In the hit HBO series Game of Thrones, alliances were constantly changing as the great houses vied for power. Similarly, in the upcoming 2024 presidential election in the United States, the influence of cryptocurrency PACs is growing, with a significant portion of the voting public being retail crypto owners.
Traditionally, Silicon Valley and tech entrepreneurs have supported progressive candidates. However, President Biden’s administration has shown hostility towards the tech industry in general, and specifically towards cryptocurrency. Despite former President Trump’s recent embrace of crypto, some advocates are reluctant to support him due to doubts about whether he will follow through on his promises.
Just as in Game of Thrones, where alliances were based on natural alignment and historical behavior, it is evident that a potential alliance between crypto supporters and Trump exists, while a partnership with Biden seems unlikely.
The Biden administration’s actions against crypto have been numerous, from efforts to cut off crypto businesses from banking to treating wallet developers as brokers. The SEC and CFTC have made controversial decisions regarding the classification and regulation of crypto assets, further straining the relationship between the government and the crypto community.
In contrast, the Trump administration had a more positive stance on crypto, with key appointments being pro-innovation and supportive of cryptocurrency. The shared animosity towards Senator Elizabeth Warren has also united the crypto community and Trump supporters, potentially solidifying their alliance.
As the political landscape shifts and crypto becomes a more significant factor in elections, the Biden campaign has started accepting crypto donations, showcasing the evolving dynamics between politics and cryptocurrency. The upcoming election may determine the future of crypto regulation in the U.S., with Trump being seen as a more favorable candidate for the crypto community.
In conclusion, the choice for crypto voters lies in supporting the candidate who offers the best prospects for a future free from government intervention. Donald Trump may be the preferred option for those in the crypto world, as he has shown a more favorable stance towards the industry. Ultimately, the decision rests on aligning with the enemy of one’s enemy to secure a lasting alliance for the benefit of the crypto community.