The crypto community responded enthusiastically when Donald Trump emerged victorious in the US election. As someone deeply invested in the ideals of blockchain and decentralized systems, I find myself navigating a complex mix of hope and healthy skepticism.
Trump’s recent pro-crypto rhetoric has undeniably ignited optimism within the industry, but it also raises questions about crypto’s future stability and genuine independence.
The Industry’s Enthusiasm Amid Partisan Issues
Trump’s promises to transform the United States into a “crypto capital” and his public endorsements of Bitcoin have resonated strongly with many in the industry.
Accepting Bitcoin donations, promising to free Ross Ulbricht and fire Gary Gensler while suggesting the creation of a national Bitcoin reserve all signal a potential shift toward a more favorable regulatory environment. These developments are undeniably exciting for an industry that has long grappled with uncertainty and sought mainstream legitimacy.
However, a look at Trump’s history prompts a degree of healthy caution as his track record in business and politics often reflects decisions that serve immediate interests, sometimes at the expense of long-term considerations. For example, unlike most other Presidents before him, Trump did not divest from his business interests while in office, leading to claims of over 3,700 conflicts of interest during his four-year term.
Though now, one of his businesses is in the DeFi space.
We may all benefit from any perceived self-serving moves that boost his World Liberty Finance project. He also has an NFT collection that the SEC may disapprove of under Gary Gensler. Thus, an overhaul of how NFTs are viewed from a regulatory standpoint would also benefit Trump’s personal and commercial interests.
So, is his newfound support for crypto a genuine commitment, a strategic move to capitalize on the industry’s momentum, or for personal gain? Ultimately, do we in the crypto industry care either way?
If something is done for selfish reasons, but millions enjoy the benefits, does that make it wrong?
Ultimately, the risk of any politician campaigning to court Bitcoin voters lies in the possibility that the support may be fleeting, potentially leading to instability or abrupt policy shifts that could hinder the industry.
Remember, he spent much of his campaign discussing “crypto” alongside Bitcoin. He personally owns Ethereum and an Ethereum NFT project but does not hold…
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