President-elect Donald Trump plans to appoint pro-crypto candidates for the top cabinet positions in key financial agencies, reported the Washington Post. The incoming President will adopt a more friendly stance toward cryptocurrency to deliver on his campaign promise to make the U.S. the “crypto capital of the planet.”
Also Read: Standard Chartered: Trump Win May Push Crypto Market Cap to $10T
JUST IN:
President-elect Trump to appoint pro-crypto cabinet members to fulfill his promise of making the US the “crypto capital of the planet.” pic.twitter.com/1AUwOuxUuB
— Watcher.Guru (@WatcherGuru) November 12, 2024
The industry-friendly candidates could usher in a new era of federal policymaking, in which cryptocurrencies also play a part. The pro-crypto candidates soon to be appointed by Trump would ensure a more lenient regulatory environment. The 47th President is sticking to his campaign promise of making the U.S. the leader of the cryptocurrency and blockchain sphere.
Also Read: The U.S. Banking Crash Has Started, Warns Analyst
Pro-Crypto Candidates in Key Federal Financial Agencies Could Boost Bitcoin’s Price
Bitcoin is racing in the charts and hit a new all-time high of $89,560 on Tuesday after reports of Trump’s pro-crypto candidates made the rounds. The leading cryptocurrency has kick-started a bull run by surging nearly 30% in the last seven days. Trump’s victory against his Democratic rival Kamala Harris has boosted the market’s prospects making cryptocurrencies hit new monthly highs.
Also Read: Currency: What’s Happening With the US Dollar & Indian Rupee?
While Bitcoin climbed 30% in seven days, Ethereum has surged nearly 40% during the same period. Leading meme coins such as Dogecoin and Shiba Inu, among others have also printed double-digit profits. The optimism in the broader market remains positive as traders believe Trump could strengthen the economy. With the upcoming pro-crypto candidates for top positions, Trump could ignite a rally after he takes oath in January 2025.
Apart from cryptocurrencies, the U.S. stock market is skyrocketing after Trump clinched the presidency. Dow Jones has massively surged by 2,457 points in a week while Nasdaq Composite spiked 1,048 points during the same period. The S&P 500 index has also climbed 278 points in a week after Republicans won the election. The pro-crypto candidates that will soon be appointed by Trump could take the markets to newer heights next.