Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

Crypto bros expect the industry to benefit under the new administration, but it isn’t clear that also means bitcoin itself will benefit.

With a crypto-friendly president-elect and a Congress stacked with crypto supporters, the industry is getting closer to its ultimate goals.