Binance CEO Richard Teng Voices Positive Outlook for Crypto Sector in America in the Wake of Donald Trump's Triumph in the U.S. presidential election

Teng interprets Trump's victory as a "golden era" for the crypto industry, predicting the arrival of new U.S. regulators who are open to digital currencies

Binance CEO Richard Teng is optimistic about the future of the cryptocurrency industry in America following Donald Trump‘s triumph in the U.S. presidential election.

What Happened: Teng sees Trump’s victory as a "golden era" for the crypto industry, with the arrival of new U.S. regulators who are open to digital currencies, the Financial Times reported. The crypto sector, which faced pressure from the previous Democrat administration, is now expecting a major policy shift in Washington.

Binance faced a massive $4.3 billion fine for violations of anti-money laundering and sanctions last year, and its former head was jailed. The industry saw the election as a make-or-break moment to change the attitude in Washington, which they felt was stifling innovation and driving businesses out of the U.S.

See Also: As Trump's Return To White House, China Plans New Stimulus Package To Protect Economy From US Trade Policies

Bitcoin BTC/USD price surged nearly 10% post-election, hitting a record high of over $76,000. On Thursday, a record $1.4 billion was plowed into U.S. bitcoin exchange-traded funds that directly invest in the cryptocurrency, such as the Grayscale Bitcoin Trust (NYSE:GBTC) and iShares Bitcoin Trust ETF (NYSE:IBIT), according to Bloomberg data.

Investors are betting on the Trump administration setting an agenda that will bring in large U.S. institutions that have so far stayed on the sidelines. Venture capitalist Shervin Pishevar, who has close ties to both Trump and Elon Musk, said that the U.S. "is now at the cusp of a sane crypto policy."

"It feels like an unbelievably pivotal day for the cryptocurrency industry," billionaire crypto group Galaxy founder Mike Novogratz said of Trump's victory.

The industry is also looking for a shift at the Securities and Exchange Commission, where Chair Gary Gensler has led a wide-ranging assault on the crypto sector. The ultimate goal for the crypto industry is a shift at the SEC, where chair Gary Gensler has initiated a comprehensive offensive on the crypto sector. The industry hopes for a halt on pending cases and a rectification of the perceived injustices of the previous leadership.

Why It Matters: The optimism in the crypto industry following Trump's win comes amid predictions of a bullish cycle in the crypto market. Analysts have pointed to favorable macroeconomic conditions and the potential for more crypto-friendly legislation under the Republican administration as key drivers of this anticipated growth.

Moreover, the expected shift in regulatory policies is seen as a major factor in the predicted strong performance of Bitcoin and gold under the Trump presidency. These assets are viewed as reliable stores of value in scenarios of currency devaluation, which could result from inflationary or expansionary fiscal policies.

"The crypto industry is buzzing with excitement over Trump's win, with some experts predicting a price surge of Bitcoin to $80,000 this month. Industry insiders expect that a more favorable regulatory climate under the Trump administration will continue to propel growth in the crypto market."

Price Action: Bitcoin is trading at $77,310, indicating a 13.52% increase over the past week, according to data from Benzinga Pro. BTC crossed the $77,000 threshold for the first time.

Read Next: Billionaire Heir Timothy Mellon's $125M Trump Donation Surpasses Elon Musk's Election Contributions: Report

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