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$

BTC $97,139 +1.49% ETH $3,595 +0.72% BNB $653 -0.68% SOL $241 +1.51% XRP $1.79
+14.09% TON $6.45 +0.38%
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Rachel Wolfson
10 hours ago


HOW TRUMP’S VICTORY HAS DIVIDED THE CRYPTO COMMUNITY

While many crypto community members celebrated Donald Trump’s reelection, some
may have felt differently.

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Many in the crypto industry see President-elect Donald Trump’s victory in the
2024 United States elections as a watershed moment, largely thanks to the myriad
promises Trump made on the campaign trail.

Still, some members of the US crypto community took other factors into account. 

Margaret Rosenfeld, chief legal officer at fintech platform Tilt, told
Cointelegraph that not all crypto enthusiasts were single-issue voters.
Rosenfeld said that some individuals found it difficult to reconcile their
support for crypto with Trump’s other controversial positions. 

“We clearly saw some clashes at the extremes, where differences in political
ideology led to intense debates, sometimes leading to personal attacks coming
from both angles,” she said.

Most apparent were arguments that arose on social media platforms such as X
during the election cycle. 

For instance, several social media influencers tweeted about how the Democratic
Party lost the election due to an “anti-crypto” policy. Many of these tweets
sparked angry responses from Democrats who support crypto.

Source: Ryan Sean Adams

Social media posts sharing the “Crypto for Harris” campaign also proved
controversial. Trump supporters made some negative comments on these posts,
demonstrating an ongoing division between Republican and Democratic members of
the crypto community. 

Source: Dennis Porter

Although social media arguments broke out, Rosenfeld said there was mutual
respect overall. 

“Most people in the crypto industry understood that voting is a deeply personal
decision and respected differing views,” she said. “This helped maintain a level
of cohesion within the crypto community, despite varying political
perspectives.” 

Recent: Lawsuits could be catastrophic for DAOs if denied ‘limited liability’

Crypto community members offended by differing viewpoints on X during this last
election cycle may have transitioned to Bluesky. The social media platform has
surged in popularity since the election. 


CRYPTO SHOULD BE BIPARTISAN 

While many crypto community members are excited about the BTC $97,139 and other
cryptocurrencies following Trump’s victory, most industry observers agree that
crypto should remain bipartisan.

Source: Lara Shin

Konstantin Richter, CEO of Blockdaemon, told Cointelegraph, “Crypto is for
everyone. It empowers every human to be heard and counted. Unfortunately, crypto
was heavily politicized by the current administration.” 

Richter remains optimistic about the future of crypto adoption in the US,
saying, “I hope that we will see clear regulations and guidelines emerge in this
upcoming administration.” 

Natalie Smolenski, founder of The Texas Bitcoin Foundation, told Cointelegraph
that Bitcoin pumping demonstrates investor confidence in Trump. She claimed that
this often happens when Republican candidates are elected. 

> “It still remains to be seen how much of this will be backed by policy,”
> Smolenski said. “I’m hopeful and optimistic, and I think there are voices in
> the administration who are giving wise council.”  

Smolenski added that there is “nothing partisan about sound money or
peer-to-peer transactions.” 


POLITICAL CANDIDATES MAY WANT TO RE-CONSIDER CRYPTO POLICIES

Bitcoin was heavily politicized this election cycle. Yet some industry experts
say there are other lessons to be learned. 

Dennis Porter, CEO and co-founder of The Satoshi Action Fund, told Cointelegraph
that the biggest takeaway from this election cycle was that other policymakers
might want to start showing support for digital assets. He said: 

> “A number of elected officials lost this race due to their opposition to
> Bitcoin. This will send shivers down the spines of other candidates, which is
> why politicians need to be cautious with their positions.” 

Echoing this, former speaker of the US House of Representatives Paul Ryan said
in a keynote speech at the North American Blockchain Summit on Nov. 21 that
Democrats were on the wrong side when it came to issues regarding digital
assets. He said:

> “The question for the Democrats is a hard one to answer because the core of
> their policy is an ideology. It’s aggressiveism that did a few things — They
> picked cultural stances that are not where most of the country stands and then
> they picked economic policies that were not good.”

While that may be, Smolenski said there has been a danger of politicizing
Bitcoin since the asset’s inception. 

Recent: Investors in DeFi casino Mpeppe claim token can't be traded, lacks
liquidity

“I understand that people may want to use political parties when it comes to
these issues, but this is always a decisive strategy that can have unforeseen
consequences. You can make enemies that could have been your allies,” she said. 

Explore more articles like this

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for your crypto ventures. Delivered every Monday


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 * #US Elections 2024
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