for regulatory clarity in the crypto space, emphasizing the need for clear rules to ensure the industry's long-term growth and stability.
Beyond his leadership at Coinbase, Brian Armstrong has been a staunch advocate for privacy rights and clear crypto legislation. In 2022, Coinbase funded a lawsuit against the U.S. Treasury Department, challenging its sanctions on Tornado Cash, a privacy-focused cryptocurrency mixer. Armstrong argued that the sanctions unfairly targeted law-abiding users and exceeded Treasury's authority. This case reached a turning point on November 26, 2024, when the U.S. Court of Appeals ruled that Tornado Cash's immutable smart contracts could not be sanctioned as "property" under federal law, marking a victory for privacy advocates.
November 19: Launch of the First Bitcoin Spot ETF Options
On November 19, 2024, BlackRock launched options trading for its iShares Bitcoin Trust (IBIT) on the Nasdaq, introducing the first publicly traded options on a spot Bitcoin ETF in the U.S. The debut saw over 354,000 contracts traded on the first day, totaling $1.9 billion.
This milestone was enabled by a key regulatory move just days earlier. On November 15, the Commodity Futures Trading Commission (CFTC) issued an advisory clarifying that spot commodity-based ETFs, including Bitcoin, fall under the SEC’s jurisdiction. This cleared the way for the Options Clearing Corporation to handle these trades within a robust regulatory framework.
While not directly linked to Trump, this significant progress occurred just weeks after his election victory, aligning with the pro-crypto momentum his administration has fostered. The launch underscored growing regulatory support for digital assets and marked a pivotal step in integrating Bitcoin into mainstream financial markets.
December 4: Trump Nominates Paul Atkins as SEC Chair
On November 27, 2024, SEC Chair Gary Gensler (appointed by President Biden in 2021) announced his resignation, effective January 20, 2025, coinciding with President-elect Trump’s inauguration. Gensler’s tenure, marked by aggressive enforcement actions against crypto firms like Coinbase and Binance, faced widespread criticism for stifling innovation and lacking clear regulatory guidelines.
Just days later, on December 4, 2024, Trump nominated Paul S. Atkins as the new SEC Chair. Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under President George W. Bush, is recognized for his advocacy of reduced regulatory burdens and promotion of financial innovation.
After his tenure at the SEC, Atkins founded Patomak Global Partners, a financial services consulting firm that has advised various entities, including those in the cryptocurrency sector. He has also been involved in the digital asset space as co-chair of the Token Alliance, a cryptocurrency lobbying group under the Chamber of Digital Commerce, which seeks to establish clear and balanced digital asset regulations.
Atkins' confirmation will require Senate approval, where his regulatory philosophy and industry ties are expected to be closely examined. If confirmed, his leadership could mark a significant departure from the stringent regulatory approach of his predecessor, Gary Gensler, potentially fostering a more accommodating environment for financial innovation and the cryptocurrency industry.
December 5: Trump Appoints David Sacks as White House AI and Crypto Czar
On December 5, 2024, President-elect Donald Trump appointed David Sacks as the White House Artificial Intelligence and Cryptocurrency Czar, a new position aimed at advancing U.S. leadership in these cutting-edge sectors. Sacks, a former COO of PayPal and founder of Yammer, brings a wealth of experience in technology and investment. After selling Yammer to Microsoft in 2012, he co-founded Craft Ventures, a venture capital firm with significant investments in AI and cryptocurrency, including OpenAI and Solana.
A Stanford and University of Chicago Law School graduate, Sacks is known for his strategic vision and support for open-source AI development. He has been a vocal advocate for reducing overregulation in the crypto industry, emphasizing the importance of fostering innovation while maintaining responsible oversight. Sacks also has a strong political presence, having hosted a high-profile fundraiser for Trump in 2024 and sharing libertarian viewpoints on his popular "All-In" podcast.
A New Era for Crypto and Innovation
As the first month of President-elect Trump’s post-election journey unfolds, it’s clear that he is not merely campaigning on empty promises but actively laying the groundwork for a crypto-driven future. With bold moves like nominating Paul Atkins as SEC Chair and appointing David Sacks as AI and Crypto Czar, Trump is proving that his pro-crypto vision is real and actionable. His leadership signals that the United States is poised to not only embrace cryptocurrency but also lead its global innovation, as he promised.
For investors, this is not the time to dismiss these actions as mere speculation or political posturing. The trend is clear: cryptocurrency and blockchain are becoming integral to the future of finance and governance. Joining this movement now is not just about riding a wave but aligning with a larger shift that will shape global markets for years to come. As Trump turns words into actions, the U.S. is set to bring crypto innovation to the world, and those who recognize this early will be best positioned to benefit.
One Month After Trump’s 2024 Election Win: The Early Pro-Crypto Signals Behind the Market Surge
Introduction
It’s been a month since Donald Trump won the 2024 election on Nov 5th, and Bitcoin’s price has been steadily climbing (which was below 70K before the election!). For newcomers who only know crypto as “that digital money,” it might seem puzzling. But just yesterday, Trump doubled down on his pro-crypto stance during the visit of the New York Stock Exchange, saying that the United States aims to become the global leader in cryptocurrency. He even hinted at creating a national strategic bitcoin reserve, a remarkable shift compared to the previous administration’s rocky relationship with digital assets.
As the month following his election victory unfolded, President-elect Trump began naming pro-crypto figures to influential regulatory and innovation roles, while also consulting closely with industry leaders. Though no formal policies have been enacted yet, these strategic moves—paired with Trump’s strong public endorsements—are already shaping investor sentiment. In this article, we’ll break down the details of his recent actions, the statements he’s made, and the background of the individuals he’s chosen to guide the nation’s crypto future.
Key Takesaway
Trump’s Pro-Crypto Vision in Action: President-elect Trump is actively delivering on his promises, from appointing pro-crypto figures to supporting transformative developments, setting the stage for the U.S. to lead global crypto innovation.
Expert Leadership Driving Change: The appointments of Paul Atkins as SEC Chair and David Sacks as AI and Crypto Czar bring seasoned professionals with deep experience in financial innovation, regulation, and technology to guide the administration’s pro-crypto agenda.
Real Actions, Not Just Promises: Trump’s swift follow-through demonstrates that his pro-crypto stance isn’t just campaign rhetoric but a tangible effort to shape policy and regulation, with far-reaching implications for the industry.
A Call for Investors: As the U.S. embraces crypto innovation, investors are encouraged to view this as a transformative shift, not mere speculation, and to align with the broader trend shaping global markets.
Trump's Pre-Election Crypto Stance: Insights from the Bitcoin 2024 Conference
Trump has always been a vocal supporter of cryptocurrency, and his own experience as a businessman has made him keenly aware of the necessity of decentralized financial systems. During the Bitcoin 2024 Conference in Nashville, Tennessee, on July 27, 2024, former President Donald Trump delivered a keynote address outlining his vision for the United States to become a global leader in cryptocurrency. Key highlights from his speech include:
Establishing a Strategic Bitcoin Reserve
Forming a Bitcoin and Crypto Advisory Council
Opposing a Central Bank Digital Currency (CBDC)
Dismissing SEC Chair Gary Gensler
Advocating for Ross Ulbricht's Clemency
In the month since his election victory, Trump has already taken decisive steps to back his pro-crypto promises, showing that his agenda is more than just campaign rhetoric. His swift actions leave little doubt that he’s serious about making the United States a global leader in cryptocurrency and turning his vision of a decentralized financial future into reality.
Elon Musk: Trump’s Most Influential Ally and Crypto Champion
Elon Musk, one of Trump’s most prominent allies, is a key figure in the crypto world and an instrumental force in shaping public and market perception of digital assets. Musk’s engagement with cryptocurrency began in 2019 when he described Bitcoin’s structure as “quite brilliant,” but his influence skyrocketed with Dogecoin. In a playful Twitter exchange, Musk humorously declared himself the “CEO of Dogecoin,” an act that catapulted the meme-based cryptocurrency into mainstream recognition. His frequent tweets about Dogecoin have consistently triggered significant price surges, showcasing his ability to move markets with just a few words. Beyond social media, Musk has worked with Dogecoin developers to enhance transaction efficiency and took a bold step by enabling Tesla to accept Dogecoin as payment for merchandise, further integrating it into practical use cases.
In the political sphere, Musk’s influence aligns closely with Trump’s pro-crypto agenda. One particularly symbolic move came in November 2024, when Trump appointed Musk to co-lead the newly established Department of Government Efficiency (DOGE). The department’s name, sharing an acronym with Dogecoin, felt like a deliberate nod to Musk’s influence and a playful endorsement of the cryptocurrency’s meme cultural impact.
November 18: Trump’s Private Meeting with Coinbase CEO Brian Armstrong
On November 18, 2024, President-elect Donald Trump met with Brian Armstrong, CEO of Coinbase (Nasdaq:COIN), to discuss key personnel appointments for the incoming administration. This engagement underscores the administration's commitment to collaborating with industry leaders to shape a crypto-friendly regulatory environment.
Brian Armstrong co-founded Coinbase in 2012, leading it to become one of the world's largest cryptocurrency exchanges. Under his leadership, Coinbase became the first major crypto company to go public in April 2021. Armstrong has been a vocal advocate for regulatory clarity in the crypto space, emphasizing the need for clear rules to ensure the industry's long-term growth and stability.
Beyond his leadership at Coinbase, Brian Armstrong has been a staunch advocate for privacy rights and clear crypto legislation. In 2022, Coinbase funded a lawsuit against the U.S. Treasury Department, challenging its sanctions on Tornado Cash, a privacy-focused cryptocurrency mixer. Armstrong argued that the sanctions unfairly targeted law-abiding users and exceeded Treasury's authority. This case reached a turning point on November 26, 2024, when the U.S. Court of Appeals ruled that Tornado Cash's immutable smart contracts could not be sanctioned as "property" under federal law, marking a victory for privacy advocates.
November 19: Launch of the First Bitcoin Spot ETF Options
On November 19, 2024, BlackRock launched options trading for its iShares Bitcoin Trust (IBIT) on the Nasdaq, introducing the first publicly traded options on a spot Bitcoin ETF in the U.S. The debut saw over 354,000 contracts traded on the first day, totaling $1.9 billion.
This milestone was enabled by a key regulatory move just days earlier. On November 15, the Commodity Futures Trading Commission (CFTC) issued an advisory clarifying that spot commodity-based ETFs, including Bitcoin, fall under the SEC’s jurisdiction. This cleared the way for the Options Clearing Corporation to handle these trades within a robust regulatory framework.
While not directly linked to Trump, this significant progress occurred just weeks after his election victory, aligning with the pro-crypto momentum his administration has fostered. The launch underscored growing regulatory support for digital assets and marked a pivotal step in integrating Bitcoin into mainstream financial markets.
December 4: Trump Nominates Paul Atkins as SEC Chair
On November 27, 2024, SEC Chair Gary Gensler (appointed by President Biden in 2021) announced his resignation, effective January 20, 2025, coinciding with President-elect Trump’s inauguration. Gensler’s tenure, marked by aggressive enforcement actions against crypto firms like Coinbase and Binance, faced widespread criticism for stifling innovation and lacking clear regulatory guidelines.
Just days later, on December 4, 2024, Trump nominated Paul S. Atkins as the new SEC Chair. Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under President George W. Bush, is recognized for his advocacy of reduced regulatory burdens and promotion of financial innovation.
After his tenure at the SEC, Atkins founded Patomak Global Partners, a financial services consulting firm that has advised various entities, including those in the cryptocurrency sector. He has also been involved in the digital asset space as co-chair of the Token Alliance, a cryptocurrency lobbying group under the Chamber of Digital Commerce, which seeks to establish clear and balanced digital asset regulations.
Atkins' confirmation will require Senate approval, where his regulatory philosophy and industry ties are expected to be closely examined. If confirmed, his leadership could mark a significant departure from the stringent regulatory approach of his predecessor, Gary Gensler, potentially fostering a more accommodating environment for financial innovation and the cryptocurrency industry.
December 5: Trump Appoints David Sacks as White House AI and Crypto Czar
On December 5, 2024, President-elect Donald Trump appointed David Sacks as the White House Artificial Intelligence and Cryptocurrency Czar, a new position aimed at advancing U.S. leadership in these cutting-edge sectors. Sacks, a former COO of PayPal and founder of Yammer, brings a wealth of experience in technology and investment. After selling Yammer to Microsoft in 2012, he co-founded Craft Ventures, a venture capital firm with significant investments in AI and cryptocurrency, including OpenAI and Solana.
A Stanford and University of Chicago Law School graduate, Sacks is known for his strategic vision and support for open-source AI development. He has been a vocal advocate for reducing overregulation in the crypto industry, emphasizing the importance of fostering innovation while maintaining responsible oversight. Sacks also has a strong political presence, having hosted a high-profile fundraiser for Trump in 2024 and sharing libertarian viewpoints on his popular "All-In" podcast.
A New Era for Crypto and Innovation
As the first month of President-elect Trump’s post-election journey unfolds, it’s clear that he is not merely campaigning on empty promises but actively laying the groundwork for a crypto-driven future. With bold moves like nominating Paul Atkins as SEC Chair and appointing David Sacks as AI and Crypto Czar, Trump is proving that his pro-crypto vision is real and actionable. His leadership signals that the United States is poised to not only embrace cryptocurrency but also lead its global innovation, as he promised.
For investors, this is not the time to dismiss these actions as mere speculation or political posturing. The trend is clear: cryptocurrency and blockchain are becoming integral to the future of finance and governance. Joining this movement now is not just about riding a wave but aligning with a larger shift that will shape global markets for years to come. As Trump turns words into actions, the U.S. is set to bring crypto innovation to the world, and those who recognize this early will be best positioned to benefit.
