Trump was seen as the pro-crypto candidate, when compared to a more crypto-cautious Democrat Kamala Harris. This is why Bitcoin has seen significant gains since the Republican was reelected—speculators are hopeful for a brighter future for crypto in the U.S.

One example of this is the potential strategic Bitcoin reserve that Trump’s administration could help build. Similar to El Salvador’s Bitcoin stockpile, the current plan outlined by Senator Cynthia Lummis, a Republican from Wyoming, would see the U.S. purchase 5% of the supply over a five year period and hold it in reserve for 20 years.