The price of Bitcoin, the largest cryptocurrency on the market, has reacted very positively to Donald Trump's victory in the United States elections, proclaiming him the new president of the North American country.
In the past few hours, the preliminary results of the US election had generated great uncertainty. Trump’s early lead in several key states had impacted the cryptocurrency market, with Bitcoin reaching a new all-time high of approximately $75.361, driven by speculation that a more deregulation-friendly government could benefit the crypto sector. This has led to the liquidation of short positions, valued at nearly $180 million, reflecting a notable increase in spot demand for BTC.
BUY BITCOIN NOWTo Javier Pastor, Head of OTC at Bit2Me, “This surge in the price of Bitcoin, which has already risen by 8.5% in 24 hours, underlines expectations of a more lax regulatory framework with Trump in the White House. This context fuels bullish projections that place the price of Bitcoin at around $200.000 by 2025, provided that regulatory changes that promote innovation and attract investment to the crypto sector materialize.”
Furthermore, According to Bit2Me analyst, Trump’s victory will bring with it more pro-crypto key figures in the White House. “With people like Lummis and Kennedy in the picture and the possibility of more flexible leadership, the elections offer tangible hope for the Bitcoin and cryptoasset industry in the US. Instead of continuing to lose ground globally, the United States could regain its leadership and establish a balanced and pro-innovation regulatory model, which benefits both investors and the financial innovation ecosystem.”
According to Pastor, the Biden-Harris administration’s latest term has largely been a missed opportunity to cement the United States as a leader in the world of Bitcoin and crypto assets. Instead of adopting policies that drive development and innovation in this sector, the administration has allowed restrictions to be imposed that have scared away businesses and talent from the country. Far from creating a clear and favorable regulatory environment, Biden and Harris’ approach has left innovators in a limbo of uncertainty and restrictions.
«The presence of figures such as Gary Gensler, chairman of the SEC, has been a key element in the restrictive regulation of the sector. Gensler has adopted a stance that many consider excessively rigid and repressive, using regulation to slow down the industry and create obstacles that discourage innovation. Instead of encouraging the growth of cryptoassets, the SEC's approach under his command has been to limit the development of the sector, with constant lawsuits and legal conflicts that hinder the United States' progress in the industry,» he analyzes.
