With a plan supporting cryptocurrency, coupled with strong backing from industry investors, Trump's presidency has the potential to change the overall landscape of digital currency. In the days to come, various cryptocurrencies like Bitcoin are very likely to thrive under favorable regulatory conditions and government support.

Elon Musk's so-called "acquisition of the White House" is too absurd, and I couldn't help but be drawn to it completely, to the extent that I didn't even notice that a new digital mafia was forming a solid alliance beside the elected president of the United States, Donald Trump. Since the fateful election on November 5, this alliance has already reaped huge profits.

And this alliance is composed of a group of crypto tycoons. It should be noted by those who have not paid attention to this matter that after Trump's victory, the valuation of cryptocurrencies soared to an all-time high. Bitcoin broke the $80,000 mark, setting a new historical record. According to estimates, the cryptocurrency market garnered $230 billion in gains in just 24 hours.

The reason for such a surge is mainly due to their expectation that cryptocurrency will welcome a comprehensive favorable situation during the upcoming presidential term. In recent years, the life of cryptocurrency has not been easy, facing not only criminal charges related to fraud but also the challenge of developing without being able to advance steadily according to the friendly regulations they hope for.

Furthermore, for those who claim that President Joe Biden's government is unsatisfactory, I suggest they take a closer look at the various actions the Biden administration has implemented to regulate the "Wild West" of the digital realm. In fact, in addition to taking numerous actions against large tech companies, cryptocurrency has also become one of the key regulatory targets.

The previous government and cryptocurrency

The SEC, the agency responsible for overseeing the stock market, has already made cryptocurrency a major focus of its investigative work. Under the leadership of Gary Gensler, a former MIT professor and now chairman of the investors, the SEC has filed lawsuits against cryptocurrency exchanges like Binance and Kraken, as well as Ripple Labs, which issues the cryptocurrency XRP. Interestingly, Ripple's CEO has publicly come out against Biden and instead supports Trump.

At the beginning of October, Gensler fully demonstrated why he is regarded as the "enemy" of the U.S. cryptocurrency sector. At an event held at New York University (NYU), he clearly stated that he does not believe cryptocurrencies are likely to be considered true money. In his view, cryptocurrencies are merely a means of storing value, just like paintings or other artworks. His biggest concern is that the entire crypto industry is filled with "many fraudsters, numerous con artists, and various scams."

"To be frank," he said, "by [2024], those leading figures in the field will either be in prison or waiting for extradition."

Gensler's position is backed by economic science. He explained to the audience that according to Gresham's Law, bad money drives out good, which is the reason why countries typically only have one national currency.

"I want to emphasize," Gensler continued, "that these debates can actually be traced back to the times of Plato and Aristotle, with a long history of 3000 years. Among hundreds of major powers and thousands of nation-states, we often see that countries within each geographical and economic category mostly only use one currency."

Trump's support actions regarding cryptocurrency

During his campaign, Trump did not mention Plato or Aristotle, but he made a promise to remove Gensler on "the first day in office." The most likely successor is Dan Gallagher, who is enthusiastic about the crypto field, previously worked at the U.S. Securities and Exchange Commission (SEC), and is now a lawyer for Robinhood, a fintech company that conducts cryptocurrency and stock trading via applications.

Trump also promised to release Ross Ulbricht, the founder of the "Silk Road." The "Silk Road" is known as an online platform driven by Bitcoin that allows people to shop "at will." Since 2013, its founder, Ross Ulbricht, has been serving a life sentence in prison.

During the campaign, Trump further embraced the "crypto cause." This July, he appeared at a Bitcoin conference held in Nashville, Tennessee, and during the event, he offered a private meeting opportunity for anyone willing to pay $800,000. At that time, he also promised to turn the U.S. into a "Bitcoin superpower."

Moreover, Trump seized every opportunity to launch his own cryptocurrency - World Liberty Financial, which is supported by a crypto token called WLFI. By October, his company announced plans to raise up to $30 million from investors. According to CNBC news reports, an entity named DT Marks DEFI LLC (connected to the incoming president) will take 75% of the net income from this currency.

As is common in the game of power, these situations did not arise by chance but are the result of some crypto investors taking action after careful consideration to support candidates that are advantageous to them with funding.

Corruption issues in the United States

A significant report from Bloomberg summarized the situation. It was reported that Brian Armstrong, the billionaire founder of Coinbase, was sued by the SEC three months ago, with the lawsuit being announced at a meeting in New York. At that meeting, Armstrong stated that the industry could manage to persuade the government to implement rules more favorable to itself.

Armstrong said, "We need to be realistic, the influence of money should not be underestimated."

Thus, he expressed support for Fairshake PAC. Political Action Committees (PACs) are organizations that enjoy tax-exempt status, primarily raising funds to influence election outcomes, helping favored candidates win, or preventing unwanted candidates from winning. Armstrong also encouraged other investors to follow his lead. Fairshake and its affiliates have invested a total of $135 million in various elections and achieved ideal results: out of the 56 candidates they supported, 47 successfully entered Congress. Although this PAC did not participate in the presidential campaign, other investors such as Winklevoss twins, founders of Gemini Exchange, and Jesse Powell, co-founder of Kraken, spent millions on Trump's campaign.