How Trump’s victory has divided the crypto community

As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed numerous political and economic cycles that have shaped various markets. The 2024 US elections and its impact on the crypto community is no exception, and it’s an interesting perspective to dissect.

In the crypto world, many believe that Donald Trump’s election win in the 2024 U.S. elections could mark a significant turning point, primarily due to the numerous pledges he made during his campaign.

Still, some members of the US crypto community took other factors into account.

According to Margaret Rosenfeld, the top legal advisor at digital finance platform Tilt, not every crypto supporter votes based solely on cryptocurrency issues. Rosenfeld mentioned that some people find it challenging to align their pro-crypto stance with Donald Trump’s other contentious policy views.

She stated that there were noticeable disagreements occurring at the polar ends, stemming primarily from contrasting political viewpoints which often escalated into passionate discussions, occasionally resulting in personal criticisms from all sides.

During the election period, I noticed intense debates unfolding primarily on social media platforms like X, where users passionately shared their views and perspectives.

For example, various social media personalities shared posts suggesting that the Democratic Party’s stance against cryptocurrency cost them the election. These comments ignited heated reactions among Democrats who are proponents of cryptocurrencies.

As a crypto enthusiast, I’ve noticed that the “Crypto for Harris” campaign has stirred up quite a bit of conversation – not all of it positive. Some Trump supporters have voiced their disapproval in response to these posts, reflecting a persistent divide within the crypto community between Republican and Democratic members.

Although social media arguments broke out, Rosenfeld said there was mutual respect overall.

In essence, most individuals within the cryptocurrency sector recognized that voting is an extremely private matter and appreciated diverse opinions on this topic. This acceptance fostered unity among the crypto community, even though there were differing political viewpoints.

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People within the cryptocurrency community, who found themselves at odds due to contrasting opinions about X during the recent election, might have migrated towards Bluesky. This social media platform has experienced a significant rise in usage since the election.

Crypto should be bipartisan

Although some crypto enthusiasts are thrilled by the surge in Bitcoin and other digital currencies after Donald Trump’s election, a majority of industry analysts believe that cryptocurrency should maintain its non-partisan stance.

Konstantin Richter, Blockdaemon’s CEO, shared with CryptoMoon that cryptocurrency should be accessible to all, giving every individual a voice and a place in the count. Regrettably, he noted that the current administration has tainted crypto with politics.

Richter maintains a positive outlook on the prospect of cryptocurrency acceptance in the U.S., expressing his expectation that “we’ll likely witness the development of distinct regulations and guidelines under the new administration.

Natalie Smolenski, the creator of The Texas Bitcoin Foundation, shared with CryptoMoon her belief that surges in Bitcoin’s value reflect investor trust in President Trump. She suggested that such increases frequently occur during elections of Republican candidates. (Paraphrased)

“It still remains to be seen how much of this will be backed by policy,” Smolenski said. “I’m hopeful and optimistic, and I think there are voices in the administration who are giving wise council.”

Smolenski added that there is “nothing partisan about sound money or peer-to-peer transactions.”

Political candidates may want to re-consider crypto policies

The political landscape surrounding Bitcoin became significantly influenced during the recent elections, but certain industry specialists argue that there are additional insights to glean from these events.

In simpler terms, Dennis Porter, the CEO and co-founder of The Satoshi Action Fund, shared with CryptoMoon that a key lesson from the recent election is that other politicians could begin expressing endorsement for digital currencies.

“A number of elected officials lost this race due to their opposition to Bitcoin. This will send shivers down the spines of other candidates, which is why politicians need to be cautious with their positions.”

In line with these sentiments, it was stated by the former Speaker of the US House of Representatives, Paul Ryan, during a key address at the North American Blockchain Summit held on November 21st, that Democrats have been taking the incorrect stance when it comes to matters pertaining to digital assets. In simpler terms, he believes they are making the wrong choices regarding these issues.

“The question for the Democrats is a hard one to answer because the core of their policy is an ideology. It’s aggressiveism that did a few things — They picked cultural stances that are not where most of the country stands and then they picked economic policies that were not good.”

However, as pointed out by Smolenski, there’s been a potential for Bitcoin to become politicized ever since its creation.

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She noted that while some might choose to rely on political parties in dealing with such matters, this approach often carries significant and unexpected outcomes. It may lead to creating adversaries out of potential allies.

2024-11-29 17:26

Crypto should be bipartisan

Political candidates may want to re-consider crypto policies

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