Trump actively woos crypto voters, raising questions about his motives
As the 2024 U.S. presidential election enters its final stages, former President Donald Trump. Both Trump and Vice President Kamala Harris are stepping up efforts to appeal to a growing but often overlooked group of voters: cryptocurrency voters. Trump recently launched the World Liberty Financial ($WLF) token and plans to establish a "Bitcoin and Cryptocurrency Advisory Committee" in an attempt to show his support for cryptocurrency and decentralized finance. However, the true intentions behind these measures have raised questions from the outside world.
Trump’s crypto journey began in May, when his campaign began accepting cryptocurrency donations, a stark contrast to his previous skepticism toward cryptocurrencies. In June, he publicly supported Bitcoin miners and expressed his hope that the remaining Bitcoins "will be mined in the United States" to attract voters concerned about the migration of mining overseas. At the end of July, Trump appeared at the Bitcoin Conference in Nashville, promising to establish a national Bitcoin reserve if elected and fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. This series of moves won him applause among cryptocurrency voters.
However, Trump’s personal project $WLF has sparked controversy. This decentralized financial platform, launched in September 2024, claims to provide lending and investment services to users. Its native token $WLFI is expected to raise 3 billion yuan at a valuation of 15 billion yuan. However, only $12.9 million has been raised so far. Even more concerning is that Trump and his family will receive 75% of the net agreement proceeds, raising questions about transparency and the distribution of benefits. Although $WLF claims to be apolitical, its timing and Trump's deep involvement led outsiders to believe that it was more of a political ploy.
He Jinli's cautious attitude also arouses doubts
Unlike Trump's high-profile stance, Harris has adopted a more cautious approach to cryptocurrencies. She has not made cryptocurrency a central issue of her campaign, but recent moves show she is aware of the importance of digital assets and their impact on voters.
At the Democratic National Convention in Chicago, Harris' senior campaign adviser Brian. Brian Nelson revealed that she would support policies that allow emerging technologies such as encryption to develop while ensuring appropriate regulation. Harris also launched the "Opportunity Agenda" to promote financial inclusion, with a special focus on protecting cryptocurrency investors, especially the African-American community.
However, He Jinli’s interaction with the encryption community was not smooth. In an online town hall meeting organized by the "Crypto Support Harris" event, Harris failed to attend in person and lacked interactivity, which caused dissatisfaction with well-known figures including Tyler Winklevoss. Despite this, Senate Majority Leader Chuck. Chuck Schumer promised at the event to push for sensible cryptocurrency regulation by the end of the year.
It is worth noting that Ripple (XRP) co-founder Chris. Chris Larsen has donated more than 1 million yuan in XRP to Harris' campaign, saying he believes she will bring "a more pragmatic approach and clear rules" to the encryption industry. However, Harris did not express her full support for cryptocurrencies and tried to distance herself from opponents of cryptocurrencies within her party.
The election is in a stalemate, and the crypto market trend may become the key
As the general election approaches, the odds of winning for the two candidates have changed significantly. According to Polymarket data, Trump currently has a 60.1% chance of winning the election, while Harris has a 39.8% chance. That's in contrast to a few weeks ago when the two were almost 50% each. Notably, optimism in the cryptocurrency market appears to be influencing voter attitudes.
As of October 19, Bitcoin was trading at nearly $70,000, its highest level in months. This reflects the growing influence of crypto markets on political outcomes. As Election Day approaches, the final sprint between the two candidates and the performance of the crypto market will have an important impact on the final outcome. The next few days will be a critical moment in determining the election and the direction of U.S. cryptocurrency policy.
[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.
