Cryptocurrency is rising after Trump’s election

Cryptocurrency surges following the election of Donald Trump as President of the United States of America; although he was already on the rise, its momentum is upwards on account of the market’s interpretation of Trump’s guarantees around cryptocurrency.

According to , although no political party fully trusts cryptocurrencies, Trump has positioned himself as president of cryptocurrencies.

The Republican Party has followed Trump’s lead in fully embracing digital currencies.

In a video he posted on social media in August, Trump promised that the United States can be the cryptocurrency capital of the world.

“This afternoon I’m unveiling my plan to make sure the United States is the crypto capital of the planet. They need to strangle you. They need to put you out of business. We won’t let that occur,” Trump said within the video.

“They” is unclear, but with Elon Musk within the ear, the cryptocurrency industry will likely receive favorable policy proposals in the subsequent iteration of the Trump administration.

The market seems to suggest that the longer term president and the strong support for cryptocurrencies from certainly one of his key advisors is a great development for cryptocurrency investors.

Indeed, in keeping with Susannah Streeter, director of cash and markets at investment research firm Hargreaves Lansdown, the market is experiencing “euphoria” after the election.

“His (Trump) pledge to go all out on crypto has sent Bitcoin to new, stunning heights,” Streeter said in a research note published on November 11.

Streeter continued: “He has made a comeback in supporting the industry and now vows to show the United States into the crypto capital of the world. Bitcoin speculators are betting on a more lenient regulatory environment and expect authorities could create a crypto reserve fund, helping boost sustained demand.

In a previous research note, Streeter also noted that “Investors should only dabble in cryptocurrencies with money they may be prepared to lose. Because we have seen these wild swings previously.

According to the Associated Press, Trump did too promised to remove Gary Genslerhead of the Securities and Exchange Commission.

Gensler has been critical of the cryptocurrency in his role, prompting the federal government to crack down on it and calling for greater oversight of the extremely volatile digital currencies.

In October, Gensler criticized the cryptocurrency field generally during a discussion at New York University School of Law.

“We try to enforce the law as it stands… This is an area where there are a lot of scammers, a lot of scammers and a lot of scams,” Gensler said.

Mauvis Ledford, CEO of Sogni AI, a Singapore-based technology startup, said the Trump administration they might adopt cryptocurrency to spice up economic growth.

“It is likely that the Trump administration may explore the use of blockchain technology to increase transparency and efficiency in government operations, particularly with Elon Musk in an advisory role,” Ledford said. “There could also be initiatives to promote the adoption of cryptocurrencies to stimulate economic growth and attract technology-enabled investment.”

However, Ledford also has reservations about how far Trump will go in favor of digital currencies.

“But I personally don’t believe anything Trump says, and blockchains actually allow for the creation of rules that everyone has to follow, which I don’t think Trump particularly likes about the government he runs.”

Ledford noted that cryptocurrency is rising in popularity, which should help legitimize it as more technological barriers are erected.

“Large corporations are integrating crypto payments, and advances in blockchain technology are making transactions safer and efficient. Additionally, regulatory frameworks are evolving that might provide greater stability and legitimacy within the cryptocurrency market.