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Text: Shi Zhengcheng
Just before former US President Trump was about to attend the Bitcoin conference this Saturday, this asset, which was long regarded as “non-mainstream” by the investment circle, resumed its upward trend on Friday and once touched the resistance level of $68,000.
(Bitcoin daily chart, source: TradingView)
According to the schedule published by the organizer,Trump will appear on the “Samoto” stage on Saturday afternoon local time for a 30-minute keynote speech.The industry generally expects that Trump will make some remarks friendly to the digital currency industry and promise that after winning this year’s election, policies will be introduced that will benefit the industry.
(Source: Bitcoin Conference)
Meanwhile, with Biden, who obviously has no interest in Bitcoin, withdrawing from the election, the political base of Kamala Harris from California, also seems to have signs of a “change atmosphere”.
1.What will Trump say?
From the former president who once criticized “cryptocurrency is a scam” to attending the offline Bitcoin 10,000 summit, Trump’s change in concept is also a microcosm of the interweaving of American politics and money.
Cryptocurrency is bound to become a campaign on Saturday after Trump publicly criticized “Democrats’ attempts to regulate cryptocurrencies” at a San Francisco fundraising event in June and met with Bitcoin mining companies at Mar-Lago.issue.
Brian Hughes, senior adviser to the Trump campaign, said in a statementInnovators and other technicians in the crypto space are under attack from Harris and Democrats.The Biden-Harris administration has stifled innovation by strengthening regulation and taxation, while Trump is ready to encourage the U.S. to lead the technology and other emerging technologies.
What is more guiding is that in the 2024 election policy document approved by the Republican Congress this month, it is clearly stated that it will“End the Democratic Party’s suppression of cryptocurrencies illegal and incompatible with the American spirit, oppose the creation of central bank digital currencies, and will defend the right to Bitcoin mining.”
(Source: The American Presidential Project)
Therefore, Trump’s mention of “mining” and opposition to “digital dollars” in his speech on Saturday will be an unexpected progress.
As for some analysts expect Trump to promise to “list Bitcoin as a strategic reserve asset in the United States”, if Trump really puts Bitcoin alongside gold and oil, it would be an unexpected surprise for this alternative investment product.
For American politics, cryptocurrency policy has become so popular, which is also related to the power of money.Three major pro-cryptocurrency super-PAC committees—Fairshake, Defend American Jobs and Protect Progress—all formed in the current election cycle and have received more than $230 million in donations to support candidates who are good at cryptocurrency policy., or make sure opponents lose the election.
Fairshake, for example, threw $10 million in this year’s California Senate primary election against Democratic candidate Katie Porter because she questioned the impact of cryptocurrency mining on the climate.In the end, Katie lost the primary.
According to the latest reports this week, Trump has received over $4 million in various cryptocurrencies worth of them since he announced his acceptance of cryptocurrency donations.In addition to the founders and executives of the cryptocurrency industry, ordinary people such as housewives, salesmen of pizza companies, and IT staff at the U.S. State Department have donated various digital assets to them.
In addition, before Saturday’s Bitcoin conference debut, Trump will also hold a small fundraising event—the threshold for participation ranges from $60,000 to $840,000.Previously, people familiar with the matter said that this would be an event of “more than 100 people”.
2.Will Harris let go of his cryptocurrency?
With Harris locking in the support of the Democratic Party’s bigwigs, it is a high probability that she will face Trump in three months.
Since Biden announced his withdrawal from the election, people in the technology circle have also speculated whether the potential Harris administration will adopt a more moderate regulatory attitude towards cryptocurrencies.
Mark Cuban, a well-known investor and cryptocurrency enthusiast, said in an interview with the media this week thatHarris’s advisory team has asked him about cryptocurrencies, which he believes is a “good sign”.Although “apparently not recognized by the vice president,” Cuban believes Harris will be “more open” to cryptocurrencies.
More speculations surrounding Harris are still focused on the background of “she comes from California.”
Venture capitalist and Democratic big moneyman Ron Conway posted on social media X this week that he has known Harris for decades.Since the day she met, she has been a fighter, leader and advocate of the tech ecosystem.
