“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”

Donald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.

According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.

Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.

At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428. 

Can Bitcoin go higher?

This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices. 

Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year. 

Coinbase CEO Brian Armstrong recently shared his perspective on the U.S. election outcome, framing it as a victory for the cryptocurrency sector. Armstrong emphasized that the election results have energized pro-crypto advocates and strengthened efforts to foster an economic environment more favorable to digital assets. 

More so, Armstrong sees these political shifts as an opportunity to secure the crypto industry’s future.

Coinbase CEO Declares U.S. Election a Big Win for Crypto

In a recent post on X, Coinbase CEO Brian Armstrong expressed his view that the 2024 U.S. election represents a landmark win for cryptocurrency. With 257 pro-crypto candidates elected to the House of Representatives, Armstrong noted that the incoming Congress will be the most supportive of crypto-related policies. 

Moreover, the CEO pointed out the bipartisan nature of this support, as pro-crypto candidates won in districts across party lines. Concurrently, the coinbase CEO also blamed the previous administration for trying to kill the crypto industry. He emphasized, 

“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry. They both should take their share of responsibility for the loss of their party (along with Biden and Harris for letting them run amuck).”

According to Armstrong, the crypto industry’s appeal to both sides of the aisle was a strategic advantage in the election. Armstrong also revealed that Coinbase and its advocacy groups focused on electing candidates who favor technological innovation and economic freedom. 

Additionally, He highlighted that the message of economic freedom resonated with voters. Armstrong sees this trend as a foundation for bipartisan support for crypto legislation moving forward.

Fairshake Fund Boosts Pro-Crypto Efforts for 2026

To solidify these gains, Coinbase CEO Armstrong discussed the role of Fairshake, a pro-crypto fund, in supporting candidates who back the crypto industry. Fairshake, which is partly funded by Coinbase, has already secured $78 million for the 2026 election cycle. Most recently, Armstrong said there will be no slowdown in pro-crypto advocacy post-US election, committing an additional $25 million to Fairshake PAC. 

The CEO noted that Fairshake’s financial commitment reflects the industry’s long-term strategy to secure a stable regulatory environment in the digital asset space. Similarly, StandWithCrypto, another initiative supported by Coinbase, is also set to expand, aiming to grow its network to 4 million members by 2026.

In addition, Brian Armstrong clarified that Coinbase does not charge projects a premium fee for listings. Addressing concerns on social media, Armstrong stated that the exchange supports fair access to its platform for emerging projects. He also suggested that decentralized exchanges can also provide alternatives to centralized listing hurdles.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.