The cryptocurrency community is celebrating former President Donald Trump’s victory in the 2024 US presidential election as officials finalize the election results.

As the Republican candidate, Trump declared victory on November 6 election night and promised to usher in a “golden age” for America.

“47. and I’m thrilled to be your 45th president,” Trump said during what appeared to be a victory speech. As of writing, Trump has 277 delegate votes, more than the 270 needed to win, according to the Associated Press.

Meanwhile, his Democratic opponent, Vice President Kamala Harris, received 224 electoral votes. Harris has no viable path to victory in the election.

International leaders, including French President Emmanuel Macron, began congratulating Trump on his expected victory. The crypto market is also responding to the election result.

Trump’s victory is a hopeful sign for the cryptocurrency industry in the US, as Trump has repeatedly stated his support for crypto and promoted himself as a pro-crypto candidate. Trump has vowed to end the war on crypto if elected and make the US the “crypto capital of the planet.”

In July, Trump headlined the Bitcoin 2024 conference in Nashville, Tennessee, and vowed to fire current U.S. Securities and Exchange Commission Chairman Gary Gensler as soon as he returns to office.

SEC Commissioner Hester Peirce, known for her crypto-supportive stance, is thought to be a candidate to replace Gensler.

Trump also promised to launch a strategic Bitcoin reserve to enable the US government to hold the 200,000 BTC it acquired through sanctions actions.

In line with his pro-Bitcoin stance, Trump has also made big promises to crypto mining in the US, repeatedly stating that he strongly supports this industry and is eager to make the US the global leader in Bitcoin mining.

The cryptocurrency community largely preferred Trump over Harris, despite Trump’s change in attitude towards Bitcoin.

Founders of major US crypto exchanges such as Gemini and Kraken have publicly supported Trump and donated millions of dollars to support him as the “only pro-crypto candidate.”

Prominent names supporting Trump’s campaign include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun and Bitcoin Foundation founder Charlie Shrem.

With growing optimism over Trump’s victory in the election, the crypto market responded in a historic manner, with Bitcoin surpassing historic highs and briefly touching $75,000 on November 6.

Currently, Bitcoin is trading at $73,580, up 7% in the last 24 hours, according to CoinGecko. While Bitcoin is approaching all-time highs, the total cryptocurrency market value is approximately $2.6 trillion, according to CoinGecko data. The market peaked in November 2021, exceeding $3 trillion.