Donald Trump’s election victory has poured rocket fuel on the tech and crypto-focused ‘Bro-conomy’ – and British bros are among those hoping to cash in.
Bitcoin has been the most obvious beneficiary of the ‘Trump pump’, with the world’s most popular digital currency at an all-time high after rising nearly 30 percent since election day last Tuesday, to $88,600 (£66,100) today ) to reach.
Crypto experts on the other side of the world have taken note, with a London-based research firm saying it is “quite possible” that Bitcoin could hit $100,000 (£78,000) at the president-elect’s inauguration in January reaches.
‘Bro in Chief’ and prominent Trump supporter Elon Musk has also profited handsomely from Trump’s victory, and shares in Tesla have risen more than 40 percent since election day, boosting his net worth by an estimated $54 billion (£42 billion) has increased.
Tesla was the most popular stock buy last week on Hargreaves Lansdown – Britain’s largest retail investing platform – and it is one of the largest holdings of the country’s largest investment trust, Scottish Mortgage.
The ‘Bro-conomy’ – including crypto and Elon Musk’s company Tesla – is one of the biggest beneficiaries of Donald Trump’s election victory
Appealing to the ‘Bro Vote’ was a central platform in Trump’s re-election campaign and helped him recruit a greater share of voters under the age of 30 than any Republican presidential candidate since 2008.
With his teenage son, Barron, acting as his unofficial advisor, the 78-year-old sat down with podcasters known for their large male audiences, including Joe Rogan and video game streamer Adin Ross.
He even launched his own cryptocurrency company, World Liberty Financial, while his campaign launched an “America First Collection” of NFTs costing $99 each.
Mr Trump has not always been a fan of crypto and during his first presidential term he described Bitcoin and other digital currencies as “highly volatile and based on thin air”.
But spurred on by true believers like Elon Musk, the Republican changed his tune during the campaign, attacking President Biden’s crackdown on crypto and promising a “strategic national Bitcoin stockpile.”
His new-found enthusiasm has been of great benefit to tech brethren around the world, including in Britain – even as financial experts warn that crypto is wildly volatile and could crash at any time.
Nigel Green, the British head of investment firm deVere, has called Trump’s crypto-friendly stance the “major tailwind we’ve seen since Bitcoin’s inception.”
‘Bro in Chief’ and prominent Trump supporter Musk also benefited considerably from his victory. They are seen together at a rally in Pennsylvania on October 5
His resounding victory has given momentum to other major digital currencies, including Ethereum – up 39 percent since last week’s election – and Dogecoin, a cryptocurrency promoted by Musk that is now up 98 percent.
Flows into exchange-traded funds (ETFs) have also increased since Trump’s election victory.
On Thursday, November 7, Bitcoin ETFs experienced the largest inflows on record, with a net amount of $1.38 billion (£1 billion), according to Citigroup.
“There has been significant inflows across the board,” Citi analysts said in a note. “ETF inflows have been the dominant driver of Bitcoin returns, and we expect this to remain the case in the near term.”
The boom has been so strong that the crypto sector is now worth an estimated £2.2 trillion, more than the market capitalization of the entire FTSE 100 of just over £2 trillion.
Crypto enthusiasts are particularly excited by the president-elect’s promise to fire Gary Gensler, the head of the U.S. financial watchdog who has led a years-long crackdown on the industry.
The morning after the election, crypto boss Cameron Winklevoss tweeted: “gm [good morning] @GaryGensler – you’re fired!’.
JD Vance, Trump’s vice president, has owned Bitcoin since 2021, according to his financial disclosures, with the most recent in August valuing his stock at between $250,000 and $500,000.
Eric Trump, one of the president-elect’s sons and executive vice president of his private conglomerate, The Trump Organization, will be a keynote speaker at a Bitcoin conference in Abu Dhabi next month.
Mr Trump’s vow to make the US the ‘crypto capital of the planet’ will be easier to fulfill if Republicans win control of Congress as expected – strengthening their clean sweep of both houses.
Eric Trump will be a keynote speaker at a Bitcoin conference in Abu Dhabi next month. He was seen with his wife Lara at a gathering at Madison Square Garden on October 27
“Bitcoin’s Trump Pump Is Alive… With Republicans About to Take the House of Representatives to Confirm a Red Wave in Congress, It Looks Like the Crypto Crowd Is Betting on Deregulation of digital currency,” said Matt Simpson, senior market analyst. at City Index.
The cryptocurrency industry has spent more than $119 million (£92.8 million) supporting pro-crypto congressional candidates, many of whom won their races.
In Ohio, one of the crypto industry’s biggest enemies in Congress – Senate Banking Committee Chairman Sherrod Brown – was impeached, while pro-crypto candidates from both the Democratic and Republican parties won in Michigan, West Virginia , Indiana, Alabama and North Carolina.
The biggest coup by crypto lobbyists was convincing Mr Trump to deliver the keynote address at the 2024 Bitcoin conference in Nashville, where he promised to fire Mr Gensler on “day one” – drawing cheers from a delegate who called him is considered a hate figure for its pursuit of cryptocurrency. companies for alleged violations of securities laws.
In a full-throated defense of the industry that would have warmed the hearts of crypto brethren worldwide, he said: “If we don’t embrace crypto and Bitcoin technology, China will, and other countries will, they will dominate, and that we can’t. let China dominate.
And while promising a better future, he told the crypto world to “never sell your Bitcoin” – advice that many seem to accept.