Donald Trump's victory has begun to raise expectations in the markets, and especially his partisan effort to create the United States Strategic Bitcoin Reserve. Cynthia Lummis (WY-Rep), seeks to boost this reality.
The electoral battle in the United States has left Donald Trump and the Republicans as the clear winners, who now not only occupy the Presidency of the United States, but also the Congress (where they have a majority vote) and the House of Representatives (where the Republican majority has yet to be defined). And in light of this event, the first hints of what is to come for the crypto ecosystem are already beginning to emerge from the country's institutions: the construction of the United States Strategic Bitcoin Reserve.
And Senator Cynthia Lummis, Republican senator for the state of Wyoming, and one of the fervent pro-crypto of the party, has published on her X account, that the effort to achieve this starts now:
Support on several fronts
The measure will of course have to be built, but it has support from different fronts. One of Donald Trump's campaign promises has been precisely to give Bitcoin and the crypto ecosystem room to grow in the United States, seeking to put the country at the forefront of this financial revolution, something that involves strengthening Bitcoin mining in the nation and the acceptance of Bitcoin as a means of exchange, savings and economic investment in the nation.
This vision can become a reality now that the new president has the full support of the Senate, and he maintains a clear advantage for obtaining the majority of the House of Representatives. In fact, at the time of writing these lines, the Republicans already have 201 representatives, with a majority of 218, which puts them within a few steps of this achievement. Obtaining both chambers will allow Donald Trump to have full legislative freedom, although we must remember that the Republican Party has two internal forces, the pro-Trump conservatives and the neo-conservatives (generally pro-war).
Of course, this will lead to strong changes in both the SEC and the CFTC, two spaces where many actors in the crypto ecosystem have asked for changes to allow the sector to operate and develop within the United States. Let us remember that efforts such as those of ConsenSys and Messari against the SEC (in a strong legal dispute that is developing) could totally change with the departure of Gary Gensler from the institution, removing from the middle what many consider "the biggest stumbling block to the US crypto ecosystem."
Attention from the crypto community
Given this vision, there have been many who have expressed their support for Trump's plans to boost the development of the crypto industry. An example of this can be seen in Jesse Myers, co-founder of OnRamp Bitcoin, has applauded this announcement by the Senator, commenting that “The greatest service any elected official can provide to the future prosperity of the United States is to support a Strategic Bitcoin Reserve.”
Other support comes from Eli Ben Sasson, co-founder of StarkWare (co-inventor of zkSTARK, Zcash and FRI), who has made it clear that it is time to create an infrastructure that allows Bitcoin to be moved economically.
Effects on markets
And the news in this regard has had a powerful impact on the crypto ecosystem. On the one hand, Bitcoin has gone from $69.980 (before the start of the elections) to reach a new ATH of over $75.361 and, after Trump's victory, the price of Bitcoin has remained above $74.000. A market reaction that indicates confidence in the good performance of the United States economy and the impact that pro-crypto policies will have on the ecosystem in the next two years.
This effect has not only been seen in Bitcoin, with most of the ecosystem showing a strong revaluation, with numbers ranging from 4% to 30% in the last 24 hours, an event that has boosted the operating volume of the sector to $275.000 billion dollars.
A similar situation can be seen in traditional financial markets, where for example the S&P 500 has risen by 2,31% in a single day, Nasdaq by 2,71% and Dow Jones by 3,99%.
So, the signals are pretty clear at the moment: markets expect major, generally positive, changes for the US economy. Not only that, the creation of elements like the US Bitcoin Reserve Strategy may have an impact on how US debt relates to its level of economic solvency. Something that will go hand in hand with the expected spending cuts that Trump plans to implement on the issue of the War in Ukraine and the possibilities of a quick solution to the Israel-Palestine and Israel-Iran conflicts, the latter being perhaps the most complex of all.
