Investor and co-founder of BitMEX exchange Arthur Hayes has expressed skepticism about former President and presidential candidate Donald Trump's recent endorsement of cryptocurrencies. Hayes believes that Trump is a shrewd politician who will say whatever it takes to get re-elected. “Once in office, everything related to cryptocurrencies will be a distant memory,” Hayes writes on his website. Trump has been showing increasing support for bitcoin and other crypto assets, highlighting their potential in various speeches and statements. Last May, Trump participated in an event where he noted that he would look for a way for “the future of bitcoin and cryptocurrencies to be made in the US.” In addition, he advocated for self-custody of bitcoin in his country. In this campaign, bitcoin and cryptocurrencies are part of his speech, and he even accepts donations in digital assets for his campaign. Trump has also confirmed his presence at the upcoming Bitcoin conference in Nashville, Tennessee, which will take place between July 25 and 27, considered the most important convention in the world on digital currency. For Hayes, “a few thousand voters will decide” the US presidential elections next November, in “key states” such as Michigan, Pennsylvania and Florida. According to Hayes, “Courting the young, politically active, nouveau riche investor cohort could give Trump the election. As a result, Trump is burnishing his pro-crypto credentials by saying all the right things.” With this, Hayes refers to what Trump said about Ross Ulbricht, creator of Silk Road, a black market on the deep web that allowed free trade in drugs with bitcoin. “If you vote for me, from day one, I will commute the sentence imposed on Ross Ulbricht,” said the Republican candidate.
Concerns over Bitcoiners' support for Trump
The investor and Bitcoiner expressed concern and finds it unfortunate that this “newfound political attention has come to the forefront” of many in the digital asset industry. Hayes is dismayed by the fact that many cryptocurrency experts are blindly organizing elegant Trump fundraising campaigns. «They mistakenly believe that Trump is sincere,» says the BitMEX co-founder. Trump cares about getting elected and will say whatever it takes to get votesHayes mentions. “If Biden and the Democrats were in favor of cryptocurrencies, Trump would be against them. It’s just good politics,” he explains. Given the prominence that digital assets have gained in the campaign, President and candidate for reelection Joe Biden, through the Democratic Party, moves his pieces. A Biden advisor, together with Democratic legislators, met with businessmen and protagonists of the cryptocurrency-based economy. The objective is to have an open dialogue about what is happening, in view of the elections, as reported by BitcoinDynamic. The approval of the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), which had votes from several Democrats, was a sign of the path that the White House administration was going to take in the campaign. This was the first bill that was officially approved in one of the chambers of Congress to regulate the cryptocurrency industry in the United States.
According to Coinbase, 50 million Americans (20% of the population) own cryptocurrency. If this group of people voted together, they could easily decide which clown ascends the throne. The country's even split between Democrats and Republicans presents a unique opportunity to extract significant political concessions. The important thing to realize is that putting political party affiliation above 'Lord' Satoshi Nakamoto [creador de Bitcoin] will only lead to failure Arthur Hayes, investor and co-founder of the BitMEX exchange.
Hayes says that those millions of people who own crypto assets “should not settle for a few meaningless government positions” in either the Biden or Trump administration if one of the two is elected. “The only acceptable thing is pro-crypto legislation that becomes law,” the investor says.
Trump influences the price of bitcoin
The importance of bitcoin in Donald Trump's campaign to return to the White House has been such that The assassination attempt against him during an event in Pennsylvania led to a rise in the digital currencyas explained by this medium.
Republican Bitcoiners are now starting to see Trump as their candidate even though they weren't initially planning to vote for him. Such incidents tend to have broad and deep repercussions on society and financial markets, as in the case of BTC. The political stances of the candidate in question, in this case, their support for cryptocurrencies, influence how investors react. If the candidate has a favorable stance towards digital assets, as Donald Trump has shown, Investors could see this as a positive sign for the future of crypto assets.For now, everything indicates that the presidential campaign in the United States is becoming more conflictive and this will be reflected in one way or another in the bitcoin and cryptocurrency market.