Opinion: Supporting Trump Due to His Pro-Crypto Stance is Irresponsible

After months of conflict and division, the United States is finally preparing for the elections.

Voters face a straightforward yet crucial decision: Donald Trump or Kamala Harris.

Both candidates have been traveling extensively across the nation to present their vision for the U.S., with polls indicating that the outcome is extremely close.

On the surface, it is evident that Trump has made significant efforts to win over cryptocurrency supporters. He has made numerous grand promises — from pledging to dismiss SEC chair Gary Gensler to advocating for the Treasury to establish a Bitcoin reserve similar to El Salvador’s.

However, this alone should not be sufficient to secure your vote.

Just as anxious Bitcoin investors are advised to “zoom out” when concerned about short-term price fluctuations, voters must adopt a similar approach when casting their ballots.

Supporting Trump solely based on his pro-crypto position is unwise — a shortsighted decision that relies entirely on the hope that BTC would experience substantial gains under his administration.

While holders may be pleased if their investments increase, there would be numerous adverse consequences elsewhere.

Financial analysts have consistently cautioned that Trump’s policies could be extremely detrimental to the U.S. economy. Tariffs on imported goods could trigger retaliatory trade wars with other nations, lead to renewed inflation, and compel domestic producers to raise their prices. Ordinary consumers would bear the burden.

This unnecessary strain may force the Federal Reserve to maintain high interest rates — negatively impacting Bitcoin in the long term.

The largest cryptocurrency flourishes when borrowing costs are low, as this encourages investors to pursue returns from riskier assets. There is a significant possibility that a Trump presidency could hinder BTC more than it would benefit it.

In a year where major financial institutions on Wall Street have increasingly turned to Bitcoin, spurred by the introduction of exchange-traded funds based on its spot price, this election represents a pivotal moment.

Satoshi Nakamoto’s whitepaper envisioned BTC enabling peer-to-peer electronic cash transfers without intermediaries — providing an alternative to banks and centralized authority. The genesis block in 2009 expressed frustration over how the British government’s finance minister had rescued banks. Now, we find ourselves in a scenario where Bitcoin could be embraced by the White House, undermining its original purpose.

Most concerning is the lack of evidence that Trump genuinely cares about Bitcoin, its purpose, or the core values of this blockchain.

From dining with crypto entrepreneurs at Mar-a-Lago to engaging with attendees at Bitcoin 2024 in Nashville, it is apparent what truly drives this former president: financial gain.

Every campaign commitment made regarding BTC has resulted in millions of dollars in funding and enthusiastic endorsements from early adopters seeking to safeguard their wealth from high taxes. Trump’s interest in this sector is not motivated by a belief in its potential as the future of currency; rather, it appears to be a calculated strategy to garner donations.

With reports indicating that Trump is facing up to $1.8 billion in debt — a figure that continues to grow — this is a politician who has sought out the wealthiest backers and told them what they want to hear, in a bid to protect his own interests.

A closer examination of the crypto policies he has suggested reveals that they lack substantial detail. Is it truly feasible for all remaining Bitcoin to be mined in the United States? For the Treasury to regard crypto seized from criminals as a future asset? For Trump’s administration to disregard legal precedent by dismissing Gensler? More importantly, is this what the American crypto sector requires to thrive?

Trump is known for changing his stance on various issues — including crypto — and it is easy to overlook that he previously labeled Bitcoin a “scam against the dollar” just a few years ago. If I were to wager, I would bet that the 78-year-old would struggle to answer even basic questions about how BTC operates. From its total supply to its current price, from the year it was established to the mining process, this is not someone who is knowledgeable about crypto. His campaign has demonstrated that.

While the Republican nominee has certainly engaged with digital assets, there is no indication that he has a specific interest in Bitcoin. Data from Arkham Intelligence shows he does not own any satoshis. Instead, the majority of his assets are in ETH and Wrapped ETH, along with a variety of memecoins such as TRUMP and MAGA. Bitcoin enthusiasts often emphasize the importance of having a personal stake in the game. Block explorers confirm he does not.

If there is one segment of crypto that Trump connects with, it is altcoins. He is among the few businessmen who managed to launch a casino that went bankrupt — and the speculative nature of tokens with smaller market capitalizations aligns with his interests. This is why he has chosen to release NFTs portraying him as a superhero (many of which have since decreased in value) and endorsed a DeFi platform that has provided little more than vague promises.

The U.S. election will significantly influence some of the most pressing issues facing the world today — from climate change to conflicts in Ukraine and the Middle East. National news outlets can provide more information on those topics, which is why this article approaches the matter from a crypto-focused perspective.

Kamala Harris and the Democrats are by no means flawless regarding digital assets — and they have scarcely addressed the topic during the campaign. The Biden administration’s record is far from commendable, and many companies argue that the past four years have been highly detrimental to the crypto industry.

However, despite appearances, Trump is unlikely to be the savior that investors are hoping for — and “Trumponomics” could reverse all the significant price gains BTC has achieved in recent months.

American voters should support their preferred candidate, and at this point in the process, they have likely made their decisions. Nevertheless, crypto enthusiasts who support him should brace for potential disappointment.

Trump has claimed that crypto will be “living in hell” if he loses. There has not been enough consideration of how dire it could be if he wins.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the opinions of Cryptonews.com. This article aims to provide a broad perspective on its subject and should not be interpreted as professional advice.

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