"Trump's presidency will mark the starting point of the crypto bull market," the prophecy is gradually being realized.

Written by: Wenser, Odaily Planet Daily

As the U.S. election voting is about to conclude, as of the time of writing, according to data from the FOX website, Trump is temporarily leading with 248 votes, needing only 22 more votes to reach 270 and ultimately become the winner of the 2024 U.S. presidential election. Coupled with Trump's repeated emphasis on a "crypto-friendly stance," the market sentiment has shifted dramatically, and there is a strong trend in U.S. politics towards "fully embracing crypto-friendly regulation." Odaily Planet Daily will briefly outline the current situation of the U.S. cryptocurrency industry in this article for readers' reference.

U.S. Crypto Landscape: Nearly 100 Million Cryptocurrency Holders, About 27.8% of the Total Population

To discuss regulation, we must first look at the fundamentals.

Previously, in our article "How Did the 'Crypto Patriarch' Trump Come to Be?," we mentioned that "according to a research report released by CouponBirds in March, the survey showed that 45.2% of American parents who own cryptocurrency have already purchased some for their children, and 40.6% of parents plan to buy cryptocurrency specifically for their children in the future. The research indicates that parents generally believe in the potential of cryptocurrency as a long-term investment and wish to educate their children about this asset class.

In May, data disclosed by the publicly traded exchange Coinbase on the X platform showed that in 2023, 52 million Americans owned cryptocurrency, accounting for 20% of the adult population; additionally, statistics from April 2024 indicated that 13% of American adults reported owning Bitcoin."

Now, this number has seen significant growth.

According to an official report released by security.org at the end of September this year:

The Rate of Cryptocurrency Ownership Among U.S. Adults

• The awareness and ownership of cryptocurrency have reached record levels: currently, 40% of American adults own cryptocurrency, up from 30% in 2023, which could amount to as many as 93 million people.
• 21% of non-Bitcoin holders indicated that the expectation of a Bitcoin ETF would make them more likely to invest in cryptocurrency, meaning that up to 29 million Americans may soon join the market.
• Over the past year, the rate of cryptocurrency ownership among women surged from 18% to 29% (compared to men, whose rate increased from 43% to 48%), likely influenced by numerous news reports on the development of female practitioners in the blockchain field and their involvement in cryptocurrency investment and related behaviors. This includes Laura Shin, host of the Unchained Crypto podcast, Cathie Wood, founder and CEO of Ark Invest, Senator Cynthia Lummis, who supports cryptocurrency, and SEC Commissioner Hester Pierce, known as "Crypto Mom," who has a friendly attitude towards cryptocurrency.

It is worth noting that, according to statistics, the current total population of the United States is approximately 335 million, and 93 million cryptocurrency holders represent about 27.8% of the total population, especially considering that cryptocurrency holders are typically voting-age adults. It is no wonder that this year's U.S. election has seen the crypto community become a target for both the Republican and Democratic parties.

Meanwhile, Coinbase's financial report indicates that in 2023, the exchange had 115 million registered users, and although this includes some overseas users, the majority are undoubtedly domestic users, further confirming that the U.S. crypto community has become a mainstream group.

U.S. Politics Shifts: Crypto-Friendly Regulation is Becoming a Reality

At the same time, the regulatory attitude towards cryptocurrency in U.S. politics has undergone a significant turnaround, and crypto-friendly regulation may have become a reality, with two key turning events:

• First, Republican Bernie Moreno, a supporter of cryptocurrency, won the Ohio Senate race, successfully defeating Democratic Senator Sherrod Brown. He is expected to take over Brown's current position as chairman of the Senate Banking Committee in future appointments (Note from Odaily Planet Daily: This committee has jurisdiction over the SEC and CFTC; for more information, see the article "Beyond the Presidency, This Seat's Election Will Deeply Impact the Future of Crypto"). Previously, the pro-crypto super PAC "Defend American Jobs" spent $40.1 million supporting Moreno, and his campaign raised at least $54,600 directly from the cryptocurrency industry; notable donors include Coinbase CEO Brian Armstrong, a16z founder Marc Andreessen, benahorowitz.eth, a16z investor cdixon.eth, and Fred Ehrsam.
• Second, Coinbase CEO Brian Armstrong's latest statement came after Bernie Moreno's victory in the Ohio Senate race, where he stated, "Bernie understands that cryptocurrency is an important part of America's future. Bernie and the cryptocurrency owners who helped him win this victory understand that everyone can benefit from cryptocurrency and are willing to fight for it. Welcome to the most crypto-friendly Congress in American history." Additionally, he previously stated, "There are now over 219 candidates who support cryptocurrency elected to the House and Senate. Tonight, these crypto voters decisively made their voices heard—crossing party lines in key races across the country. Americans disproportionately care about cryptocurrency and want clear rules for digital assets. We look forward to working with the new Congress to achieve this goal. Thank you to everyone who stood with cryptocurrency today. We succeeded!"

According to the StandWithCrypto website, as of the time of writing, there are currently 14 senators and 227 representatives among the elected officials who support cryptocurrency, far exceeding the number of opponents.

Compared to data from earlier this year (in January, there were 18 senators supporting cryptocurrency and 30 senators firmly opposing it), crypto-friendly regulation in the U.S. political environment may be on the verge of taking off.

Information from the StandWithCrypto website

Summary: Trump's Presidency and the Republican Faction Propel the Arrival of the Crypto Bull Market

Given the current situation, the suspense of whether Trump can be elected as President of the United States is rapidly dissipating. According to the latest data from the FOX website, Trump has now reached 277 votes, surpassing the 270-vote threshold required for the U.S. presidential election, successfully becoming the next President of the United States. With the election results settled, he will also become one of the few "two-term presidents" in U.S. history.

OFFICIAL FOX NEWS INTERFACE

Moving forward, compared to the Democratic figures with a very strict attitude towards crypto regulation, Republicans represented by Trump will gradually become a vital force in the U.S. government and regulatory agencies, jointly promoting the arrival of the crypto bull market. Based on Trump's previous remarks at the Nashville 2024 Bitcoin Conference in September this year, establishing a Bitcoin strategic reserve, elevating Bitcoin's priority among U.S. national assets, and releasing figures like Silk Road founder Rose may become the next steps.

Meanwhile, Bitcoin, which has already broken new highs today, may continue to rise. As for whether it can reach the $100,000 mark as crypto enthusiasts hope, we shall wait and see.

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