The morning after Bitcoin hit $100,000 for the first time, Donald Trump took a victory lap.
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“CONGRATULATIONS BITCOINERS!!! $100,000!!!” he posted on his platform Truth Social. “YOU’RE WELCOME!!!”
The price of Bitcoin has been on a tear over the last month, rising over $30,000 — some 45% — since Trump won election to a second term as president of the United States. While some price action after the election was was predicted whoever won the election, the speed at which bitcoin hit triple-digits was widely seen as a direct result of Trump’s win. The industry hopes that, with Trump in the White House next year, it will finally get regulatory clarity clearing a way for further growth and expansion of the digital assets sector.
This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here.
The first time he was president, Trump did not do a whole lot for the cryptocurrency industry. While some of his regulators were ostensibly pro-crypto, by and large his administration proposed rules and took on enforcement actions seeking to limit the size of the industry.
That has all changed as Trump took the stage at the Bitcoin Conference in Nashville on July 27, promising to make the U.S. the “crypto capital of the planet,” free Ross Ulbricht, fire SEC Chair Gary Gensler and take a dramatically different approach to crypto than the Biden Administration.
“They don’t understand it,” he said of Democrats at the time. “They are blocking your path. They’re blocking your way. But I’ve made it a lot easier for you because the SEC has been very, very tough on you.”.
In doing so, Trump elevated an already-emboldened crypto industry to a new level in the political discourse. While the industry — largely funded by the executives of the now-defunct FTX empire — threw a fair bit of money around in 2022, that campaign war chest was not deployed as strategically or as effectively as it was in 2024. And it shows signs of only becoming more overt. And the industry at large has celebrated what it views as a potentially friendlier four years of policymaking than outgoing President Joe Biden’s administration provided.
For these reasons, Donald Trump, alongside executives who encouraged his pivot to crypto this electoral cycle, including Amanda Fabiano, David Bailey and Ryan Selkis, is among CoinDesk’s Most Influential figures in 2024.
2024 was the year that crypto has really broken out as an election issue. Candidates at multiple levels mentioned crypto as they ran for office, ranging from the presidential contest to candidates for the House of Representatives and Senate.
Trump actively solicited support from the crypto industry for months. Before Nashville, he issued several non-fungible token launches, stretching back to 2022. He’s involved in World Liberty Financial, a crypto project heavily supported by his sons which recently received a $30 million infusion from Tron and HTX’s Justin Sun, allowing Trump himself to directly profit off the venture.
One lawmaker, who did not wish to be identified, pointed to the amount of crypto money donated to his campaign,and the possibility of even just a few more votes, as reason enough for Trump to appeal to the crypto industry earlier this year.
“If crypto is going to define the future, I want [it] to be mined, minted and made in the USA. It’s going to be,” Trump said in his Nashville appearance. “It’s not going to be made anywhere else. And if Bitcoin is going to the moon, as we say, it’s going to the moon, I want America to be the nation that leads the way and that’s what’s going to happen.”
Since the election, crypto has enjoyed a surge in popularity. Mainstream news organizations are writing about the sector’s quirks again, while companies trying to tie digital assets to the more traditional financial markets have filed a flurry of applications to list exchange-traded products for Solana and XRP.
Some of Trump’s initial picks seem poised to support the crypto industry. Scott Bessent, Trump’s pick for Treasury Secretary, said he was “excited” by Trump’s “embrace of crypto.”
“Crypto is about freedom. The crypto economy is here to stay,” Bessent said during a Fox News appearance earlier this year. “To me, one of the most exciting things about Bitcoin is a generation of investors who maybe post the Great Financial Crisis had been looking for investment opportunities, maybe they soured on markets, crypto is bringing in young people, it’s bringing in people who haven’t participated in markets.”
Paul Atkins, Trump’s pick to chair the Securities and Exchange Commission, is an adviser to crypto projects including Securitize and Reserve, and joined The Digital Chamber’s board in 2018.
And just Thursday night, Trump named venture capitalist David Sacks as his “AI and crypto czar.” It’s unclear as of press time just what responsibilities this position will have, but Sacks is a longtime crypto booster. His company, Craft Ventures, has invested in a plethora of crypto companies, ranging from Bitwise to Lightning Labs.
When Trump takes office next month, he’ll do so having eked out a narrow popular vote win and with a Republican trifecta — the Grand Old Party will hold the majority in the House and Senate. This means there is a real chance Republicans can enact a comprehensive crypto-friendly legislative regime. Ahead of November’s election, some Republicans used that as a talking point.
“We have a real opportunity to do big things,” Congressman Andy Barr (R-Ky.), one of several lawmakers vying to run the powerful House Financial Services Committee, told me. “The digital asset agenda, both stablecoins and market structure, needs to be a prominent feature of the House Financial Services Committee’s legislative agenda.”
Senator Tim Scott (R-S.C.), who will take charge of the Senate Banking Committee next year, said Trump “has been very clear on his position of being pro-crypto” at an event in August.
“That position puts the entire Republican apparatus on the table, leaning in, looking for a solution,” he said.
The Republican party platform said it would pursue policies that support crypto innovation and “end Democrats’ unlawful … crackdown” while supporting self-custody. Senator Cynthia Lummis (R-Wyo.) said at the same event in August that “the Republican platform was written by basically Donald Trump.”
“He’s supportive of digital assets,” she said. “He has spoken positively about digital assets. He wants to move the needle in this area.”
