Though once skeptical of Bitcoin, Donald Trump gained strong support from the crypto community as a pro-crypto candidate in the 2024 U.S. presidential election.
Bitcoin whales moved over $132 million off Binance within hours of Donald Trump’s projected election victory.
This whale activity saw 1,807 BTC distributed across 11 fresh wallets—an exodus that echoes a deliberate shift in crypto power. For the first time in history, the U.S. is poised to welcome a self-proclaimed pro-Bitcoin president, and the markets are reacting fast.
In the hours following NBC’s Election Night projections, Bitcoin soared to a new all-time high, briefly touching $75,000—a leap that crypto analyst Anthony Pompliano on X attributed to having “the first Bitcoin President going to the White House.”
At the time of writing, Bitcoin has stabilized around $76,118, marking a 6.37% daily rise as markets brace for what could be a Bitcoin-friendly administration.
Trump’s Pro-Bitcoin Promises Create Excitement
Trump was once a skeptic, but his change of heart towards Bitcoin evangelism has rallied the crypto community behind him as a “pro-crypto” leader. The now 47th president has pledged not only to preserve but also to strengthen the U.S.’s Bitcoin holdings.
His campaign promises include maintaining federal BTC reserves, pushing for regulatory clarity, and dismissing U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. These moves resonate deeply with the crypto faithful.
With the U.S. Senate likely under Republican control, Trump’s path to enacting these policies appears unobstructed. In an industry accustomed to regulatory overreach, the prospect of pro-Bitcoin policy has turned heads.
As Trump’s election news ignited a wave of euphoria, Bitcoin whales took swift action, removing substantial BTC from exchanges—a move signaling intentions to hold.
Lookonchain data captured this whale migration, with over a dozen wallets—newly activated just before the withdrawals—housing 1,807 BTC. These actions likely aim to reduce sell pressure, fortifying Bitcoin’s value at its new highs.
The First “Bitcoin President”
The total crypto market cap now hovers at $2.6 trillion, inching closer to its peak of over $3 trillion in late 2021, fueled by Trump’s potential policies. Trump’s proposal to create a “Bitcoin and Crypto Presidential Advisory Council” and advocate for U.S.-based mining has stirred speculation of a crypto boom.
As he famously declared in Nashville, “If crypto defines the future, it should be mined, minted, and made in the USA.” Trump has even hinted at declaring the U.S. the “crypto capital of the world.”
Trump’s victory may indeed mark a pivotal shift for the U.S. crypto scene. No longer just a candidate, he stands as a symbol of the potential integration of digital assets with American policy, emboldening Bitcoin whales and retail investors alike.
As they secure their holdings, this era could bring the Bitcoin narrative center stage, aligning national policy with the interests of crypto enthusiasts. Is this the dawn of a new financial era where Bitcoin thrives, or will the crypto markets face the same resistance once the headlines fade? Only time will tell, but for now, the “Bitcoin President” is bringing fresh hope to a market hungry for change.