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9 min read May 2024

Trump just became the Bitcoin candidate, will Biden follow suit?

Trump established himself as the pro-Bitcoin candidate last week. Will Team Biden try to play catch-up or cling to a visibly losing "anti-crypto" stance? And will Trump's understanding of BTC ever grow beyond a few talking-points?
Trump just became the Bitcoin candidate, will Biden follow suit?

IMHO

Capping off one of the wildest political weeks for Bitcoin and crypto, Trump may have just snagged several million votes over a single issue.

"I will keep Elizabeth Warren and her goons away from your Bitcoin and I will never allow the creation of a Central Bank Digital Currency" —Trump

It's worth remembering this is quite the about-face from his earlier position.

So, how did we get here? A few months back Vivek convinced Trump to take an anti-CBDC stance:

My guess is Vivek helped soften Trump's stance on Bitcoin and crypto, leading to the CEO of Bitcoin Magazine now working with Trump.

Clearly their efforts have paid of. Trump still doesn't understand Bitcoin but he now realizes it's in his interest to pander to the Bitcoin crowd, like Vivek and Kennedy have.

With Trump as the "pro-Bitcoin"candidate, Biden's handlers will have to decide whether they should follow suit or double down as the anti-crypto candidate.

The latter seems increasingly unlikely.

The odds of an Ethereum ETF suddenly flipped from "unlikely" to "highly likely" and the anti-crypto chair of the FDIC was "invited" to step down.

Nancy Pelosi was one of 71 Democrats who voted "against" Elizabeth Warren's anti-crypto army by casting their vote for FIT21 —an Act which would split the responsibilities of regulating digital assets between the SEC and the CFTC.

The fast-track approval of Ethereum ETFs later in the week suggests Democrats are getting pressure (possibly from banks / Wall St) for being "anti" the fastest growing asset class in history.

There was also some additional anti-CBDC action thanks to Congressman Tom Emmer.

Trump also promised to commute Ross Ulbricht's sentence —a sensitive point for Bitcoiners. Ross received a grossly unfair sentence and is seen as a living martyr.

This is a good time to remember politician's promises should be taken with maximum skepticism and Trump already failed to deliver on similar earlier promises.

Politicians are creatures of expedience and deception, but I believe Trump would be willing to expend the (minimal) political capital it would take to free Ross is he believes that will earn him the support of the crypto-crowd.

Biden could easily choose to front-run Trump on all of these issues if his handlers were smart. Alas…

All eyes on team Biden to see if they pivot to claw back Trump's new "crypto-edge".

David Bailey —who seems to be leading the charge on educating Trump on Bitcoin— makes the point that if Trump manages to really understand Bitcoin beyond the political talking-points, his innate, aggressive opportunism could push nation-state adoption into the fray faster than expected. Not holding my breath, but he's not wrong.

Regardless of the outcome it's looking like the "anti-crypto" movement has lost its momentum.

All the standard "don't trust politicians" admonitions are still very much in place —I haven't forgotten the lockdowns, the "Monetary bazooka" nor "Operation Warp Speed" under Trump and neither should you— but we should take our Wins where we can find them and last week was definitely an overall Win. Politicians are not to be trusted, perhaps they can be used.

Bitcoin News

Poster Child

It's amazing how this disgraceful clown bemoans the lack of trust in institutions.

He whines as he completely ignores the history —which he knows all too well— these "institutions of trust" have wrought

As a reminder, this is the same idiot who believes you are essentially inedible cattle which would be best managed through sedation with drugs and video games.

The Nakamoto

Ever the wordster, Saylor points out the combined ETFs now hold "1 Nakamoto" worth of BTC

Meanwhile

In Latin America…

Do Something

Hong Kong's Bitcoin ETFs are, basically not doing much.

Krypto News

"Crypto" can be lethal to your portfolio

Still True

I was wrong about the approval of the Ethereum ETF (it got approved last week), but the reasons many of us dislike ETH are as valid as ever. If you'd like a rundown this old video from Saylor has you covered:

Fiat News

Steepest

Turns out the solution to too much debt is piling on new debt even faster, who knew?

Ticking

They are doing their best to pretend the economy is doing fine, don't forget to peek behind the curtain and think about the things they hope you'll ignore.

Hold the Guac

Turns out fast food is no longer cheap food

Dystopian News

The WHO takes an L

The WHO has failed to put a "Pandemic Treaty" together, which is excellent news as the proposed plan would have given the WHO broad dictatorial powers in case of a pandemic.

While this is excellent news it'd be a mistake to assume they won't keep trying.

Uncle Feisty

China is sending clear signals to the US about Taiwan

There are heavy "reunification" vibes at the moment and China would probably prefer to do it before the elections.

Chose Poorly

The Libertarian Party has chosen its candidate for the US election. Maybe Trump is right and they don't like winning.

Price News

Bitcoin Surfing

Bitcoin climbed on top of the Board last week ($65k) and just jumped up.

Dip Fishing

Bitcoin pushed past $70k last week before falling back and bouncing off the $66k level. It just pushed past $70k again today, are we ready for this to become a support level?

Calm Chart

May is green and it now seems fairly certain it'll stay that way considering the positive shift in legislative vibes.

Published by:

₿ Coach

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