Crypto Sentiment to Stay Strong After US Elections

Crypto hiring sentiments are expected to remain high, driven by the recent US election outcome, according to GlobalData. With Donald Trump returning to office, market optimism for a pro-crypto regulatory environment has been reignited.

His stance is anticipated to provide regulatory clarity and foster industry growth, leading to an increase in hiring activity, particularly in compliance and regulatory roles within the cryptocurrency sector. Discussions about the rise of Bitcoin and cryptocurrencies, particularly in the context of the US presidential election campaigns, were prevalent during the first half of 2024 and continue to remain even more prominent as we move into the next year.

“Following the 2024 US elections, the crypto sector is expected to experience a significant increase in hiring as companies seek to adapt to the new administration’s policies and regulations regarding digital assets, which is more likely to be favorable. With a clearer understanding of the regulatory landscape, companies in the crypto space may be looking to expand their teams to capitalize on the emerging opportunities and navigate any potential changes,” said Sheila Sriprada, Business Fundamentals Analyst at GlobalData.

A similar analysis from GlobalData’s Company Filings Analytics and News Database also reveals that cryptocurrencies and Bitcoin are gaining traction with companies’ discussions revolving around establishing cryptocurrency mining capacity, insurance products, and investing heavily in technology research and development. Companies such as Cathedra Bitcoin during 1Q24 discussed that external market and financial conditions could enhance the appeal of direct cryptocurrency investments. This shift may reduce demand for the company’s shares, potentially impacting liquidity in the process.

Galaxy Digital Holdings discussed the dynamic and rapidly evolving nature of the digital asset industry, emphasizing the prominence of Bitcoin, other digital assets, and blockchain technology in shaping the trading landscape. Norwegian Block Exchange noted that, in addition to one of the presidential candidates launching a DeFi crypto trading platform, a clear indication of growing market interest is the substantial inflow into Bitcoin exchange-traded funds (ETFs). As of early 2024, the assets under management (AUM) in Bitcoin ETFs stood at $28 billion, with a significant increase to $54 billion by mid-September 2024.

This growing investor confidence is further reflected in Bitcoin’s remarkable rise to all-time new highs, and the broader market’s optimistic outlook following Trump’s re-election. This has prompted influencers on the social media platform “X” to react strongly to the news, expressing a range of opinions and sentiments, expecting crypto-friendly policies and institutional adoption. “As a pro-crypto leader, Trump’s victory has reinforced market expectations of more favorable regulatory policies, further driving investor confidence in digital assets,” added Sriprada.