Trump wins the presidency and bitcoin hits a record as crypto money shapes the campaign

Donald Trump has won the 2024 presidential election, and Republicans have gained control of the Senate. Bitcoin climbed to a new record high as the results came in, and shares of crypto-related companies rose.

Crypto played a larger role in this campaign than in any previous one. Trump, who once called bitcoin a scam, positioned himself as a supporter of the industry, promising to end what he described as hostility from regulators and to make the US a leader in the sector. He also spoke about creating a national bitcoin reserve.

Industry money was significant. Fairshake, a super PAC backed by crypto companies, raised well over 100 million dollars and spent heavily in congressional races, supporting candidates of both parties seen as friendly to the industry and opposing some critics. Investors are now focused on several questions:

• Who will lead the SEC and whether its enforcement approach will change
• Whether Congress will pass stablecoin and market structure laws
• Whether a bitcoin reserve moves from campaign promise to policy

Broader markets also moved. The dollar strengthened, and bond yields rose on expectations of tariffs and larger deficits.

Critics warn that close ties between the industry and political leaders could create conflicts of interest. Supporters argue that clear rules will reduce fraud and keep innovation in the US.