![[코인 리포트] “Bitcoin strategic asset, Gary Gensler dismissed”… ‘Trump trade’ in full swing By Decenter](https://i-invdn-com.investing.com/news/LYNXMPEA7U0A9_L.jpg "[코인 리포트] “Bitcoin strategic asset, Gary Gensler dismissed”… ‘Trump trade’ in full swing By Decenter")
The virtual asset market has continued its explosive rise for three days since former President Donald Trump won the US presidential election on the 6th. Bitcoin (BTC) has hit an all-time high. As of 5:29 p.m. on the 8th, Bitcoin (BTC) rose 10% compared to last week, reaching $75,967, according to CoinMarketCap. At the same time, it is trading at 104.86 million won on Bithumb, a domestic virtual asset exchange. Major altcoins such as Ethereum (ETH), Solana (SOL), and Ripple (XRP) also recorded surges of up to 20%, bringing the total market capitalization of the virtual asset market to nearly $2.6 trillion (approximately KRW 3,606.98 trillion). It swelled.
Institutional investors are also flocking to BTC investment. The BTC spot exchange-traded fund (ETF) has seen the largest amount of capital inflow ever since its launch early this year. On the 7th (US local time), there was a net inflow of $1.3639 billion (approximately KRW 1.8949 trillion) into the BTC spot ETF. More than $1.1 billion (approximately KRW 1.5282 trillion) was inflowed into the IBIT products of U.S. asset management company BlackRock alone per day. Mike Novogratz, CEO of Galaxy Digital, a virtual asset finance company, said, “There could be a tsunami in the virtual asset market,” adding, “As the market expected, the Trump administration will allow the traditional financial industry to hold virtual assets on its balance sheet.” “If this happens, institutional investors will flock to the virtual asset market,” he observed.
The Trump administration, which will take office next year, is expected to have a policy stance that is friendly to virtual assets. Along with Trump’s election, the fact that the US Republican Party won a majority in the general elections in the Senate and House of Representatives adds to the optimistic outlook. Brian Armstrong, CEO of Coinbase, the largest exchange in the U.S., said, “This election is a huge boon for the virtual asset industry,” and added, “The next Congress will be the most virtual asset-friendly Congress ever. The Trump administration will ban all existing virtual asset-related lawsuits. “We will take a fresh look at the incident,” he predicted.
Among the pro-virtual asset pledges made by former President Trump during this election, what virtual asset investors are paying the most attention to are the stockpiling of BTC strategic assets and the dismissal of Securities and Exchange Commission (SEC) Chairman Gary Gensler. Trump previously delivered a keynote speech at the ‘Bitcoin 2024 Conference’ held in Nashville, Tennessee in July and emphasized, “It is our administration’s policy to retain 100% of all BTC currently held or acquired by the U.S. government in the future.” Trump said. Although there was no specific mention, after the speech, Republican Senator Cynthia Loomis proposed a bill that would require the U.S. Federal Reserve to reserve up to 5% of the total BTC supply as a strategic reserve asset due to Trump’s election and the Republican Party’s control of the House and Senate. If the United States holds BTC as a reserve asset, there is a possibility that there will be competition to stockpile BTC among countries following the United States, which will be a big positive for the BTC price.
Former President Trump’s promise to fire Chairman Gensler on his first day in office also received great response from virtual asset investors. Chairman Gensler was notorious among virtual asset investors as the most representative anti-virtual asset figure. This is because numerous U.S. virtual asset companies have been prosecuted under the principle that all virtual assets except BTC are securities. Accordingly, after Trump’s election, Chairman Gensler’s X account posts have been receiving replies from virtual asset investors demanding Gensler’s dismissal. Brad Garlinghouse, CEO of Ripple, who has been in a legal battle with the SEC for several years, also sent a request through his
Due to the enthusiastic response of virtual asset investors to Trump’s election, virtual assets have emerged as a representative beneficiary asset of the so-called ‘Trump Trade’. Trump trade refers to a strategy of investing in assets that will perform strongly if Trump is elected. There are also predictions that BTC could soar to $100,000. Matrixport, a virtual asset service provider, said, “617 million people, or 7.51% of the world’s population, own virtual assets. “The 8% penetration rate is a major turning point for BTC mainstreaming,” he said. “Thanks to positive circumstances such as Trump’s presidential election victory, BTC could reach $100,000 in the coming months.” Ryan Lee, senior analyst at BitGet Research, also said, “Stablecoin market capitalization has reached an all-time high and is maintaining around $160 billion. “The net inflow of spot ETFs also shows that Wall Street institutions are optimistic about the market outlook,” he observed, adding, “BTC is likely to reach $100,000 within the next three months.”
