Ahead of the decision, traders on crypto betting site Polymarket said there was a 70% likelihood of Vance winning the Vice President nomination.

Vance is a prominent pro-crypto senator who has declared more than $100,000 of crypto holdings on his financial disclosure forms. Combined with Trump, who recently espoused his own pro-crypto views this election cycle, the Republican ticket is likely to usher in pro-bitcoin policies that will make it easier for the industry to innovate in the U.S. instead of seeking friendlier jurisdictions overseas, market analysts say.

“Trump has consistently been seen as the pro-crypto candidate," Pat Doyle, Blockchain Researcher at Amberdata, told TheStreet Crypto recently. "The market's response to the recent failed assassination attempt underscores strong investor confidence in Trump's prospects for winning the upcoming election."

“More broadly, asset prices seem to be viewing a Trump victory as a favorable outcome due to his policy promises around tax cuts and less regulation," Doyle continued. "When you couple this with the Republican Party's recent pro-bitcoin policy stance, it's easy to understand why bitcoin is reacting positively to the increased likelihood of a second Trump presidency."

Vance is among the most ardently pro-bitcoin candidates on the ballot this fall. Recently, the venture capitalist drafted a bill to overhaul U.S. crypto regulations that would change how the U.S. regulates digital assets. “The Vance bill right now is much, much better [than existing U.S. regulation on digital assets],” one lobbyist told. Vance is also member of the influential Senate Banking Committee, which has in the past reviewed proposals related to the digital assets industry.

“Vance’s support for crypto signals to these voters that the Trump campaign is forward-thinking and committed to embracing innovation,” said Nigel Green of the DeVere Group. “This is a sharp contrast to President Biden, whose age and perceived reluctance to fully endorse the crypto revolution is likely to alienate younger voters.”

Vance’s nomination has been called “a net positive” for crypto by analysts. “First, it makes it more likely that regulatory agency leaders will take a more sympathetic stance to the industry,” Alexander Blume, CEO of Two Prime, told TheStreet Crypto. “Vance has previously given comments that Gary Gensler has regulated the industry in the exact opposite way that it should be done, with over-politicized decision making that quashes innovation.”