Did Cryptocurrency Help Trump Secure a Second Term? The Role of Crypto in His Victory
In the wake of Donald Trump’s victory in the recent election, securing 312 electoral votes, many are asking whether cryptocurrency played a significant role in his return to the White House. While the focus of the election has traditionally been on issues like the economy, healthcare, and security, this time, crypto emerged as a key political factor.
Over the past year, cryptocurrency has moved from being a niche interest to a central topic in the political sphere. With pro-crypto candidates now holding key seats in Congress, it’s clear that the industry’s influence on American politics has grown. In the Senate, for example, 18 pro-crypto candidates won their races, while anti-crypto candidates secured just 12 seats. Across all of Congress, the numbers were even more striking: 266 pro-crypto candidates were elected, compared to just 120 who opposed crypto.
This shift in voter sentiment has not been by accident. According to a Grayscale report released in September 2024, public awareness of crypto has risen to 53%, up from 47% in December 2023. More importantly, 71% of voters now believe it is essential for political leaders to embrace new technologies like blockchain to maintain America’s global competitiveness. Additionally, 56% of voters indicated that they would be more likely to support a candidate open to understanding and adopting cryptocurrency — up from 48% just a year ago.
As Trump embarks on his second term, supported by a crypto-friendly Congress, the question arises: how did crypto influence his victory, and what can we expect from his administration in terms of crypto policy?
Crypto-Funded Campaigns and Strategic Support
Cryptocurrency made a tangible impact on the election, helping Trump and other pro-crypto candidates win crucial races. The industry rallied behind these candidates with significant funding, pouring millions of dollars into races that could determine control of Congress.
Crypto-backed super PACs contributed over $135 million to more than 50 key congressional races. In Ohio, for example, Republican candidate Bernie Moreno received $40 million in crypto-funded ads, helping him defeat Democrat Sherrod Brown, a vocal critic of crypto regulation. The PACs also spread their influence across other battleground states such as Arizona, Indiana, and Maryland.
In West Virginia, a $3 million campaign backed by the group Defend American Jobs helped Jim Justice secure a Republican victory in a traditionally Democratic district. Meanwhile, in New York, Democratic Senator Kirsten Gillibrand, a known crypto advocate, won re-election with crypto support, showing that the industry’s influence extends beyond party lines.
By Election Day, crypto companies had invested over $50 million, ensuring that both Democrat and Republican candidates with favorable views on crypto received the backing they needed. The Winklevoss twins, Marc Andreessen, and Ben Horowitz were among the prominent figures who helped fund Trump’s campaign, contributing a combined $10 million to push Trump’s total industry donations to $22 million.
A Crypto-Friendly Victory
The impact of crypto was not just felt in campaign funding. Trump’s promises to the crypto community also played a key role in his success. According to Jakob Kronbichler, CEO of Clearpool, Trump’s pledge to transfer the 207,000 bitcoins held by the U.S. Department of Justice to the Treasury as a strategic reserve resonated strongly with crypto enthusiasts. His pro-DeFi stance also helped rally the crypto community, which had been wary of SEC crackdowns.
Industry experts like Slava Demchuk, CEO of AMLBot, noted that Trump’s focus on crypto allowed him to connect with a diverse group of voters, including younger adults, people of color, and men under 40 — groups that often felt alienated by traditional political discourse.
A New Era for Crypto in the White House
As Trump prepares to return to the White House, there’s hope that his administration will usher in a new era for cryptocurrency. Industry leaders are optimistic that Trump will deliver clearer regulations, which could alleviate the legal gray areas holding back DeFi and blockchain projects.
“Expecting growth in DeFi as regulatory pressure lightens,” said Kronbichler, reflecting the widespread industry belief that the crypto space will flourish under a more supportive Congress and presidency.
Demchuk believes that a shift in the leadership of the SEC — particularly the possible replacement of Chairman Gary Gensler — could lead to more support for crypto innovation, allowing crypto firms to thrive rather than struggle with regulatory hurdles.
Will Adams, SVP of Partnerships at MatterFi, pointed out that removing restrictions on how banks treat crypto assets could lead to a surge in retail interest in Bitcoin and other cryptocurrencies. Such changes could drive demand for Bitcoin ETFs, which are already competing for a limited supply of BTC.
Post-Election Surge in Confidence
Since Trump’s victory, the crypto market has seen a notable surge in confidence. Bitcoin prices soared, reaching a peak of $76,940 on November 7, and continued to climb to $89,300 by November 14. This uptick in prices reflects a positive outlook for the industry, with many crypto enthusiasts hopeful that the political landscape will become more favorable under Trump’s leadership.
As Michael Pospieszalski, CEO of MatterFi, observed, “The crypto sphere shifted gears” following the election, with deals moving quickly, venture capital funds unlocking, and an overall sense of optimism returning to the market.
Conclusion: Crypto’s Growing Political Influence
The 2024 election marks a significant turning point for cryptocurrency in American politics. As Nitin Gaur, co-founder of Stealth Startup, put it, “Crypto became a voter agenda,” with new voters rallying behind candidates who embrace innovation and personal freedom. With Trump now set to re-enter the White House, the industry is poised to shape the future of crypto policy in the U.S. and beyond. The “crypto era” in politics has only just begun.
