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- US President-elect Donald Trump is reportedly considering a blockchain-based election voting and identity verification system to eliminate election fraud.
- It is also speculated that multiple Congress are in support of the possible Bitcoin strategic reserve.
Donald Trump’s re-election into the presidency is reported to have started impacting the overall fundamentals of the crypto industry, as rumors suggest that he could implement a federal blockchain-based election voting and identity verification system.
According to crypto influencer Shawn, this groundbreaking development would be executed in partnership with four key platforms – Cardano, X, Hedera, and Hyperledger. Meanwhile, rumors establish that Trump is extensively exploring this move with the upcoming Department of Government Efficiency.
Analyzing this post, we discovered that the potential deployment would come with legislation that would require all states to implement the e-vote platform. The idea behind this development is reported to be the promotion of election integrity and elimination of fraud in the subsequent US elections.
Fascinatingly, this is not the only rumor involving Trump’s policies and the crypto industry. On November 14, CNF reported on multiple crypto-related initiatives that could be taken by the Trump administration, as disclosed by the CEO and co-founder of Satoshi Act Fund, Dennis Porter.
According to Porter, rumors establish that multiple cabinets have supported the idea of creating a Bitcoin strategic reserve. In addition to this, more than 10 states across the country could introduce related legislation. Meanwhile, Porter believes that some of these rumors are true.
Novogratz Position and the Overall Crypto Market Reactions
Galaxy Digital CEO Mike Novogratz doubts the likelihood of a Bitcoin strategic reserve as he claims the dominance of the USD is enough to secure its status in the digital economy.
I think it would be very smart for the United States to take the Bitcoin it has, maybe add some to it, and say we want to show the world that we’re going to be a technology-first country — a crypto, a digital asset-first country. I don’t necessarily think the dollar needs anything. to back it up. We have the strongest military in the world. We have the dominant economy in the world.
As part of the massive transformation expected to be seen in the industry, GlobalData’s 2024 Emerging Trends Insurance Consumer Survey estimates that 39% of US crypto holders would be interested in purchasing crypto insurance policies under this administration.
In the market, Trump’s victory marked the commencement of the bull cycle as Bitcoin sealed a new all-time high at $93k, with Dogecoin (DOGE) rising above $0.40. Currently, the total market capitalization stands at $2.98 trillion with Bitcoin alone making up $1.77 trillion. Interestingly, several analysts foresee the asset extending its dominance with another run into the $100k zone before the end of the year.
Confirming this, a CryptoQuant analyst has predicted that Bitcoin could peak between $180,000 and $200,000 in this cycle as we formerly disclosed.
Two months ago I highlighted that the peak in March of this year was not the all-time high for the ongoing Bitcoin cycle. This perspective stood in stark contrast to the prevailing views of many Bitcoin analysts and professionals within traditional finance, who confidently stated that the $73,000 peak marked the top of the current Bitcoin cycle. However, my proprietary 0nchained Top/Bottom Index, a unique indicator I’ve meticulously developed, showed a different picture.
At press time, Bitcoin was trading at $89k after declining by 1.5%.
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