A pro-Bitcoin administration will almost certainly drive prices higher and result in more countries following suit. In my Bitcoin pitch, I always avoided the end game to people in suits—institutional investors, regulators, and policymakers—but suddenly, hyperbitcoinzation and hash wars look entirely possible.

What does this mean for Bitcoin first movers like El Salvador? Or the Bitcoin curious like Argentina? It’s hard to say. On the one hand, as the largest contributor and shareholder in the IMF, a more accommodative US stance on Bitcoin would likely end the IMF’s opposition to things like El Salvador’s 2021 Bitcoin law. On the other hand, it could steal a lot of thunder from smaller economies, leveraging Bitcoin to attract human and financial capital.