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Polymarket shows rising odds of Trump nominating Musk to cabinet

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The odds of Donald Trump winning the November election and nominating Elon Musk to his cabinet have surged on Polymarket.

A Polymarket poll with over $803 million in assets, shows Donald Trump with a 53% chance of winning, compared to Harris’ 46%. Harris had been leading Trump for a time in August as enthusiasm for her campaign increased.

Another Polymarket poll, with $77,000 in assets, predicted Trump would win and nominate Elon Musk to his cabinet. These odds rose to 18% on Sep. 5, up from 12% a day earlier. The poll will be deemed accurate if Trump wins and appoints Musk to lead one of the 15 executive departments or a cabinet-level role.

Trump Musk
Odds of Trump nominating Elon Musk to cabinet jump | Source: Polymarket

According to the poll’s creators, advisory roles will not count as cabinet-level appointments.

These odds jumped after the Wall Street Journal reported that Trump was considering Musk to lead a government efficiency commission. This commission would review the federal government to identify waste, reduce fraud, and prevent improper payments.

Elon Musk has become a vocal supporter of Trump and has donated to his campaign. While the two billionaires differ on some policies, they have aligned on key issues like regulation and immigration. 

Musk has been open to serving in some capacity in government. What is unclear, however, is whether he will agree to step aside from his many ventures like SpaceX, Tesla, and X that are regulated by the federal government. 

Trump and Musk-themed tokens mixed

Donald Trump and Elon Musk-themed tokens were mixed after the WSJ report. Elon (ELON), a token valued at over $2.7 million, rose by 9.4% while MAGA Hat (MAGA) rose by 2.3%. MAGA (TRUMP), the biggest Trump-themed token, has dropped by over 17.5% in the last seven days. 

In the stock market, Tesla shares jumped by over 4.8%, continuing its recent recovery that has pushed its market cap to over $733 billion. Trump Media & Technology stock was little changed and has retreated by over 36% in the last month.

Bitcoin (BTC) and other cryptocurrencies were also muted after the report. BTC was stuck below $57,000 while Ethereum (ETH) dropped below $2,400. Trump is seen as a more favorable candidate for the industry. 

However, historically, cryptocurrencies have done regardless of who was in the White House. Bitcoin jumped to a record high of $1,166 under Barrack Obama, $35,000 under Trump, and $73,800 under Biden.

Kamala Harris leads in most polls

It is still unclear whether Donald Trump will win the election, especially because of independent voters. 

Recent mainstream polls have sent mixed signals. Harris leads Trump by six points in an Outward Intelligence poll. She also leads him by four points in an Emerson College poll and by two points an a YouGov one. 

Harris is also leading in fundraising, raising $300 million in August, compared to Trump’s $130 million. This funding suggests she still has momentum with two months left before the election.



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cryptocurrency

TRUMP, MAGA, and other Trump-themed tokens crash after election day

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Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL. 

However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.

This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.

A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.

Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.



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How Trump’s Promises Could Influence BTC $250k forecast

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As analysts predict Bitcoin could reach $250K, how might Trump’s promises influence this potential? What should you be watching for in the coming months?

Trump triumphs

Donald Trump is back in the Oval Office, officially winning the 2024 U.S. presidential election as the 47th president. After a high-energy election night celebration at Mar-a-Lago with guests including Elon Musk and Robert F. Kennedy Jr., digital asset markets surged in response.

Bitcoin (BTC) rocketed past $75,000, reaching a fresh all-time high, while crypto-linked stocks like Coinbase and MicroStrategy saw strong after-hours gains.

For crypto supporters, Trump’ win signals more than just another GOP presidency, especially as he has made bold commitments to protect crypto, a notable departure from the past, when Trump’ stance on digital assets was anything but warm.

Moreover, with Trump’ Republican allies securing a Senate majority, the path is now open for the policies he hinted at throughout his campaign—policies that could reshape the future of crypto in both the U.S. and globally.

So, what promises has he made, and what should we expect from his term? Let’s find out.

Trump’s promises to the crypto industry

Bold vision for a national crypto stockpile

One of Trump’ biggest promises to the crypto world is to create what he calls a “strategic national crypto stockpile.” In simple terms, Trump aims to prevent the government from auctioning off seized Bitcoin, instead holding onto it as a national asset.

Trump believes that, just as countries hold reserves of gold or oil, the U.S. should secure a portion of Bitcoin to hedge against future financial uncertainties.

Currently, the U.S. government often auctions off Bitcoin seized from criminal cases, such as after the Bitfinex hack, but Trump has suggested putting a halt to these sales.

This promise is crucial, given that the U.S. Marshals Service has regularly auctioned Bitcoin holdings, sometimes causing temporary market dips. Earlier this year, Germany’s sale of hundreds of millions in seized Bitcoin led to similar price swings.

While Trump hasn’t provided a concrete plan for how this reserve would be managed, some view it as a step toward positioning the U.S. as a global crypto leader.

Creating a strategic Bitcoin reserve

One of Trump’ more intriguing promises is to establish a “strategic Bitcoin reserve” for the U.S. His idea is to retain Bitcoin seized from criminal activities, rather than auctioning it off, to gradually build a substantial national Bitcoin reserve.

This proposal gained further traction when Senator Cynthia Lummis introduced a bill to create a “Bitcoin strategic reserve,” aiming to accumulate one million BTC over five years as a hedge against the national debt.

If realized, this reserve could signal a shift in the U.S. approach to crypto, positioning Bitcoin as a strategic asset on par with gold or foreign currency reserves.

Promise to fire SEC Chair Gary Gensler “on day one”

Trump has also set his sights on the U.S. Securities and Exchange Commission, pledging to fire its current chair, Gary Gensler, on his first day in office.

Appointed by President Joe Biden, Gensler has led an aggressive crackdown on the crypto industry, initiating over 100 enforcement actions against crypto companies for alleged securities violations since he 

Gensler’ stance — that much of the crypto industry falls under SEC jurisdiction — has sparked frustration among industry players, who argue they need clearer guidelines, not constant lawsuits.

However, Trump’ promise may not be as straightforward to execute. While the president can appoint the SEC chair, dismissing one requires valid grounds, like neglect or inefficiency, due to the SEC’ independent status.

Legal experts caution that firing Gensler “on day one” could prompt a lengthy review and may not happen as swiftly as Trump suggests.

Still, if Trump does manage to appoint a new SEC chair, it could mark a shift toward more crypto-friendly policies — though how much freedom the new leadership would truly have remains uncertain.

A national push for Bitcoin mining

Another bold promise from Trump is his call to ensure that all remaining Bitcoin is mined within the U.S. He envisions Bitcoin mining as “Made in the USA,” aiming to establish America as a global hub for the industry.

This vision was echoed during a private Mar-a-Lago meeting with key figures in U.S. crypto mining, including executives from major companies like Riot Platforms, Marathon Digital, and Core Scientific.

Trump’ goal aligns with his broader agenda of “energy dominance” for the U.S., believing that Bitcoin mining could boost energy production and decrease reliance on foreign energy sources.

However, the path to this goal is challenging. Bitcoin mining is decentralized by nature, relying on thousands of miners across the globe. Centralizing it within one country would contradict the decentralized ethos on which Bitcoin was built.

Moreover, about 90% of Bitcoin’ total supply has already been mined, leaving only a small yet symbolically significant portion — around 10% — that Trump hopes to bring under U.S. control.

Stopping the central bank digital currency development

Trump has also pledged to block any progress toward a central bank digital currency in the U.S. He made his stance clear: “There will never be a CBDC while I’m president”, citing that CBDCs pose a potential threat to financial privacy.

Unlike decentralized cryptocurrencies like Bitcoin, a CBDC would be fully controlled by the government, potentially allowing for extensive surveillance of citizens’ transactions.

Trump’ position aligns with other Republican leaders, such as Ron DeSantis, who recently signed a bill in Florida to limit CBDC use within the state.

Opposition to CBDCs is also building in Congress. Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act, aiming to prevent the Federal Reserve from issuing a CBDC without congressional approval.

The right to self-custody

Trump has also pledged to enshrine self-custody rights for crypto users into federal law, reinforcing the principle that “not your keys, not your coins” should be protected by the U.S. government.

Self-custody allows crypto holders to manage their private keys independently, ensuring they fully control their digital assets without relying on third parties like exchanges.

This promise aligns with recent legislative efforts by Republican Senator Ted Budd, who introduced the Keep Your Coins Act in 2023. The bill aims to safeguard Americans’ ability to transact with self-hosted crypto wallets, making it harder for regulators to impose restrictions on self-custody.

However, the proposal has sparked debate. Critics argue that self-custody could enable bad actors to evade anti-money laundering regulations, a concern highlighted by Senator Elizabeth Warren’ 2022 Digital Asset Anti-Money Laundering Act, which advocates for tighter controls.

While the crypto community largely views self-custody as an essential right, questions remain about how such laws might affect the balance between personal freedom and regulatory oversight.

A crypto-friendly advisory council

One of Trump’ more structural promises is to establish a dedicated “crypto advisory council” to guide his administration’s approach to crypto policy.

The goal of this council would be to create clear, industry-friendly regulations that support crypto growth rather than stifle it. 

As Trump puts it, he wants “the rules to be written by people who love your industry, not hate it,” ensuring that crypto policies reflect a deep understanding of the industry’s needs and challenges.

Many industry insiders have voiced concerns that current regulations lack clarity, making it difficult for companies to operate within legal boundaries.

However, setting up such a council presents its own challenges, such as ensuring a diversity of perspectives and maintaining unbiased oversight.

Commuting Ross Ulbricht’s sentence

In a more controversial promise, Trump has vowed to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace.

Ulbricht, a first-time nonviolent offender, received a double life sentence plus 40 years without parole—a punishment many view as excessively harsh. Silk Road, the darknet marketplace he created, facilitated the trade of illegal goods, from drugs to weapons, with Bitcoin as the primary currency.

Ulbricht’ case has become a rallying point within the crypto and libertarian communities, where advocates argue that his sentence was disproportionate to the nature of his crime.

Critics, however, contend that his involvement in Silk Road fueled illegal activities and harmed individuals, making any consideration of leniency a sensitive issue.

What to expect from Trump’s crypto term

Recent tweets from crypto analysts reflect a mood of optimism as Trump’ presidency begins.

Michaël van de Poppe, a prominent crypto analyst, describes the current state of crypto as the end of the “longest and heaviest Altcoin bear market.” 

He suggests we’re on the brink of a new “Dot.com bubble in Crypto,” hinting that this cycle could “go way higher than we all expect.”

If this outlook proves accurate, Trump’ pro-crypto stance could pave the way for a strong market rebound, benefiting from a more supportive regulatory environment.

Meanwhile, technical analyst Gert van Lagen forecasts that Bitcoin is on its “final ascent,” with a target of $250,000 by February next year.

He points to the recent reversal of the 10-2 yield curve — a classic precursor to recessions — as a sign that economic conditions could fuel a BTC rally.

For now, the industry watches to see if Trump’s bold promises can translate into action. If he delivers, the U.S. could emerge as a leader in crypto adoption, creating jobs and establishing financial alternatives that could leave a lasting mark on the entire crypto space.





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Bitcoin

Trump victory creates over 11k new Bitcoin millionaires

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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. 





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