Trump’s Re-Election Reportedly Impacts Crypto Industry as Rumors Suggest He Could Implement a Federal Blockchain-Based Election Voting System

Donald Trump’s re-election into the presidency is reported to have started impacting the overall fundamentals of the crypto industry

Rumors are swirling that Donald Trump’s re-election into the presidency could have a major impact on the crypto industry.

According to crypto influencer Shawn, Trump is planning to implement a federal blockchain-based election voting and identity verification system in partnership with four key platforms: Cardano, X, Hedera, and Hyperledger. This groundbreaking development would come with legislation that would require all states to implement the e-vote platform, promoting election integrity and eliminating fraud in the subsequent US elections.

This rumor aligns with reports that Trump is extensively exploring cryptocurrency initiatives with the upcoming Department of Government Efficiency.

CNF previously reported on multiple crypto-related initiatives that could be taken by the Trump administration, as disclosed by the CEO and co-founder of Satoshi Act Fund, Dennis Porter. According to Porter, rumors suggest that multiple cabinets have supported the idea of creating a Bitcoin strategic reserve. In addition to this, more than 10 states across the country could introduce related legislation. Porter noted that some of these rumors are true.

However, Galaxy Digital CEO Mike Novogratz doubts the possibility of a Bitcoin strategic reserve, stating that the dominance of the USD is enough to secure its status in the digital economy.

“I think it would be very smart for the United States to take the Bitcoin it has, maybe add some to it, and say we want to show the world that we’re going to be a technology-first country — a crypto, a digital asset-first country. I don’t necessarily think the dollar needs anything to back it up. We have the strongest military in the world. We have the dominant economy in the world.”

In other news, GlobalData’s 2024 Emerging Trends Insurance Consumer Survey estimates that 39% of US crypto holders would be interested in purchasing crypto insurance policies under this administration.

In the markets, Trump’s victory marked the commencement of the bull cycle as Bitcoin sealed a new all-time high at $93k, with Dogecoin rising above $0.40. Currently, the total market capitalization stands at $2.98 trillion with Bitcoin alone making up $1.77 trillion. Several analysts foresee the asset extending its dominance with another run into the $100k zone before the end of the year.

Confirming this, a CryptoQuant analyst has predicted that Bitcoin could peak between $180,000 and $200,000 in this cycle.

“Two months ago I highlighted that the peak in March of this year was not the all-time high for the ongoing Bitcoin cycle. This perspective stood in stark contrast to the prevailing views of many Bitcoin analysts and professionals within traditional finance, who confidently stated that the $73,000 peak marked the top of the current Bitcoin cycle. However, my proprietary 0nchained Top/Bottom Index, a unique indicator I’ve meticulously developed, showed a different picture.”

At press time, Bitcoin was trading at $89k after declining by 1.5%.