In November, the US will hold a presidential election. Americans will either let Joe Biden stay in the White House or elect Donald Trump for a second time, who will return to Washington after a one-term break. During the election campaign, the issue of cryptocurrencies gained a surprisingly large importance. The Republican Party even included the topic of bitcoin in its program.
Republican Party
Before we move on to the issue of Bitcoin, it is worth taking a closer look at the Republican Party, which Longin Pastusiak, a Polish author of books about US presidents, described in one of his publications as the “party of big capital.”
While the Democratic Party (initially operating under the name… “Republican Party”) has been operating since almost the beginning of the USA, the Republican group was founded only in 1854. At that time, it represented the interests of industry from the northern states. From 1860 to 1988, the party was in power for a total of 72 years. A serious crisis occurred after the defeat of Herbert Hoover in 1932. Franklin Delano Roosevelt took power then. The Republicans did not return to the White House until 1952.
In modern times, the two parties have essentially “swapped” power. After Democrat Bill Clinton, Republican George W. Bush moved to Washington, who was later replaced by Barack Obama (again a Democrat). After him, Donald Trump took power, and then again, a Democratic Party representative, Joe Biden.
The fall elections will answer the question of whether Trump will regain the presidency or Biden will retain it.
Republicans and the Cryptocurrency Issue
Today, the Republican Party has a good chance of achieving a huge success in the election. Biden is running a weak campaign, he did badly in the presidential debate, and on top of that, he currently cannot attack Trump harshly. After the failed attack on the latter, it would not only be distasteful, but also bad in terms of political marketing.
There are many indications that from 2025, Republicans will fully decide the direction of US policy. What does this mean for cryptocurrencies?
To start with, members of the Republican Party have seen bitcoin fans as a separate electorate. For example, Florida Governor Ron DeSantis, who was struggling to get the presidential nomination, publicly declared his support for cryptocurrencies and promised to block the issuance of CBDCs in the US.
When DeSantis dropped out of the White House race in the run-up (he only got 3rd place in the party’s primaries), Trump tried to “pull” his narrative. And so we learned that he wants to support the mining industry, free Ross Ulbricht, the creator of Silk Road, from prison, and end the Biden administration’s anti-cryptocurrency policies. He even went so far as to announce that he would be the “crypto president.”
Of course, nothing is free! Trump not only wants American votes, but he will not scorn their bitcoins either. His campaign announced that it accepts cryptocurrency donations to his campaign.
Vice President Who Invests in Bitcoin
The former president also has ethers in his wallet. He also released his own collection of NFTs. These were linked to digital graphics that depicted Trump in various roles: a cowboy, a superhero, and an astronaut.
His potential vice president also has some of his wealth in cryptocurrencies. Senator JD Vance from Ohio, because that’s who we’re talking about, has bitcoins worth between $100,000 and $250,000 (US asset declarations provide very approximate values). This suggests that he is a supporter of blockchain and it is in his interest for this market to develop.
Cryptocurrencies are not just found in politicians’ wallets, however. They are even mentioned in the party’s official program.
Republicans will end the Democrats’ unlawful and un-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. We will defend the right to mine bitcoin and ensure that every American has the right to independently hold and transact their digital assets without government oversight or control. (…)
– we read in the document.
Will a Republican victory be a success for Bitcoin?
So does the Republican Party’s victory mean a victory for the cryptocurrency industry? We can assume so. At the same time, however, it is worth remembering that politicians say one thing during the election campaign and another when they have already won. An example is Gary Gensler, who, when he was elected head of the SEC, raised great hopes in the blockchain community. He was known for his sympathy for this technology. In practice, he turned out to be a ruthless official who attacked exchanges and cryptocurrency companies.
So will Trump let us down too? As John Bolton, an associate of the eccentric Donald during his first term, recalls in his book, the latter is trying to fulfill his campaign promises. He wants to maintain the popularity of the electorate. This gives hope that after the November elections, the US policy towards bitcoin will change significantly. For the better, of course.
