Racism, America First, turning over the table and withdrawing from the group, and anti-environmental protection are all negative labels for Trump . In today's increasingly divided and radicalized America, these labels just meet the interests of most Americans.
Trump is a very smart businessman. He doesn't care about values and political correctness, but is more concerned about practical interests. His policies and strategies are indeed protecting the interests of the United States, boosting the economy and reducing unemployment, which is also in the interests of the majority of the American people.
According to the current public opinion in the United States, Trump is likely to be re-elected as president. He has promised to support encryption after being elected , which is good news for the industry. The support of a country's president for encryption will promote compliance and popularization of the encryption industry.
In the last bull market, Musk was the strongest recommender of cryptocurrency, and he made "Doge" very popular. In this bull market, Trump has replaced Musk as the leader of cryptocurrency.
From industry leaders to business tycoons to former US presidents, this is a sign that the industry is gradually becoming mainstream. Trump's position in the crypto industry represents the crypto industry's increasingly close ties with politics and the country.
The sound of gunfire failed to scare the "tough guy", but instead aroused more followers: Trump, you are not fighting alone!
On July 15, Trump has chosen Ohio Senator JD Vance as his running mate for the 2024 election . This is a tougher statement by the Republican Party's "Make America Great Again" (MAGA) faction, which may bring an earthquake-like impact in this special and relatively chaotic election year.
Vance’s credentials are inspiring: he served in the Marine Corps, has a degree from Yale Law School and has deep connections in Silicon Valley. He is the poster boy for “America First” populism and a potential promoter of Trump’s “Make America Great Again” slogan.
Vance disclosed in his mandatory annual report for 2022 that he has between $100,000 and $250,000 worth of Bitcoin, which he holds through Coinbase . He has also been vocal in his support for the cryptocurrency industry, while also criticizing the U.S. Securities and Exchange Commission (SEC). Last year, he co-signed a letter to SEC Chairman Gary Gensler with Republican lawmakers, expressing his dissatisfaction with the inaccurate allegations made by the SEC in the DEBT Box case. He also criticized the Canadian government's decision to freeze the bank accounts of people associated with the 2022 Ottawa Trucker Protest. "This is why cryptocurrencies develop, and if your political views are wrong, the government will cut off your banking services," he wrote in his post at the time. Vance is also a member of the Senate Banking Committee, and as Politico reported last month, he is drafting a bill to regulate the industry and plans to introduce it in July. On the House side, lawmakers passed a bill to comprehensively regulate cryptocurrencies in May. The bill, called FIT21, would give the Commodity Futures Trading Commission (CFTC) more power and funding to oversee the cryptocurrency spot market and "digital commodities," especially Bitcoin.
What does this mean for cryptocurrency supporters?
In the most direct sense, both U.S. presidential candidates Trump and Vance have explicitly expressed their support for crypto digital assets , which is the first time in history. Kristin Smith, CEO of the Blockchain Association, said on Monday: "Trump has stated that if he is re-elected, supporting our country's digital asset entrepreneurs will be his top priority. Vance is an emerging voice in support of innovative crypto legislation and an ideal candidate to lead the Republican crypto principles. We are pleased to see that support for crypto is becoming an important part of political campaigns."
From the current attitudes of presidential candidates towards cryptocurrencies, we can see that the two major parties in the United States began to stand on the side of cryptocurrencies in May this year. Looking at the previous strict regulation of the crypto industry by the United States, it was treated harshly at the beginning and had long-arm jurisdiction. It seemed to be to protect the interests of the American people and prevent financial risks, but in fact they just wanted to firmly grasp the control of the crypto industry in their own hands. After getting power, they began to use loose policies to support the industry and ensure that " Web3 happens in the United States ."
Now, the crypto industry in the United States is very hot. According to TripleA data, there are more than 52 million cryptocurrency users in the United States, and it ranks very high in this regard. In the United States, cryptocurrencies are mainly held by the wealthy, and most of the holders have a higher education background. The United States is also the government that holds the most Bitcoin in the world .
In terms of computing power, it controls nearly 40% of Bitcoin computing power, ranking first. The virtual currency spot ETF it launched has the largest amount of funds. In terms of crypto venture capital, data from Galaxy Digital shows that there are 324 venture capital companies focusing on cryptocurrencies in the United States, far more than the 66 in Singapore, which ranks second.
As encryption technology becomes more closely tied to the state, the industry seems to have strayed from Satoshi Nakamoto’s original intention when he designed Bitcoin in 2008. With state support, Bitcoin will become more and more popular, and although the Bitcoin code will not be changed, Bitcoin will eventually be accepted by traditional finance and also by the country it originally wanted to fight.
