Behind Trump's support for Bitcoin

On July 15, according to Lianhe Zaobao, after the US presidential candidate Trump was attacked over the weekend, the global market predicted that his chances of winning the US presidential election increased significantly. Bitcoin was the first to react, and the price once climbed by more than 2.7% in one day, breaking the $60,000 mark. According to the latest data from Polymarket, Trump's chances of being elected as the US president have risen to 70% after the attack on the 13th in the United States.

Before Trump was attacked, he rarely responded to give a speech at the Bitcoin conference held by Bitcoin Magazine in the United States. And continued to attend Bitcoin speeches after the attack. To convey to the outside world his high-profile attitude towards Bitcoin.

But in the view of Arthur Hayes, co-founder of BItMex, Trump's behavior is more about supporting Bitcoin for his own votes.

Arthur Hayes said that some crypto elites mistakenly believe that Trump is sincere and that as long as they donate enough money, the "crypto-killing action" will disappear. This is simply nonsense. Trump is a shrewd politician. No matter who is re-elected, he will respond to requests. Once in office, anything to do with cryptocurrencies will become a distant memory.

He also suggested that the 50 million crypto voters in the United States should promote crypto legislation by leveraging the Republican and Democratic demand for votes in the hands of voters. Arthur Hayes asked himself: Is there a way to turn the approximately 50 million American adults who hold cryptocurrencies into a single-issue voting group? Is there a strategy that does not require campaign contributions and can ensure that a positive crypto legislation is enacted before the election? Of course there is. But it is not easy.

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