There’s another big winner of the US election: cryptocurrency
The IndependentSign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. In an effort to court the ever-growing segment of voters that own crypto – estimated to be around 50 million in the US – Trump pledged to protect cryptocurrency from “Elizabeth Warren and her goons” and fire Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach to digital currency regulation. While there are a lot of moving parts to bitcoin‘s success, the immediate price increase reaction to Trump’s initial win announcement indicates significant market confidence,” said Danny Scott, chief executive of CoinCorner. open image in gallery Tesla CEO Elon Musk joins Donald Trump during a campaign event on 5 October, 2024 The tech billionaire has previously said that dogecoin has the potential to become the “currency of the internet” and even referenced it in his proposed ‘Department Of Government Efficiency’, or DOGE, that aims to untangle federal bureaucracy. “In addition to the general positivity for cryptocurrencies, speculators are betting on Musk’s potential position in the new administration,” said Alex Kuptsikevich, chief market analyst at FxPro.