Some people still don’t understand the relationship between the recent crypto market and the US election. Let me explain it in detail:
01. The Democratic Party is a reactionary party to the crypto trend
Before the election four years ago, Biden said he did not have any Bitcoin and would not let anyone donate Bitcoin:
Trump, who just returned from injury, publicly supports the encryption industry:
Currently, more than 1% of the funds raised by Trump for his campaign are donated in cryptocurrency.
In the "2024 Republican Platform" released a few days ago, it was publicly announced:
“Republicans will end the Democrats’ illegal and un-American cryptocurrency crackdown”
You should know that in the past two years, under the influence of the Democratic Party, the U.S. Securities and Exchange Commission (SEC) has filed lawsuits against cryptocurrency trading platforms such as Binance and Coindesk and imposed fines of more than US$5 billion.
The SEC has also publicly opposed the U.S. Congress's efforts to enact regulations for crypto assets, claiming that the vast majority of crypto token issuers are unregulated and in violation of federal securities laws.
As the shooting has caused Trump's chances of being elected to skyrocket, Katie Biber, chief legal officer of crypto VC giant Paradigm, even said that the inclusion of cryptocurrency in the Republican Party's platform is a historic breakthrough.
02. The Vice President is a scumbag
Trump appointed Vance as his vice presidential candidate yesterday. Perhaps many people did not realize how good this is for cryptocurrencies!
Some KOL listed some examples:
- In 2022, he held Bitcoin worth $250,000 at the time, which he kept on Coinbase;
- The law firm where my wife Usha works is helping Coinbase fight its lawsuit against the SEC;
- This year, he sent a letter to SEC Chairman Gary, criticizing the SEC for using false statements to freeze the assets of cryptocurrency platform DEBT Box, and also asked Gary to explain why the SEC's official account X mistakenly released an announcement approving the Bitcoin ETF;
- Voted in favor of cryptocurrency-friendly bills 8 times;
- He once wrote on x: If you are politically wrong, the regime will cut off your banking access, which is why cryptocurrencies took off;
But what’s important is that he himself is a veteran investor who has traded a variety of tokens on the on-chain address, including USDC, PEOPLE, LOOKS, etc.
03. Crypto tycoons turn to Trump
The attitude of Silicon Valley bosses towards Trump has also changed. In the past, Silicon Valley bosses generally supported the Democratic Party.
Former crypto industry leader Musk (now Trump) publicly supports Trump:
Silicon Valley's top investor Peter Thiel fully supports Trump's choice of vice presidential candidate, JD Vance.
Now even the two founding partners of A16Z have switched sides and supported Trump. You know, they have supported the Democratic Party for decades since the Clinton era.
To express their support for Trump, they also recorded a special program to explain why the future of American innovation is at a critical moment and why they turned to support Trump. The content of this podcast was also pinned by Musk on his Twitter homepage.
04. Cryptocurrency becomes a key issue in the election for the first time
In fact, Trump did not support the crypto industry from the beginning.
In 2019, during his presidency, Trump publicly expressed his dislike for cryptocurrencies, saying that Bitcoin and other cryptocurrencies are "not money," their value is highly volatile, and are based on "nothingness."
It was only after leaving office that Trump began to get involved in the cryptocurrency market, releasing his own NFT and stating that if he were to return to power, he would adopt a more friendly cryptocurrency policy.
As this year's presidential election approaches, Trump has begun actively seeking support from the cryptocurrency community, criticizing the Biden administration's hostility toward cryptocurrencies and promising to create a more favorable environment for the cryptocurrency industry after he returns to power.
On the 27th of this month, Trump will attend the Bitcoin conference, and should make a more complete and detailed statement on the crypto industry at that time.
