Author: Zen, PANews
At around 3 PM Beijing time on November 6, the vote counting for the U.S. presidential election was still underway. According to estimates from multiple U.S. media outlets, Republican presidential candidate Trump has secured at least 270 electoral votes, expected to lock in victory for this U.S. presidential election. Throughout the counting process, he maintained a lead, and as of 10:30 AM Beijing time on November 6, according to Fox News data, Trump had won a total of 195 electoral votes while Harris had won 117 electoral votes. Trump's significant lead echoed the confidence and enthusiasm of the crypto market, with BTC hitting a new all-time high, surpassing $75,000.
After connecting with NFTs, Bitcoin 'critics' changed their stance for the election.
Bitcoin and cryptocurrency have been elevated for the first time as a campaign issue, 'thanks' to Trump, even though he was a critic at the time.
In 2019, then-President Trump tweeted that he was not a supporter of Bitcoin and other cryptocurrencies, criticizing them as not being money, with extremely unstable value and completely created out of thin air. He also expressed concerns about the series of problems caused by the lack of regulation in cryptocurrency: 'Unregulated crypto assets foster illegal activities, including drug trafficking and other crimes.'
Even though Trump had shown disdain for Bitcoin at the time, the cryptocurrency market regarded it as a 'good omen.' Jeremy Allaire, co-founder and CEO of Circle, directly stated on Twitter: 'This could be the biggest bull market signal for Bitcoin in history. Cryptocurrency is now a presidential/global policy issue.' Coinbase CEO Brian Armstrong also cheered on Twitter: 'Achievements unlocked! A few years ago, I dreamed of a sitting U.S. president needing to respond to the growing use of cryptocurrency. They first ignore you, then they mock you, then they oppose you, and finally you win. We just entered the third step.'
Looking back, the victory predicted by Brian Armstrong has indeed arrived, at least for Trump. However, the transition did not come quickly. For the first two years after leaving office, Trump maintained a critical negative view of Bitcoin. In June 2021, during a bull market for the crypto industry, Trump once again blasted on Fox Business: 'Bitcoin looks like a scam,' and stated that he did not like it as it competes with the dollar. By the end of the same year, despite his wife, former First Lady Melania Trump, launching her first NFT, Trump remained unfazed, reiterating in an interview with Fox Business: 'I never liked it because I like the dollar.'
The shift in stance and views began when Trump issued his own NFT series. Trump's longtime friend, Bill Zanker, co-author of (Think BIG and KickAss in Business and Life), was his initial 'guide.' Zanker recalled in an interview that around early 2022, he pitched an idea to Trump: NFTs for former presidents' artistic images. Zanker remembered that Trump was interested but didn't want to call them NFTs, referring to them instead as 'digital trading cards on a computer,' saying, 'If you call them NFTs, people won't understand.'
In December 2022, as the crypto market entered a super winter, Zanker approached Trump again and asked if he was willing to continue the NFT project. Trump readily agreed, stating, 'You know, a lot of my friends say I shouldn't do it. But I like it, let's do it.' This could be the beginning of Trump's desire to become the 'crypto president,' having just announced his candidacy for the 2024 presidential election a month earlier.
Trump's NFT series quickly received much criticism after its release, with former White House chief strategist Steve Bannon expressing confusion over the move, claiming that anyone who convinced Trump to enter the digital token business should be fired. Additionally, several of Trump’s current and former advisors stated that this seemingly random business venture was a mistake that undermined the identity of the 45th president. However, these critics, including Trump himself, did not anticipate that this business endeavor would pave the way for his campaign as the 'crypto president.'
Becoming an important campaign issue, cryptocurrency is pushed to 'new heights.'
In March of this year, Trump began discussing the advantages of cryptocurrency: 'I make money off it and enjoy it,' referring to them as 'crazy new money' in an interview with CNBC. Two months later, while hosting 'big holders' of his NFTs at Mar-a-Lago, he announced he would 'support' cryptocurrency and criticized Biden and the Democrats for 'being against cryptocurrency,' with many considering this gathering a turning point in elevating cryptocurrency to a key campaign issue.
'I promise the Bitcoin community that on the day I take office, Joe Biden's anti-cryptocurrency campaign will end.' After escaping an assassination, Trump's passionate speech at the Bitcoin 2024 conference held in July ignited this cryptocurrency conference. If it weren't for the 'bitcoin2024' sign in the background, one might mistakenly think this was a Trump rally.
At this meeting that has completely transformed into the 'crypto president' conference, Trump frequently delivered 'golden quotes,' saying, 'If Bitcoin is going to the moon, I want America to be the country leading this trend,' Trump stated that he plans to make America 'the cryptocurrency capital of the Earth' and 'the world's Bitcoin superpower.' When he announced that he would fire SEC Chairman Gary Gensler upon returning to the White House, there was an immediate burst of enthusiastic cheers and applause from the audience. Additionally, he stated that if re-elected, he would establish a presidential advisory committee to ensure that the regulatory framework for cryptocurrency becomes law.
Based on his pro-cryptocurrency stance, Trump has received support from many well-known figures in the cryptocurrency industry, including Kraken founder Jesse Powell and Gemini co-founders the Winklevoss brothers. Elon Musk, the 'number one fan' of Dogecoin, who has an ambiguous relationship with cryptocurrency, has become Trump's campaign cheerleader, investing a significant amount of time and money to support him.
In the nearly half-year leading up to the election, Trump frequently expressed enthusiasm for Bitcoin. He made bold claims, stating he would dominate Bitcoin mining and ensure 'all remaining Bitcoin is produced in America.' He also used cryptocurrency to purchase burgers at a Bitcoin-themed bar, becoming the first former U.S. president to use Bitcoin for payment, declaring, 'This is the beginning of a new era.'
Additionally, the Trump family launched the DeFi project WorldLibertyFinancial (WLFI) to provide lending services for cryptocurrencies on the Ethereum network. Trump himself has repeatedly previewed and promoted the project on social media; however, WLFI's token sales significantly fell short of initial expectations, necessitating a drastic reduction in its target, with the final fundraising of $30 million down 90% from the initially sought $300 million. Sources indicate that WLFI plans to issue a stablecoin.
Unable to remain silent any longer, Harris offered a 'limited gesture' towards the crypto industry.
Unlike Trump's proactive approach, Democratic presidential candidate Kamala Harris was initially reluctant to invest too much energy into cryptocurrency issues, but during the electoral struggle, Harris and the Democrats had to abandon their silence and make some compromises and commitments to the crypto industry.
'Crypto for Harris' campaign launch marks the Democratic Party's response to Trump's appeal in the cryptocurrency industry, signaling that cryptocurrency is becoming an important issue that cannot be ignored in the confrontation between the two parties. At the Crypto4Harris roundtable held in August, Senate Majority Leader and Democratic Senator Chuck Schumer stated that if Kamala Harris is elected president, his goal is to pass bipartisan-supported cryptocurrency legislation by the end of this year, providing clear regulatory standards for the U.S. crypto industry. Billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci, among several well-known crypto supporters, also spoke at the event, discussing ways to support Harris's campaign and fundraising.
However, due to Harris and her campaign team members' absence from the event, the 'Crypto4Harris' initiative was questioned by opponents who believed its goal was to persuade the skeptical digital asset industry to support Harris's presidential candidacy, with many believing the event would have little effect.
In September, during a speech at the Pittsburgh Economic Club, Harris mentioned blockchain for the first time, but this mention was merely cursory. 'We will invest in bio-manufacturing and aerospace, maintain our leadership in artificial intelligence and quantum computing, blockchain, and other emerging technologies, and expand our leadership in clean energy innovation and manufacturing.' However, according to Bloomberg, Harris mentioned plans to encourage technologies including 'digital assets' at a fundraising event prior to this speech to attract donors.
Furthermore, in an 80-page economic plan on Harris's campaign website, one line stated that if this Vice President is elected, she would 'encourage innovative technologies such as artificial intelligence and digital assets while protecting our consumers and investors.'
As the final sprint stage approaches, with Trump firmly establishing himself as the 'crypto president,' Harris's cryptocurrency policy has finally arrived. On October 14, Harris announced a new policy aimed at providing more economic opportunities and other developmental opportunities for Black men, including a provision to 'protect cryptocurrency investments and ensure that investing Black men know their funds are safe.'
Harris's move was obviously aimed at attracting Black male voters, a group that has long been crucial to the Democratic Party. This policy also faced a lot of skepticism on social media, with some crypto supporters criticizing its use of identity politics. Harris's campaign team had to clarify that such plans would be implemented without any specific racial restrictions.
Compared to Harris's silence on cryptocurrency, her 'support team' occasionally reveals more details. For example, Mark Cuban stated in July that Harris's campaign team had reached out to him for advice on digital assets. He later noted that Harris's camp was 'significantly more open' to cryptocurrency than the Biden administration. However, Cuban stated that he had not made any donations to Harris.
Chris Larsen, co-founder and chairman of Ripple, is one of the largest individual donors from the cryptocurrency industry in this presidential campaign, having donated over $11.8 million to PACs supporting Harris's campaign. In an interview, he stated that his level of trust in Harris comes from conversations with internal campaign staff, believing that Harris could play a key role in correcting the significant errors made by the Biden administration in cryptocurrency policy.
The Biden administration focuses on encouraging so-called 'responsible financial innovation' and 'safe and affordable financial services,' calling for the reduction of 'risks' posed by digital assets to financial stability, cybersecurity, and human rights. In May of this year, Biden vetoed a Republican-backed congressional bill, stating that the bill 'inappropriately limited the SEC's ability to establish appropriate protections and address future issues related to digital assets.'
Furthermore, although Harris has not publicly expressed dissatisfaction with Gary Gensler like Trump has, insiders have revealed that her transition team is reviewing candidates to succeed the SEC chairman. Two potential successors are Chris Brummer, a professor at Georgetown University Law Center, and Erica Williams, chair of the Public Company Accounting Oversight Board (PCAOB), who are reportedly more optimistic about cryptocurrencies like Bitcoin than Gensler.
Cryptocurrency voters have become a key force in U.S. political elections.
According to tracking and statistics from the bipartisan cryptocurrency advocacy organization StandWithCrypto, there are 355 candidates supporting cryptocurrency in congressional races, of which 291 have shifted from a neutral to an active stance on cryptocurrency, with over 300 supporting at least one piece of legislation favoring cryptocurrency. Candidates across the country have issued over 1,900 statements supporting cryptocurrency, proving that this issue is gaining attention across the political spectrum. Based on this, Coinbase CEO Brian Armstrong believes that next year, U.S. Congress members will be very friendly toward the crypto market, 'This will be the most pro-cryptocurrency Congress in history.'
According to a recent poll by the Digital Chamber, one-seventh of potential voters (16%) consider themselves part of the cryptocurrency voting bloc. Among them, 40% of Black voters stated that cryptocurrency is 'very' or 'extremely' important in deciding who to support in 2024. Clearly, cryptocurrency voters are a formidable force in this election, significantly influencing the policy positions of both the incumbents and challengers.
Today, both parties agree that the government should prioritize policies that encourage growth while protecting consumer freedoms. Most Republicans and Democrats indicate that supporting the crypto industry should at least be a moderate priority for the next president and Congress, with nearly one-third of Democrats and over a quarter of Republicans believing it should be a 'high' or 'very high' priority.
Anthony Scaramucci, a supporter of Harris, is very optimistic about Bitcoin, stating that no matter who becomes president, Bitcoin will rise. He believes that considering the market's potential reaction to a Trump or Harris victory, if Trump wins, Bitcoin may rise in the short term, as he is generally seen as a deregulator who might overturn many policies of the Biden administration, but Harris has also shown support for blockchain and Bitcoin.
Clearly, in this electoral 'marathon,' the cryptocurrency industry and its supporters have already won.
