One of the more surprising developments in the campaign for the 2024 US presidential elections, and probably the most important for the future of cryptocurrencies in the USA and the broader world, is the new alliance between former US President Donald Trump and leading cryptocurrency enthusiasts, promoters, and social media influencers in the USA. This development is even more interesting considering that the two parties, until recently, didn’t think much of each other or were in some ways even hostile. Donald Trump has famously spoken against Bitcoin and other cryptocurrencies in 2021, while many outspoken figures in the US cryptosphere were quite open in supporting Joe Biden and the Democrats at the 2020 elections.
There would be probably many ways to explain this sudden change, but the best way to describe it is the marriage of convenience. Both parties appear to have found common interest, and that interest is firmly in the desire to end Joe Biden’s presidency.
The cryptosphere, which at first either disdainful or indifferent to Trump, was disappointed in Biden, to say the least. The Biden administration was not only seen as responsible for the continuation of general economic woes that hamper new crypto bull runs but also, by political donations and similar forms of associations, became seen as a tool or at least an ally of Sam Bankman-Fried, a person who is now seen as the embodiment of everything wrong with crypto. SBF supported not only Biden but also Boomer Democrat politicians known advocates of tough regulations, bans, and general hostility towards the industry, best embodied in Elizabeth Warren and her “anti-crypto army”.
The cryptosphere, despite having diverse views and many being socially liberal, which would make them naturally more inclined towards Democrats, recently began to embrace the GOP in an attempt to build their own “pro-crypto army.” With Trump, they received their most important ally.
Trump, on the other hand, apparently rediscovered the talent for feeling the public pulse, which had served him so well in 2016, and he began to woo the cryptosphere not only by promising support for cryptocurrencies or hampering oppressive regulations but also by promising the presidential pardon for Ross Ulbricht, the incarcerated founder of Silk Road, who is seen as a victim of injustice and martyr by many parts of the crypto community.
This alliance has significant implications for the future of cryptocurrencies in the USA. Trump, who has historically been sceptical of cryptocurrencies, has now become a vocal supporter, and his campaign has been actively courting the crypto community. His promise to stop Joe Biden’s “crusade to crush crypto” and ensure that the future of crypto and Bitcoin is made in the USA has resonated with many in the industry. The cryptosphere, in turn, sees Trump as a means to achieve their goals of reducing regulatory burdens and increasing the legitimacy of their industry.
The potential for this alliance to shape the future of cryptocurrencies in the USA is immense. If Trump wins the election, he is likely to appoint regulators who are more crypto-friendly, which could lead to a significant shift in the regulatory landscape. The industry has already seen a significant increase in support from key Republican officials on Capitol Hill, and Trump’s backing could further solidify this momentum.
Blog in Croatian https://draxblog.com
Blog in English https://draxreview.wordpress.com/
Original Hive blog (Film & TV) @drax
Minds profile https://www.minds.com/drax_rp_nc
Uptrennd profile https://www.uptrennd.com/user/MTYzNA
Unstoppable Domains: https://unstoppabledomains.com/?ref=3fc23fc42c1b417
Hiveonboard: https://hiveonboard.com?ref=drax
Bitcoin Lightning HIVE donations: https://v4v.app/v1/lnurlp/qrcode/drax
Rising Star game: https://www.risingstargame.com?referrer=drax
1Inch: https://1inch.exchange/#/r/0x83823d8CCB74F828148258BB4457642124b1328e
BTC donations: 1EWxiMiP6iiG9rger3NuUSd6HByaxQWafG
ETH donations: 0xB305F144323b99e6f8b1d66f5D7DE78B498C32A7