During the election campaign, Trump did everything he could to court her favor. In July, speaking to thousands of bitcoiners at a conference in Nashville, Tennessee, Trump duly sang the bitcoin anthem, promising to cement the U.S. as the leading bitcoin mining power, establish a national “bitcoin reserve,” and name a bitcoin advisor. advice if he is re-elected. Trump claimed he would make the United States the “crypto capital of the planet.”
In October, Trump even went so far as to launch his own crypto platform, World Liberty Financial, which his family has marketed as a way to “make finance great again.” The platform is set to provide peer-to-peer lending of some types, although the Trumps have provided few concrete details.
“If you were a voter who cared about the growth of sound money through bitcoin, Trump was the clear choice,” says podcast host Peter McCormack. What did Bitcoin do?.
In contrast, Harris Democratic platform for 2024 included no mention of cryptocurrencies, and only made one reference to cryptocurrencies during the election campaign, in a speech to donors in New York City, Bloomberg reported. “We will foster innovative technologies such as artificial intelligence and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road,” Harris is quoted as saying.
Industry insiders interpreted the Harris camp’s reluctance to take a public stance on cryptocurrencies as a sign that her presidency would represent a continuation of the bad old days under Biden. “We didn’t see any evidence that she was going to moderate her stance,” Carter says.
Members of the crypto industry who supported Democrats were left in an awkward position; Although they aligned themselves with Harris’s policy, it was conceivable that Trump’s victory would be a more beneficial outcome for the sector. “As a crypto entrepreneur, I am excited about the prospect of a bull market,” says Jonathan Padilla, one of the organizers of Crypto4Harris, a coalition of left-wing members of the crypto industry. “For cryptocurrencies in isolation, Trump will probably be the much quicker shot of sugar,” Padilla says, even if the president loses interest later.