According to the New York Digital Investment Group (NYDIG), Bitcoin will gain more political significance if Donald Trump and the Republicans win the U.S. elections. This means Bitcoin is becoming harder to ignore for investors, especially those who don’t hold any. NYDIG’s global head of research, Greg Cipolaro, pointed out that while some investors have invested money into Bitcoin, most still haven’t.
“There are no excuses now,” Cipolaro said, emphasizing that they should no longer overlook Bitcoin’s potential. Bitcoin is up 84% this year and has reached new highs of nearly $82,000, boosted by Trump winning the presidency.
Republicans and Trump set to shape pro-crypto future
The Republicans, who have supported crypto bills, are set to take the majority in the Senate and look likely to hold onto their lead in the House after flipping some Democratic seats. Cipolaro mentioned that the crypto world now feels like it has a voice “at the table” with top government leaders, which could help push crypto and blockchain into the mainstream financial system.
Furthermore, he noted that by 2025, we’ll likely see new leadership across major agencies, bringing a real chance for pro-crypto laws and regulations to take shape. Trump has promised to fire SEC Chair Gary Gensler on his first day in office and, in addition, his team is reportedly considering Robinhood Markets’ top legal executive as the leading candidate to take over the role.
Cipolaro speculates that new leadership might roll back the SEC’s multiple lawsuits against crypto companies under Gensler. Additionally, the company might drop any planned enforcement actions hinted at in Wells notices sent to Robinhood, Crypto.com, Consensys, Uniswap, and Immutable.
He also mentioned that they could appoint new department heads at the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Treasury Department, along with a new attorney general, who are “likely to adopt a more pro-crypto approach.
Cipolaro noted that the new regulators might take a more supportive approach toward banks involved with crypto, which could encourage them to offer custody services for digital assets like stablecoins.
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