Crypto traders rejoiced as pro-Bitcoin candidate Donald Trump won the US Presidential election in 2024, leading to numerous potential changes throughout the industry.

Cryptocurrency exchanges, institutions and firms threw their weight behind the Republican candidate through donations to political action committees and the event, dubbed “the Bitcoin election” on social media platforms, catalyzed gains in several categories of cryptocurrencies, most notably in meme coins.

Meme coins inspired by Donald Trump suffered a correction, and failed to recover even as Trump emerged victorious in the election. Michael Saylor, founder and Chairman of MicroStrategy, one of the largest public holders of Bitcoin said, “We have a Bitcoin President,” in a tweet on X, signaling the sentiment among crypto traders.