Revolut’s Costas Michael on how the outcome of the US election could reshape the crypto landscape

07:07 - 08 November 2024

Costas Michael Revolut US elections Bitcoin

Economy Reporter

“The outcome of the US election could have a significant impact on the crypto landscape, potentially reshaping the regulatory environment and subsequent industry dynamics,” Costas Michael, CEO of Revolut Digital Assets Europe LTD suggests.

Cyprus is the base of crypto operations for UK neobanking giant Revolut and CBN asked Michael to comment on the potential positive impact of Donald Trump’s victory on the global crypto scene.

Elaborating on his initial statement on the significant impact of the election results, Michael said, “The markets were already showing evidence of this — even before a formal result. Now, moving forward, I expect to see increased institutional adoption of crypto amid a more favourable regulatory environment --thanks as well to MiCA in the EU--one that breeds innovation.”

He concluded, “We could see clearer guidelines for crypto firms, which would in turn streamline innovation and adoption, but it’s important to note that while the US election is moving the needle right now, the crypto industry is very much global, influenced by far more and many greater factors.”

US President-elect Trump has said he plans to make the USA “the crypto capital of the planet” and “bitcoin superpower” once he takes office.

Trump had been dismissive of cryptocurrencies during his first presidency, going so far as to describe them as a scam, but has since radically turned around his position, even launching his own platform.

Bitcoin soared to a new record high as traders bet on Trump’s victory, viewing him as a pro-crypto candidate.

The digital currency hit as much as $75,005.08 on the morning of 6 November, topping its previous all-time peak of $73,797.98 in March.

Revolut’s Costas Michael on how the outcome of the US election could reshape the crypto landscape

News Feed

Read More