Author: Anderson Sima, Executive Editor of Foresight News

The crypto market is once again in a frenzy over Trump.

But I'm not excited, not because I don't hold SOL, XRP, and ADA tokens, but because a series of measures taken by President Trump after taking office have made me worried about the crypto industry, in addition to being excited.

Just before the Trump administration announced the Crypto Strategic Reserve Initiative on March 2, another globally-watched diplomatic event is also worth the crypto industry's attention.

On February 28, US President Trump, Vice President Pence, and visiting Ukrainian President Zelensky had a heated argument in front of the media. This unusual diplomatic dispute revealed the current US government's frustration with the infinite responsibility of leading global peace, with the key dispute being Trump's unwillingness to pay an undue price for other countries - that is, America First.

Yes, this is Trump's campaign slogan and governing philosophy. Understanding this, one can also see what political motives are behind Trump's crypto-friendly new policies.

"America First" Does Not Equal Financial Equality

Trump's core philosophy is "America First," and his policy goals have always been to consolidate America's global hegemony and economic interests. In the field of cryptocurrencies, although he claims to want to make the US the "global crypto capital," his policies are essentially to use state power to implement protectionism, ensuring that the US maintains its leading position in the world.

So what is the essence of cryptocurrencies? Cryptocurrencies are actually no different from traditional financial markets in terms of specific products and forms, and cryptocurrencies are even now included in the broader commodity category, allowing for ETF or futures trading. But there are so many financial products in the world, so what is special about cryptocurrencies?

As a practitioner, my answer is that the emergence of cryptocurrencies is essentially a financial equality movement. From a Marxist economic perspective, financial products have always represented the interests of the elite as a derivative system of capitalism, a tool for the unlimited expansion of capital, but they do not serve the proletariat and also favor big capital and power machines.

But the emergence of Bitcoin is a dissatisfaction and innovation against this system. The design of cryptocurrencies and the emergence of smart contracts can allow all investors to enter a new financial system without permission and without thresholds, a system that was born global, permissionless, and even publicly transparent. If it were "America First," blockchain technology would not have been invented by an anonymous person.

If the US really implements a Bitcoin strategic reserve, I would be very excited about it. But four years from now, will the new US president still adhere to this policy? Can the market bear the huge selling pressure at that time? Will the Democratic Party revive the "crypto prison"? The market is always timely, and the long-term is not in the consideration of traders, but as a long-term practitioner, this question is very important.

Trump Has Opened Pandora's Box

In addition to the motivations behind the relevant policies, the TRUMP and MELANIA meme coins launched by the Trump couple not only increase the speculative bubble in the crypto market, but also open the Pandora's box of "celebrity issuance," triggering a chain reaction.

The president's personal issuance of coins was pioneered by Trump, and also created a super hot spot in the market. After the TRUMP coin was launched, its market value once soared to around $80 billion, and then adjusted to $10 billion, with heavy losses for those who chased the high. Similar cases have further spread after the issuance of coins by the First Lady MELANIA and the President of Argentina, forming a vicious cycle of "celebrity-speculation-collapse," draining market liquidity and affecting the positive image and healthy market environment of the industry.

Recently, American celebrities are also joining the coin issuance ranks, with early social media hype and previews. Does the market really need so many celebrity memes? The evolution of a token's life cycle from years to hours has greatly increased the difficulty and risk, even for specialized traders.

In the past, the SEC's strict regulation has not only stifled industry innovation, but also protected the asset safety of investors. But now, with Trump's personal drive, the rapid coin issuance process and the extremely low regulatory cost have made the crypto industry a "place to harvest the leeks," so we jokingly say that the Burmese fraud group has started to shift to the crypto currency field. And Trump's coin issuance behavior "has made the industry a tool for political manipulation," weakening the outside world's serious perception of blockchain technology.

Lessons from the Past: From Musk to Trump

Trump is not the first celebrity to stir up the crypto market with his influence. Tesla CEO Musk was the strongest shill in the last cycle, driving a bitcoin surge through Tesla's bitcoin purchase, and then turning to dogecoin, causing bitcoin to start plummeting. And in this cycle, Trump has become the new shill king.

It is not difficult to find that as extremely self-confident elites, Trump and Musk both have changeable market attitudes, especially President Trump, who is more of a businessman, but when cryptocurrencies are beneficial to his political influence, he does not hesitate to embrace cryptocurrencies, even though he strongly criticized cryptocurrencies a few years ago.

If the industry relies too heavily on the endorsement of centralized authorities like Trump, we will deviate from the original intention of "code is law".

The Crypto Industry Needs to Reconstruct an Independent Narrative

Trump's crypto policy may seem to open the green light for the industry, but it actually hides traps. His "America First" logic will instrumentalize crypto technology, the celebrity coin craze will create speculative bubbles, and the strong coupling of policies and markets will plunge the industry into cyclical turmoil.

We need to be clear that true financial equality cannot depend on the "grace" of political strongmen, but should return to the underlying values of technological neutrality. Only by adhering to the decentralized narrative and continuously innovating technologically can we find opportunities like AI to change the world.