As the US election approaches, the world's attention is once again focused on the dynamics of American politics, and the cryptocurrency industry is paying special attention to the upcoming election. More and more voices indicate that the crypto world seems to prefer Trump to win the 2024 election.
At the same time, Elon Musk, CEO of Tesla and SpaceX, has also frequently spoken out in this political competition, even saying "If Trump loses the election, I might go to jail and go bankrupt." Even more surprising is that Musk recently promised to provide up to $1 million in rewards to specific voters, revealing a complex political and financial game behind the scenes.
Trump and Cryptocurrency
The support for Trump in the cryptocurrency sector is not groundless. In fact, Trump's policies tend to be more deregulated, which is particularly important for the cryptocurrency industry. Compared with Democratic candidates, Trump has shown less strict regulatory attitude towards the cryptocurrency industry, and he has even publicly supported cryptocurrencies.
During the Trump administration, the U.S. Securities and Exchange Commission (SEC) did not impose overly strict policies on Bitcoin and other cryptocurrencies, which allowed the field to grow rapidly. However, with the Biden administration taking office, the market began to feel more pressure from regulators. The cryptocurrency market is worried that if the Democrats continue to be in power, future regulatory policies may be stricter and even hinder industry innovation and capital inflows.
Moreover, Trump showed distrust of the traditional financial system during his administration, which is highly consistent with the mainstream thinking in the field of cryptocurrency. The core concept of cryptocurrency is decentralization and not controlled by the government and traditional financial institutions. Trump's questioning of the Federal Reserve and mainstream financial institutions during his tenure is exactly what the crypto world welcomes. In particular, his anti-establishment stance and relatively tolerant attitude towards emerging technologies have led cryptocurrency supporters to believe that Trump's presidency will bring a more relaxed policy environment to the industry.
In addition, Trump's pro-business stance and policies supporting the free market have also allowed many crypto investors and companies to see more opportunities. In contrast, the Democratic Party is more inclined to intervene in the financial market to protect consumer interests. This policy difference directly affects investors' expectations for future market development.
Musk's big move
Musk has become a prominent figure in the political disputes of the US election. As one of the most influential entrepreneurs in the world, Musk is not only a big name in the technology industry, but also a staunch supporter of cryptocurrency. He has frequently publicly supported Bitcoin and Dogecoin, and has caused sharp market fluctuations in many Twitter posts.
Musk publicly expressed his support for Trump when Trump was first shot. Now, Musk has gone a step further and promised to provide up to $1 million in rewards to specific Trump supporters every day until the 2024 presidential election. This is undoubtedly to encourage more voters to support Trump. He hopes to pave the way for Trump's re-election through his financial influence.
Musk's move has sparked widespread discussion, not only because of his support for Trump, but also because he believes that the Democratic Party will pose a huge threat to him and his business. Musk once said in an interview that if Democratic candidate Harris defeats Trump, he may face bankruptcy or even jail time. He believes that the Democratic Party in power will increase regulatory pressure on his companies (including Tesla and X platform), especially in areas such as environmental policies and antitrust investigations. And his investment and remarks in the field of cryptocurrency may also trigger new government investigations.
Summarize
Regardless of whether Trump can win the 2024 election, Musk's words and deeds and the expectations of the cryptocurrency market indicate that changes in the US political situation will have a profound impact on the technology and financial sectors. The technology giants and cryptocurrency sectors represented by Musk are paying close attention to the results of this election. If Trump wins, it may bring them more room for development; if the Democrats win, the future regulatory storm may hit.
Ultimately, the 2024 U.S. presidential election will be a crucial node, not only a political battle, but also a game of technological and financial power. The future of the cryptocurrency market may usher in a new chapter after this election.
