Chris Curl,
Editor
Nov. 7, 2024
Donald Trump's victory in the presidential election has sparked a significant surge in Bitcoin's value, reaching a new all-time high of over $76,000.
This euphoric response comes after six months of market stagnation.
I was never deterred, however. I was telling readers of Crypto Cycle to “hold and accumulate” during this time as the most significant run of this crypto bull market was yet to come.
And well over a year ago, I outlined three bullish catalysts that would send Bitcoin to a new all-time high, namely:
- The approval of spot Bitcoin ETFs in the U.S.
- The Bitcoin halving in April 2024.
- Fed cutting interest rates.
All three of these catalysts played out exactly as I predicted, and unsurprisingly, Bitcoin is sitting at a new all-time high as I write this.
But there’s more bullish news to look forward to.
Historically, presidential elections have been major bullish catalysts for Bitcoin.
Trump's victory indicates a potentially explosive growth phase for crypto, a sharp departure from the previous administration’s hostile stance toward digital currencies.
Trump has fully embraced Bitcoin and the crypto industry as a whole.
He wants the U.S. to be the Bitcoin mining capital of the world.
This is a massive shift from the previous administration which seemed to do everything in its power to push the industry out of the country.
With pro-crypto Republicans now holding sway in the House, legislation supportive of digital currencies is expected, setting the stage for unprecedented growth.
Trump has also pledged to replace SEC chair Gary Gensler on day one and replace him with someone crypto-friendly.
This change marks a turning point, steering away from excessive bureaucratic interference towards greater individual empowerment.
That’s what crypto is all about.
Crypto-Friendly Policies on the Horizon
With the government ceasing its hostility towards digital assets for the first time, a more supportive regulatory landscape is taking shape. This shift not only points towards broader acceptance but also towards mainstream adoption, benefiting Bitcoin and crypto massively.
The potential for banks to legally custody Bitcoin marks a monumental step toward its acceptance in traditional finance. Biden, in all his wisdom, vetoed SAB 121 which would have allowed this.
Trump will almost certainly pass similar legislation that will open the floodgates for mainstream adoption of digital assets.
The high-tax Democrat dream is dead for now. With Republicans taking the White House and Congress, lower taxes will be the name of the game. This will only help to spur on investment in crypto.
A Strategic Reserve Revolution
At this point, the most pressing issue facing America is the debt.
Just this past year the U.S. government spent over $1 trillion (with a T) on interest payments alone.
Over the next decade, the national debt payments are expected to balloon to $13 trillion.
But some forward-looking politicians are trying to figure out how to get us out of this mess.
This is where Senator Cynthia Lummis (R-WY) comes in.
She wants to implement a Bitcoin Strategic Reserve. And she has the full support of the Trump administration in making this a reality.
She’s already introduced the bill titled, “The Bitcoin Act”, which would direct the U.S. treasury to retain all of the Bitcoin currently in its custody as well as buying 1 million Bitcoin over five years. The eventual goal would be to acquire 5% of Bitcoin’s total supply.
Being a deflationary asset in an ever-increasing inflationary world, this move could actually make a real dent in the deficit and bolster the dollar’s position as the global reserve currency.
Other nations would follow suit, and hopefully a new age of sound money would dawn.
In light of all this bullish news, I’m opening up membership to Crypto Cycle on a free-trial basis so you can check out my real-money portfolio and tutorials, absolutely risk-free.
Just complete the form here and you’ll get 30 days of absolutely free access to Crypto Cycle.
Make sure you don’t miss out on the next, and most significant, leg up in this crypto bull market.
Keep coming back,
Chris Curl
Editor, Daily Profit Cycle