The Bitcoin President: Trump and the Political Game of CryptocurrenciesThe 2024 US presidential election has seen an unexpected player take center stage cryptocurrencies. Republican presidential candidate Donald Trump has released a video on social media, declaring his intention to make America the "crypto capital of the world" and branding himself as the "Bitcoin President
The Bitcoin President: Trump and the Political Game of Cryptocurrencies
The 2024 US presidential election has seen an unexpected player take center stage cryptocurrencies. Republican presidential candidate Donald Trump has released a video on social media, declaring his intention to make America the "crypto capital of the world" and branding himself as the "Bitcoin President." This announcement marks the official entry of cryptocurrencies into the political arena, signaling an impending storm in the world of finance and politics.
Cryptocurrencies as Campaign Chips
Cryptocurrencies, with their unique encryption technology and decentralized nature, have become a significant force in the global financial market. In recent years, investments in cryptocurrencies have grown exponentially, starting to have a noticeable impact on US elections.
Lobbying and Campaign Donations
The US cryptocurrency industry boasts a substantial financial foundation, capable of profoundly influencing election outcomes through political donations. Candidates who support cryptocurrencies receive generous financial support from cryptocurrency industry giants. Campaign finance data reveals a record high in spending on cryptocurrency lobbying last year. As of early June this year, super political action committees affiliated with cryptocurrency interest groups have raised over $100 million, placing them third in this election cycle. Moreover, the anonymity inherent in cryptocurrencies makes it difficult to track and verify donations, highlighting their significant potential impact on election trends.
A Vast Electorate
The large cryptocurrency electorate has emerged as a compelling force in the US elections. Over 50 million Americans hold cryptocurrencies, with 60% of them seeking to increase their holdings. Candidates supporting cryptocurrencies automatically score points with these voters. Internal surveys indicate that the majority of current swing voters are stable Bitcoin holders, and their votes are crucial to election outcomes. In the 2020 US election, Biden's victory relied heavily on votes from minority groups and young people, who are primary Bitcoin holders. These voters tend to be non-partisan and do not show a clear preference for either the Republican or Democratic party. So, who will this influential force support in this year's election? The answer could very well be Trump.
The Donald Understood Bitcoin: From Critic to Supporter
Trump initially viewed cryptocurrencies as a "scam." In 2019, he harshly criticized cryptocurrencies on social media, calling them an "upcoming disaster." However, as the cryptocurrency market boomed and its political influence grew, Trump's stance took a dramatic turn. While he did not win the previous presidential election, he received millions of dollars in support from cryptocurrency advocacy groups. Now, Trump views cryptocurrencies as a powerful campaign tool, seeking the strong backing of "crypto" giants.
Trump not only promotes Bitcoin as a supposed "symbol of defending individual economic freedom and privacy" but also vows to dismiss Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), who opposes cryptocurrencies, upon taking office, and never create a central bank digital currency.
Trump's Campaigning: Leveraging NFT Products
To win over the hearts of "crypto" giants, Trump has incorporated more elements supporting digital asset development into his campaign strategy, launching his own NFT products. He has released a set of NFTs called the "America First Series." These digital trading cards feature various photos and images of Trump, each costing $99. Reports suggest that Trump's NFT products sold out quickly.
The Growing Collaboration Between Trump and "Crypto" Leaders
Trump's strategy: forging an alliance with the "crypto" community
"Crypto" giants have not disappointed this future "Bitcoin President." From Bitcoin miners to Silicon Valley investors, they have provided substantial financial backing for Trump's campaign. In June this year, Matthew Schultz, Executive Chairman of cryptocurrency company CleanSpark, led several Bitcoin miners to Mar-a-Lago to visit Trump. In the same month, Silicon Valley investor David Sacks hosted a fundraising event for Trump at his home, raising $12 million and donating $1 million in Bitcoin to Trump's campaign. David Berry, CEO of BitcoinMagazin, the organizer of the Bitcoin 2024 conference, has pledged to raise $100 million for Trump and mobilize over 5 million voters to support him. Elon Musk, a supporter of cryptocurrencies, has now become Trump's major donor and future advisor.
With the support of these leaders, the Trump team has received over $25 million in cryptocurrency donations.
Challenges Facing the Democratic Party
A Rift Between the "Crypto" Community and Democrats
Biden has compared cryptocurrency traders to "wealthy tax evaders." During Biden's presidency, the Democratic Party has cracked down on cryptocurrencies, alienating the "crypto" community to a certain extent. Biden's administration has mainly targeted the "crypto" community through the SEC. The head of the SEC is Gary Gensler, whom Trump has vowed to dismiss, and he has implemented strict regulations on cryptocurrencies. The SEC has sued numerous cryptocurrency companies for money laundering and other offenses, antagonizing the entire "crypto" community.
Democrats Considering a Shift in Strategy
However, in the face of Trump's offensive and the "crypto" community's support, the Democrats are being forced to reconsider their stance on cryptocurrencies. The Harris team has started reaching out to the "crypto" community actively, hoping to secure their support through a clearer regulatory framework. While there are disagreements within the Democratic Party about how to handle cryptocurrencies, they must find a balance that meets regulatory needs and also wins over the "crypto" community in response to Trump's challenge.
Only time will tell how the cryptocurrency industry will ultimately impact the outcome of the US election.
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