- Trump’s shift to promoting crypto may be driven more by campaign strategy than genuine belief.
- The upcoming U.S. election could significantly impact Bitcoin’s future and crypto-friendly policies.
As a seasoned researcher who has navigated the volatile and complex world of cryptocurrencies for years, I can’t help but be intrigued by Trump’s sudden pivot to embracing crypto. While his actions appear calculated to appeal to the disenchanted crypto community, they seem more like political theater than a genuine belief in the potential of decentralized finance.
Previously criticizing digital currencies as fraudulent, former president Donald Trump has undergone an extraordinary change of heart and is now wholeheartedly endorsing the world of cryptocurrency with unparalleled excitement.
Trump’s pro-crypto moves in question
During this electoral period, he’s managed to garner interest from cryptocurrency enthusiasts by taking several high-profile steps. Among these are accepting digital currency donations, advocating for a strategic U.S. Bitcoin reserve, selling merchandise tied to Bitcoin, and making a notable appearance at the Bitcoin Conference 2024.
Regardless of his backing, Trump appeared particularly unready during a recent FOX Business discussion when asked about his plans for increasing cryptocurrency’s influence within the U.S. economy.
His answers highlighted a lack of understanding of crypto and what it is supposed to do.
In response to queries concerning my address at the Bitcoin Conference 2024, I expressed my viewpoint that it’s crucial for cryptocurrencies to play a more significant role within the American economic landscape.
As a researcher, I find myself drawn to the intriguing world of cryptocurrencies. It’s not just another trend; it’s intellectually sophisticated and operates at a high level. However, if we choose to ignore it, China is already making significant strides in this area, and other nations are following suit. Therefore, it seems prudent for us to take the lead and be at the forefront of these developments.
Here he didn’t mention what it is that China and other countries are doing.
What’s more to it?
In addition, he drew a parallel between Bitcoin and conventional finance by suggesting that if the U.S. wanted to settle its national debt of $35 trillion, it could issue a Bitcoin check.
He said,
“Perhaps one day, we’ll settle our $35 trillion debt by giving them a digital currency check (cryptocurrency), perhaps even some Bitcoin, thereby eliminating the $35 trillion.”
It appears that Trump’s recent backing of cryptocurrency might simply have been a political strategy, leveraging the dissatisfaction within the crypto community regarding the current administration’s stance on digital currencies.
What does the community have to say about Trump?
Reacting to Trump’s baseless comments, Reddit user Routine_Koala4914 said,
As a researcher, I might rephrase it this way: “Speaking in a manner reminiscent of political oratory, these individuals skillfully weave words to create an impression of depth without revealing specifics. Their rhetoric seems designed to captivate their audience, leading them to believe they are following the thoughts of a visionary.”
Economist Justin Wolfers also expressed skepticism. He said,
“That’s not how debt works; it’s not how crypto works; and it’s not how economics works.”
Regarding Trump’s limited understanding of cryptocurrencies, it’s worth noting that his influence on the market is substantial. An analysis by AMBCrypto has revealed that a staggering 80% of investors predict Bitcoin could reach $80,000 if Trump secures another term as president.
Moreover, starting from July 2024, a quarter of all conversations about crypto on platform X are centered around the U.S. elections. Interestingly, about three-quarters of these investors anticipate that the Republican Party will advocate for pro-cryptocurrency regulations.
This highlights that the political climate is poised to play a crucial role in Bitcoin’s future.
As the U.S. presidential election draws nearer, with only 94 days left, it’s intriguing to observe if Trump will manage to win over supporters from the cryptocurrency community.
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2024-08-06 08:08