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| | | Good Afternoon. Crypto holders are celebrating like never before, and it's for reasons beyond a single political win… | Today’s Story:
🇺🇸 The US elects its most pro-crypto Congress ever | Today's newsletter is 1,010 words, a 5-minute good read. |
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Crypto Wins The Election |
The ballots are counted, and the results are in: Trump won big – and so did crypto. |
Markets are surging on the news. |
Bitcoin prices, which rallied to new all-time highs last night in lockstep with Trump's rising election odds, are now hovering around the $75,000 mark. |
The question remains whether prices can hold these levels in the short term. But in the mid-to-long term, we at CoinSnacks see them going much, much higher. |
Below, we'll share our fresh outlook for crypto, considering all that has transpired over the past 24 hours. |
The regulatory shift we’ve been waiting for |
It's a new era for builders and investors alike – and that’s no exaggeration. |
Driving the news: The 2024 election has resulted in America’s most pro-crypto Congress ever, with pro-crypto candidates taking the majority in both the House and Senate. |
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For the longest time, the industry has been stuck battling major headwinds from regulation by enforcement – which involved non-stop penalties, threats, and heavy-handed tactics that created more confusion and hostility than innovation, let alone, investor protection. |
But with pro-crypto policymakers now spread across Congress, we can anticipate significant changes: |
The end of Operation Choke Point 2.0: An easing of restrictions on crypto’s ability to access the traditional banking system. Pro-crypto legislation: This will be critical for stablecoins, DeFi, and the reshaping of crypto’s market structure. A change of leadership at the SEC: No more Gary Gensler at the helm. |
This is good for altcoins, too: A fair regulatory environment is pivotal – not just for the majors, but also for altcoins – which have faced far greater regulatory scrutiny in years past. |
What Trump Has Promised |
Going into the election, Trump promised a slew of things to crypto-focused voters: |
Bitcoin Strategic Reserve: Trump pledged to maintain the current level of bitcoin holdings that the U.S. has amassed from seizing assets from criminals to be used as a Treasury Reserve. Fire Gary Gensler on Day One: Who will be the next SEC Commish? While many are saying Pierce, others (here and here) are signaling expectations of someone else. Allow BTC Mining to Flourish in America: Trump has on multiple occasions said that he wants crypto to be mined in America stating, “if crypto is going to define the future, I want it to be mined, minted and made in the USA".” Free Ross Ulbricht on Day One: At Bitcoin Nashville, Trump – to great applause – announced that he would commute Ross Ulbricht’s prison sentence. |
What we can generally expect |
IPOs: As reported by The Information, investment bankers from top Wall Street firms have already been meeting with crypto execs for upcoming IPOs. We expect 2025 IPOs from Kraken, Fireblocks, Chainalysis, and more. Uplisting(s): There is really only one company to discuss regarding an uplisting to American exchanges (lol DEFTF) and that is Galaxy Digital (GLXY). CEO Michael Novogratz has, on multiple occasions, stated that he believes a Republican win would create an opportunity to finally uplist. |
What History Has Shown Us |
With the help of Coin Metrics, we can take a look at BTC’s performance during past elections to understand whether they’ve had any noticeable influence or impact. |
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While returns have diminished over each cycle, BTC has historically experienced significant price appreciation around 100 days post-election, as the cyclical reduction of BTC issuance, monetary policy shifts, and election outcomes reduce market uncertainty and boost sentiment. | | | | - Coinmetrics |
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For investors, it is also worth noting that volatility for crypto has historically remained elevated for 30 days after the election. |
Where do we go from here? |
For the first time in history, BTC seems to be unburdened by what has been. |
For all the reasons covered above, it looks like crypto will thrive in America as an asset class and as a foundation for businesses. |
Institutional adoption will rise… Retail ownership will increase… Real world use cases will flourish… |
In short, we’ve honestly never been this bullish on crypto before. |
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Other Content You Might Enjoy |
Paxos Launches a Yield-Bearing Stablecoin Backed by Robinhood, Kraken, & More (The Defiant) Osprey Solana Trust (OSOL) Jumps 13% on Trump Victory (Osprey) OpenSea plans comeback with 2.0 overhaul (Blockworks) Kraken completes 2024 Proof of Reserves (Kraken) BlackRock's Bitcoin ETF surpasses $1 billion in volume within the first 20 minutes of trading today (Bitcoin Magazine) Michigan Pension fund has added to their crypto holdings, buying $10M worth of ETH ETFs to go with their existing $7M worth of Bitcoin (The Block) |
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| Jake Chervinsky @jchervinsky | |
| President Trump will take office on January 20. Crypto policy will immediately and significantly shift when new leaders take over the federal agencies. Between now and then, the outgoing administration may be busy finalizing rules and filing enforcement actions. Stay frosty 🥶 | | | 12:51 PM • Nov 6, 2024 | | | |
| | 614 Likes 66 Retweets | | 22 Replies |
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About CoinSnacks |
Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors. |
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