9 min read

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?


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.

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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.

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In Latin America…

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