At 18:11 on July 13, Eastern Time, former US President Trump, a popular figure in the election, was attacked at a presidential election rally in Pennsylvania. With the sound of several gunshots, the call for Trump to win the election reached an unprecedented level. the height of.
As the suspense of the US election gradually became clear, the assassination also became a catalyst for market trends. The cryptocurrency immediately rebounded, quickly breaking through 60,000 US dollars, and once reached 65,000 US dollars.
Two days after narrowly avoiding an assassination attempt, Trump announced on his social media platform Truth Social that he had selected Republican Ohio Senator J.D. Vance as his vice presidential candidate. Vance has been a long-time supporter of crypto and has publicly disclosed holding over $200,000 in crypto assets. He appreciates the freedom that cryptocurrencies offer through their censorship-resistant properties. The nomination of Vance has undoubtedly strengthened the Trump camp’s belief in cryptocurrency.
During Trump’s previous tenure as president, he appointed many officials who were friendly to cryptocurrencies. This may be one of the reasons why crypto assets rose collectively when Trump’s election prospects improved.
Several crypto-friendly figures have served in the Trump administration
J.D. Vance, Trump’s vice president for the 2024 election, is a cryptocurrency supporter. In addition to owning crypto assets, he has also publicly criticized the US SEC’s excessive regulation of cryptocurrencies.
J.D. Vance, who voted in the Senate to repeal the SAB-121 accounting standard that the cryptocurrency industry is so resistant to, plans to introduce a friendlier cryptocurrency regulation bill.
During his previous tenure as president, Trump appointed many crypto-friendly figures to key positions.
On July 21, 2017, Anthony Scaramucci, founder of Skybridge Capital, was appointed as Trump White House Communications Director. SkyBridge Capital is a hedge fund firm that manages $350 million in assets, nearly half of which is related to crypto assets. Its founder Anthony Scaramucci is also a strong supporter and advocate of Bitcoin.
On December 15, 2018, Trump appointed Bitcoin supporter Mick Mulvaney as White House Chief of Staff. Mick Mulvaney is a cryptocurrency supporter and advocate who, when he was in the House of Representatives, was one of the people who worked to create the Blockchain Caucus, a group that writes and crafts new laws for emerging technologies like cryptocurrencies. member of Congress) and helped draft two new legislative bills to support the development and evolution of the blockchain industry - House Resolution 1108, and House Resolution 7002.
In April 2020, Trump appointed billionaire and blockchain supporter Mark Cuban as an adviser. Mark Cuban, known as the Bitcoin tycoon for his bold advocacy of cryptocurrency investments, compared the cryptocurrency landscape to its explosive growth during the dot-com boom of the 1990s, emphasizing its potential for huge returns.
On June 4, 2020, Trump nominated U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce for a second term, and she also won the title of “crypto mom” for her support of digital assets (and criticism of over-regulation of crypto assets) nickname.
The presidential family likes to issue NFTs
The Trump family also likes to issue crypto assets. Former first lady Melania was the first in the Trump family to actively embrace cryptocurrency. Melania launched her first NFT "Heads of State" collectible through her website in late 2021, priced at 1 $SOL, which was about $185 at the time, on Solana.
When asked about Melania's NFTs in a Fox interview, Trump said: "She's going to do a great job, she has a great imagination."
After leaving the White House, Trump has been adept at using his name to benefit his brand, and the crypto market, which is susceptible to manipulation by personal influence, has become the best stage.
Following the example of his wife, Trump began to embrace NFTs. And announced the release of a limited edition Trump digital trading card NFT on Truth Social in December 2022. The NFT was minted on Polygon and sold for $99. It was all sold out after its release. According to OpenSea data, a total of 45,000 NFTs The transaction volume exceeded 648 Ethereum, equivalent to approximately US$785,000, and its floor price once reached 0.84 Ethereum.
Since then, the Trump series of NFT issuance has been out of control. It has successively launched "Win Trump Prizes", the second series of "Trump Digital Trading Cards" and "Mugshot Edition", and empowered NFT rights including those related to Trump. According to relevant documents, Trump earned US$2.8 million through NFT sales, including dinners, video calls, and golf.
Facing American society led by Generation Z youth, the cryptocurrency crowd has become an important influential force.
According to Coinbase data, 52,000,000 Americans own cryptocurrencies in 2023, accounting for 20% of the U.S. adult population. Under this general trend, in order to pursue political goals and maximize commercial interests, and to win votes, Trump became a "sudden encryption supporter."
In his campaign speech, Trump stated that if he becomes President of the United States again, he will never allow the creation of a central bank digital currency (CBDC). He believes that this will give the government absolute control over funds, and on May 9, he officially accepted encryption. Monetary donations to the US presidential campaign, and this move also won Trump a lot of support and established a foothold for the general election.
Amnesty for crypto people
Before leaving office in 2021, Trump pardoned Ripple board member Ken Kurson.
According to the New York Times, Trump flew on a private plane provided by a scrap metal recycling giant and a cryptocurrency miner in late 2021 to meet with supporters.
This time, in order to attract the votes of many young Americans, Trump promised the people in May this year that if he ultimately wins the election, he will pardon Ross Ulbricht, the founder of Silk Road, and emphasizes his support for the right to self-custody. This is undoubtedly It aroused widespread consensus in the crypto community. After all, Ross was once a martyr in the eyes of many cryptocurrency enthusiasts and libertarians.
In addition, Trump’s recent public statements on the encryption industry have also won the support of the US encryption industry.
Kraken co-founder Jesse Powell once posted that he would donate $1,000,000 to Trump in his personal capacity, mainly in Ethereum.
After Trump was attacked, Bitcoin Magazine CEO David Bailey publicly stated that he plans to raise $15 million for former US President Trump’s re-election campaign later this month.
Musk, the “father of Dogecoin,” publicly expressed his support for Trump for the first time and promised to donate approximately $45 million per month to a new super political action committee to support Trump’s presidential campaign.
Federal Election Commission records show Gemini co-founders Tyler and Cameron Winklevoss each donated $250,000 to the Trump Super PAC.
Meanwhile, the Trump Super PAC, previously backed by Palantir’s Joe Lonsdale and cryptocurrency billionaires Cameron Winklevoss and Tyler Winklevoss, raised $8.8 million in the second quarter of this year, according to public data.
The change in encryption attitudes may be political means
Some encryption people who are well versed in American politics do not buy Trump's recent frequent positive encryption remarks.
In his recent blog post "Hot Chick", Arthur Hayes criticized Trump's "sudden concern about cryptocurrencies" as being insincere, saying that "courting the young, politically active, and upstart cryptocurrency community" is just a way for Trump to win the election. In addition, he also predicted that once Trump takes office, his so-called support and concern for cryptocurrency "will become a distant memory."
Doubts from the encryption community are not limited to this.
As early as May of this year at the Trump NFT dinner, Trump was pointed out as not really well-versed in cryptocurrency policy. In nearly an hour, Trump’s speech only focused on a few questions on cryptocurrency, and his understanding of encryption policy was sporadic and not worthy of scrutiny. When asked how he would change the policy of expelling the encryption industry from abroad, "We're going to stop it because I don't want that. I hope if we're going to embrace it, then we have to keep them here," he said, apparently without giving specific policy directions and measures.
Regarding Trump's sudden change in attitude towards encryption, some veterans and observers in the encryption community also pointed out that Trump's attitude towards cryptocurrency has not been friendly in the past, and he even publicly declared that Bitcoin is a scam and called for stronger supervision. Now that his stance has taken a U-turn, it's hard not to question the motives behind it. As criticized by Arthur Hayes and others, Trump's positive encryption remarks may be just a temporary political show. Once elected, it is still unknown whether he will actually fulfill his promise and bring substantial benefits to the cryptocurrency industry.
Despite being shot, Trump stated that he will still deliver a speech at the 2024 Bitcoin Conference as scheduled. It remains to be seen whether the content of the speech will bring deeper encryption insights and future policies.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: "PANews"
Original author: Mia, ChainCatcher
