Donald Trump Is Betting On Crypto, But What Does It Mean For The Industry?
Current developments linking cryptocurrency and American politics have brought to light notable figures, such as the president-elect of the United States, Donald Trump, who once expressed skepticism about digital assets.
A businessman long before pursuing a political career, Trump has opened his eyes to the potential of cryptocurrency, characterizing it as a blooming yet “massive business” that has the opportunity to become something truly extraordinary. Over time, Trump has advanced several pro-crypto positions, from committing himself to loosen federal regulations to creating a strategic return of Bitcoin.
Ethereum’s co-founder Vitalik Buterin cautions against supporting politicians based exclusively on whether or not they adopt a pro-crypto stance, drawing attention to the fact that the affairs of the state are a strictly competitive game and people can’t be trusted to keep their promises.
It’s worth remembering that even Russia showed a positive attitude towards cryptocurrency. Though the era of feverish cryptocurrency hype is long gone, politicians are aligning themselves with the blockchain world and embracing cryptocurrency even further, which could threaten the ecosystem at large.
Trump used to believe cryptocurrency was nothing more than a scam, referring to it as a “disaster waiting to happen” when speaking to FOX Business. In his now-deleted Twitter account, the newly elected president highlighted he wasn’t a fan of Bitcoin and other cryptocurrencies, often cited as the most volatile digital assets.
It’s no surprise for us to learn that Trump is on the verge of unveiling a new cryptocurrency platform, World Liberty Financial, which operates much like Binance and ultimately incorporates its own token.
Trump’s Cryptocurrency Industry’s Involvement Is Most Definitely A Political Move
To win an election, it’s necessary to have thoughtful strategies to persuade and mobilize voters, which requires effective communication. According to Statista, the most important issues for voters were inflation and prices, but some individuals were concerned about jobs and the economy, describing current conditions as poor.
Bitcoin, Ethereum, and other digital assets are praised as a hedge or safeguard against inflation, which means their value tends to rise. Digital assets are becoming increasingly relevant to regular people, and a presidential candidate with a different view of the country will unquestionably be the winner.
In case you didn’t already know, the Trump campaign has succeeded in raising roughly $25 million since it started accepting cryptocurrency donations, but money didn’t buy the election.
After the failed assassination against the former US president, Trump-branded NFTs have increased in value, and the trading fervor spilled over into neighboring regions, including blockchain betting. The NFT collectibles are available on the Ethereum sidechain network Polygon, making it easy for users to understand what they’re signing. Trump has released different versions of the cards, a collection that’s disabled for secondary market buying.
Also check: Best Crypto to Buy Now During the Dip
Did Donald Trump Ever Keep His Campaign Promises? Well, Let’s Find Out
The issue right now is the feasibility of Trump’s promises. Presidential candidates make a great many promises before and after their time in office, but an innate problem with campaigning is that to get elected, you must describe your personal values, strengths, and goals.
While this may seem practical, the truth is that few people tolerate realism, so candidates must promise to have pertinence and are willing to compromise from their position for the sake of progress. Pledges and promises have been the essence of Trump’s speeches and campaign, and he rarely commits to details or specifics.
Many of Trump’s vows make the headlines, while others go under the radar, but what exactly is sure is that not all promises are achieved, meaning they don’t have verifiable outcomes.
The most famous (known person) worldwide gave his word he would embrace the industries of the future, including cryptocurrency, and, once again, reiterated his commitment to make America the crypto capital of the planet, even if digital assets only received a brief mention in his discourse about his economic agenda. Average voters can be forgiven for doubting such claims.
After the 2024 election, the main concern is that Trump will fail to deliver on his campaign promises, both big and small, and assuming he does what needs to be done, what impact his policies will have on the United States (and the rest of the world).
Trump’s enduring appeal originates from the perception that he’s different from normal people, which explains why so many people voted for him again, winning not just the Electoral College but also the popular vote.
Cryptocurrency Is A Bipartisan Issue, With Similar Trends In Ownership Among Republicans And Democrats
The absence of regulatory clarity is a significant obstacle to adopting cryptocurrency and blockchain-based innovations, which explains why Trump’s agenda is welcomed with arms wide open by individuals who share an enthusiasm for all things innovative.
Millions own cryptocurrency, and pro-crypto politicians exist on both sides, but Ethereum doesn’t need elites to continue doing what it does best. Be that as it may, the cryptocurrency community has a strong new friend, and the policy will be settled once and for all, enhancing citizens’ protection, financial stability, and innovation.
Trump argues the Securities and Exchange Commission has a hostile attitude to cryptocurrency regulation, even if the financial markets watchdog approved the first spot Ethereum ETFs, which began trading in July 2024.
A theory was being discussed not long ago: Trump’s public acknowledgment of cryptocurrency would bring friendlier regulation to the industry. Even Kamala Harris signaled support for cryptocurrency, having made efforts to build relationships with investors and legislators who support digital assets.
Wrapping It Up
The United States is facing a unique moment in history, and President-elect Donald Trump’s stance on macro policies directly affects the dollar and cryptocurrency. For his claims to affect the cryptocurrency industry in the long term, they must be backed by substantial and consistent measures; otherwise, they won’t endure the test of time.
Gen Zers and Millennials think cryptocurrency and its underlying technology are the future of finance, so no matter how the issue is approached, it must be considered by policymakers and politicians alike.
