Crypto community optimism across Asia following Trump’s election victory
Recognition of Donald Trump’s victory in the U.S. presidential election on Nov. 6 has led to many crypto proponents in Asia foreseeing a positive outcome for crypto within the Asian region, and globally.
Bright future for crypto
According to a report published by the South China Morning Post (SCMP), crypto proponents in China are expectant of a bright future for crypto both on the Chinese mainland and in Hong Kong. The mindset seems to be that a pro-crypto stance in the U.S. will lead to other jurisdictions taking a similar approach. HashKey CEO Livio Weng expressed such a view, stating:
“Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub.”
Prior to being elected, Trump had promised to fire Gary Gensler, who as Chair of the Securities and Exchange Commission (SEC) has pursued a strategy of regulation by enforcement, a course of action that has been broadly criticized by crypto market participants in the United States. Ripple CEO Brad Garlinghouse wasted no time in calling on Trump to act, and to fire Gensler.
Influencing regulatory attitudes
There seems to be a consensus among commentators that the regulatory approach to crypto in the U.S. is going to become crypto-friendly. Crypto analyst Miles Deutscher suggests that “a Trump victory is a WIN for US tech innovation, as it would solidify [the United States’] status as a crypto powerhouse.”
Weng believes that “this shift could also positively influence regulatory attitudes toward virtual assets in mainland China.” That view is mirrored in South Korea by KP Jang, head of Xangle Research. Jang asserts that “if Trump implements bold virtual asset policies while improving existing regulations, it is expected to accelerate regulatory reforms in Korea as well.”
Sumit Gupta, CEO and co-founder of India’s largest crypto exchange, CoinDCX, outlined on X that Trump’s victory is a pivotal moment for global crypto, adding:
”The direct effects of Trump’s policies might not alter India’s regulatory environment right away. However, global sentiment and investor behaviour will be influenced, eventually reaching India.”
The CoinDCX CEO believes that should Trump now appoint regulatory leadership that’s crypto-positive, any resultant crypto regulatory framework adopted by the U.S. could become a blueprint for use by other nations.
Gupta identified further potential upside insofar as the implementation of positive crypto policies by Trump would lead to a more attractive environment for crypto, “potentially opening up enhanced funding opportunities and partnerships for Indian startups as investors seek global growth.”
Bitcoin price surge
At the time of writing, the Bitcoin unit price is up 0.64% over the course of the past 24 hours, at $74,884. American business news channel CNBC reported that Bitcoin could reach $100,000 before Trump even takes office.
Matthew Hougan, chief investment officer (CIO) at crypto asset fund manager Bitwise, said that Trump’s election victory could herald in a “golden age of crypto,” with a friendlier regulatory environment leading to greater institutional investment and mainstream adoption.
