Rising to the level of national strategy, how credible is Trump's Bitcoin conference promise?

Produced by | Vernacular Blockchain

Recently, Trump attended the 2024 Bitcoin Conference as a top guest. Under the spotlight, he made a series of "sweet talk" promises in the eyes of crypto enthusiasts, which were almost nothing. The reserved expressed his "love" for Bitcoin. 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. , all he had to do was say "Let the United States ALL in Bitcoin", and the audience responded enthusiastically with thunderous 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 there are even some It may be "burning 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 Party and the Democratic Party in the United States...

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

Many people believe that in the context of the confrontation between the Republican and Democratic parties in the election year: Bitcoin crypto user voters are suppressed by the Democratic-dominated authorities, and Trump’s overtures will help win more votes and generous donations for the next Preparing for the 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 route and main direction of their future policy formulation. In fact, the Republican Party and Trump have always advocated economic policies that support the free market and individual freedom. and conservative social concepts, leaning towards right-leaning conservatism to a certain extent. At the same time, Trump has proposed policies that support technological innovation, promotes personal privacy and security, and opposes over-centralized currency control and financial supervision. Generally speaking, right-leaning people may 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 fully in line with the Republican Party and Trump’s values ​​of personal freedom and market freedom. At the same time, Bitcoin is also an emerging technology and investment opportunity they support. , are more favored and supported.

This can also be seen from Musk, who also supports the value concept of Bitcoin. In a recent interview, Musk said that he is an admirer of American values. He has historically supported the Democratic Party and now supports the Republican Party. He is just looking for Which party better represents 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 left-wing value), and advocates basic American principles such as individual freedom, so he Now support the Republican Party.

Of course, Trump’s speech at the Bitcoin Conference was still a bit "vapid", and his promises will probably be discounted. After all, the purpose of what he is doing now is more just to win votes, and he will really be in a high position by then , it is necessary to weigh the pros and cons, and the implementation of the new policy 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 U.S. government, we have actually seen what the Democratic Party has done in recent years. Although its attitude has softened as the election approaches, it actually includes Biden, SEC Chairman, and current presidential candidate Harris. Nearly all of the Democratic leaders don’t seem to like Bitcoin.

It’s still a question 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. The Democratic Party’s propositions include environmental impact and sustainability, financial inequality and social justice, stronger regulation, etc., which 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 many supporters within the Democratic Party

Although the Democratic Party is said to be left-leaning, not everyone is "ultra-left". Most people are rational and discuss matters as they are. Previously, the Democratic Party has made it clear 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-dominated House of Representatives passed it by a vote of 228-182, and the Democratic-led Senate passed the resolution by a vote of 60 to 38, although it was ultimately blocked. Den directly vetoed it, but it can be seen that a considerable part of the Democratic Party supports 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 the facts 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 infringement of economic freedom and individual rights. Restoration of 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

During the controversy, crypto-assets such as Bitcoin have also been able to gain soil for growth and spiral 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 paper left for Bitcoin to become a reserve asset...

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