'Expressing love” without reservation, how credible is Trump's Bitcoin conference promise?

Recently, Trump attended the 2024 Bitcoin Conference as a top guest. Under the spotlight, he issued a series of "sweet words" promises in the eyes of crypto enthusiasts, expressing his almost unreserved support for Bitcoin. "Love", Trump said that the market value of Bitcoin will exceed that of gold. After being elected, the chairman of the SEC who is not crypto-friendly will step down. He will also retain the Bitcoin pledged by the government as a strategic reserve, etc., just say it directly." "Let America ALL in Bitcoin", the audience responded with warm applause. Due to the attendance of Trump and others, this conference has become the highest-profile Bitcoin summit in history.

"ETF, SEC, interest rate hikes, elections..." When we find that the focus of these successive huge impacts on the encryption market is all focused on the United States, the United States has become the dominant force in the encryption market and has almost mastered cryptocurrencies such as Bitcoin. The “pricing power” of an asset. The upcoming US election will have a profound impact on the encryption market, so the encryption community has been paying close attention to the US election dynamics recently.

Trump has frequently expressed his interest in crypto assets. Many people think this is a good thing, while others think it is just a "show" to win votes. After becoming president, he will "pull up his pants and leave" and even do so. It is possible to "burn bridges", So how credible is Trump's sweet talk? What is right and wrong? Everything has to start with the propositions and values ​​of the two major camps of the Republican and Democratic camps in the United States...

01, Why is Bitcoin favored by Trump and the Republican Party?

Many people believe that in the election year against the background of the confrontation between the Republican and Democratic parties: Bitcoin crypto user voters are suppressed by the authorities dominated by the Democratic Party. Trump’s show of goodwill is conducive to winning more votes and generous donations, which will help to win the election. To pave the way for the upcoming general election. This logic makes perfect sense, but it makes it impossible to guarantee whether the Republican Party and Trump will "start in chaos and then give up" after winning the election. There are many similar examples in history.

In fact, there is no need to worry about this. Many people only know one but not the other. Another very important background is the consistent opinions and values ​​of Trump’s Republican Party.

To put it simply, the values ​​of the Republican Party, including Trump, determine the line and main direction of their future policy formulation. In fact, the Republican Party and Trump’s consistent views include: Supporting free markets and individuals Liberal economic policies and conservative social concepts lean toward right-leaning conservatism to a certain extent. At the same time, Trump proposes policies that support technological innovation, promotes personal privacy and security, and opposes overly centralized currency control and financial supervision. In general , people on the right may be more inclined to support and participate in technological innovation and market freedom.

It is not difficult to see that Bitcoin’s core concept of returning financial power to individuals is completely in line with the values ​​of personal freedom and market freedom of the Republican Party and Trump. At the same time, Bitcoin is also an emerging technology and technology they support. Investment opportunities are more favored and supported.

This can also be seen from Musk, who also supports the value concept of Bitcoin. Musk said in a recent interview that he is an admirer of American values. He has historically supported the Democratic Party and now supports the Republican Party. He just Looking for which party is more representative of the American values ​​in his heart. At present, the Republican Party is more in line with what he advocates for talent protection, does not abuse DEI (Diversity, Equity, and Inclusion, which is a typical leftist value), and advocates basic American principles such as individual freedom, so He now supports the Republican Party.

Of course, Trump’s speech at the Bitcoin Conference was still a bit “vain”, and his promises will probably be discounted. After all, the purpose of what he is doing now is more to win votes, and when the time comes, he will really Holding a high position requires weighing the pros and cons, and the implementation of new policies is expected to inevitably lead to some controversy.

Finally, just look at the lackluster response of the Bitcoin market after Trump’s speech. Everyone knows very well that they cannot listen to what he says, but what he will really do when the time comes.

02, Why don’t the Democrats like Bitcoin so much?

As the leader of the current US government, We have actually seen what the Democratic Party has done in recent years. Although their attitude has softened as the election approaches, they actually include Biden, SEC Chairman, and current presidential candidate Harris. Almost all Democratic leaders, including Trump, don’t seem to like Bitcoin.

It’s still a matter of values. As Musk mentioned earlier, the Democrats have obviously left-leaning positions and policy propositions. Some people even criticized them as being “ultra-left” before. Among the Democratic Party’s proposals, including environmental impact and sustainability, financial inequality and social justice, stronger regulation, etc., they reflect its values ​​of weakening individual freedom and power and emphasizing public and collective interests.

Obviously, under the left-leaning values, the core concept of Bitcoin is not so harmonious, so the left-wing Democrats, including Biden and Harris, actually do not like Bitcoin that much.

03, No matter who is elected, they cannot change the wheel of history

1) There are also many supporters within the Democratic Party

Although the Democratic Party is said to be left-leaning, not everyone is "ultra-left", Most people are still rational and discuss matters as they arise. The Democratic Party has made it clear before that they will move closer to the center and away from the extreme left on issues of market and financial regulation.

In previous votes to ban the crypto-unfriendly cryptocurrency accounting policy SAB 121, the Republican-led House of Representatives passed the resolution 228-182, and the Democratic-led Senate passed the resolution 60 to 38, although it was ultimately Biden directly vetoed it, but it can be seen that a considerable number of Democrats support Bitcoin. I believe that with the internationalization and mainstreaming of crypto assets, more progress will be made in the future.

2) American Core Values

For so many years, people have thought that Bitcoin is one of the main challengers to the hegemony of the US dollar and should have been blocked long ago. The United States has the ability to marginalize it even if it cannot completely block it. ,

But in fact it does not, not only because of the anti-fragility of Bitcoin itself, but also because one of the reasons behind it is that it is difficult for Americans to violate the core values ​​of the United States.

In the history of the United States, individuals were prohibited from holding gold. However, some people believed that this ban violated the principle of individual freedom and was regarded as an infringement of personal freedom and property rights. The abolition of the ban in 1974 was seen as an economic infringement. Restoration of liberty and individual rights. Although prohibition played a role in responding to the Great Depression, it was viewed by most as a failed policy in the long run because it restricted individual freedoms and failed to fundamentally solve economic problems.

Now Americans know that it is difficult to ban private holdings of Bitcoin just like the ban on private holdings of gold. First, there are lessons learned from failures. Second, compared to physical gold, Bitcoin is just a string of characters and cannot pass at all. Sneaking and spying on every American's personal privacy.

If we attack Bitcoin, whose core concept is freedom and personal power, and Americans don’t even have the power to hold a set of strings in their own hands, they will have to overthrow the Statue of Liberty first.

In fact, no matter how different the Democratic and Republican parties are, it is impossible for anyone to stand up and overthrow the Statue of Liberty, which symbolizes freedom, democracy, and the American dream. These core values ​​can be said to be the foundation of the United States.

04, Summary

Amidst the controversy, crypto assets such as Bitcoin have also gained soil for growth and spiraled upward. No matter who is elected in the end, they cannot change the wheel of history rolling forward. If you don’t believe it, there is only a window left for Bitcoin to become a reserve asset...

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