Trump’s Win Turbocharges Finance and Crypto Bros
After Donald Trump made it his goal to make America “the crypto capital of the planet,” the Republican winner, Silicon Valley, and his crypto army may be able to cash in on Tuesday’s victory. The “upcoming deregulation wave will create an economic sonic boom,” wrote one CEO Tuesday night, encapsulating the feelings of many investors looking to make a buck off the Election Day results and its ripple effects. As of Wednesday morning, traders, crypto enthusiasts, and of course, Trump himself find themselves victorious. The stock market jumped overall Wednesday morning, buoyed by the so-called “Trade trade,” as investors scramble to buy stock expected to perform well under a second Trump term.Perhaps the person cashing in the most is Trump himself, whose shares of Trump Media & Technology Group skyrocketed following his win. Shares of TMTG, which runs his Truth Social platform, rose more than 30 percent in premarket trading. Trump owns a roughly 57 percent stake in Trump Media. He added nearly $300 million to his fortune overnight. Meanwhile, bitcoin is also at a record high after Trump’s win, again boosting his own earnings. And the Republican has the crypto industry to thank. “Being anti-crypto is simply bad politics,” wrote Coinbase CEO Brian Armstrong just after midnight, attaching a photo of the Ohio Senate race. The cryptocurrency super PAC Defend American Jobs spent more than $40 million to help Republican Bernie Moreno win his race to flip the Senate seat. The industry raised more than $200 million to affect House and Senate elections and punish anti-crypto candidates. And it looks like, for the most part, their work paid off. Coinbase’s political offshoot Stand With Crypto’s own numbers indicate that “pro-crypto” candidates won 270 seats. As The New Republic reported earlier this fall, crypto companies spent more than $130 million to determine the election, breaking records. Since the Citizens United ruling in 2010, the fossil fuel industry has collectively only spent $176 million over 14 years of election cycles.“It’s time to build.
After Donald Trump made it his goal to make America “the crypto capital of the planet,” the Republican winner, Silicon Valley, and his crypto army may be able to cash in on Tuesday’s victory.
The “upcoming deregulation wave will create an economic sonic boom,” wrote one CEO Tuesday night, encapsulating the feelings of many investors looking to make a buck off the Election Day results and its ripple effects.
As of Wednesday morning, traders, crypto enthusiasts, and of course, Trump himself find themselves victorious. The stock market jumped overall Wednesday morning, buoyed by the so-called “Trade trade,” as investors scramble to buy stock expected to perform well under a second Trump term.
Perhaps the person cashing in the most is Trump himself, whose shares of Trump Media & Technology Group skyrocketed following his win. Shares of TMTG, which runs his Truth Social platform, rose more than 30 percent in premarket trading. Trump owns a roughly 57 percent stake in Trump Media.
He added nearly $300 million to his fortune overnight.
Meanwhile, bitcoin is also at a record high after Trump’s win, again boosting his own earnings. And the Republican has the crypto industry to thank.
“Being anti-crypto is simply bad politics,” wrote Coinbase CEO Brian Armstrong just after midnight, attaching a photo of the Ohio Senate race. The cryptocurrency super PAC Defend American Jobs spent more than $40 million to help Republican Bernie Moreno win his race to flip the Senate seat.
The industry raised more than $200 million to affect House and Senate elections and punish anti-crypto candidates. And it looks like, for the most part, their work paid off. Coinbase’s political offshoot Stand With Crypto’s own numbers indicate that “pro-crypto” candidates won 270 seats.
As The New Republic reported earlier this fall, crypto companies spent more than $130 million to determine the election, breaking records. Since the Citizens United ruling in 2010, the fossil fuel industry has collectively only spent $176 million over 14 years of election cycles.
“It’s time to build.
