Sure, I do know, you’re right here to let the hate circulation.
You’ve purchased all of the rhetoric. Donald Trump likes crypto. He’s embracing DeFi. He has his personal footwear, and cash. He’s going to hearth Gary! Like Polymarket in October, you suppose Trump is boo-llish.
Sadly, you’ve purchased quite a lot of one other form of bull.
To unpack this, now we have to grasp what the Crypto 4 Trump initiative actually is – and that’s an alliance of largely public U.S.-based mining corporations and exchanges which have come collectively to spend aggressively to finish their mistreatment.
They’re bored with being sued and harassed, and in any other case chased out of America. As nicely, they’ve each motive to be.
However alas, the business Bitcoin isn’t. This was the identical argument made to justify the Fork Wars, and let’s simply say for summation, that this ended terribly. If U.S. miners are pressured elsewhere, mining will proceed elsewhere, and decentralizing the hashrate, as we noticed within the case of China’s mining ban, is kind of merely: Good For Bitcoin™.
Positive, ASIC manufacturing might stay consolidated in a couple of worldwide corporations. Possibly it should take even longer to rebuild. However different international locations will take benefit, and the Bitcoin community will stick with it. Bitcoin could also be our greatest alternative to topple the entire present superpowers, and to empower the growing world. If which means leaving the U.S. behind, so be it.
Now let’s deal with the donkey within the room. A Kamala presidency will imply extra enforcement of U.S. securities legal guidelines, not a referendum that enables hundreds of thousands of alts to proliferate.
A Trump victory virtually actually ensures just one final result for our business, and that’s that the SEC will get defanged, and which means “cash past Bitcoin” will get a “degree taking part in discipline.”
Against this, continued enforcement of the SEC’s securities legal guidelines on the business will rightfully clarify the distinction between Bitcoin, which was distributed by way of proof-of-work (the one identified solution to circumvent securities gross sales), and the entire many centralized variants.
Merely put: It is “crypto belongings” that require a regulatory framework to outlive, not Bitcoin, which is sufficiently decentralized.
Forcing the crypto business’s builders to abide by these legal guidelines will probably profit builders searching for to increase these capabilities to Bitcoin, the one main crypto with regulatory readability. Are we really going to argue that encouraging hundreds of thousands of builders to place their expertise on Bitcoin (versus Ethereum or Solana) could be a nasty factor?
If there’s a coherent thread to Bitcoin maximalism, it’s the assertion that all the things exterior of Bitcoin is both 1) a rip-off or 2) might be constructed on prime of its blockchain. A continued crackdown on crypto will push the market to extra totally examine the second level.
Undoubtedly, it will additionally increase Microstrategy’s inventory, MSTR, as it will stay one of many few broadly accessible performs to get official beta on Bitcoin.
Positive, possibly the taxes out of your Bitcoin beneficial properties shall be larger, possibly spending will proceed to be penalized. However anon, I believed you have been HODLing anyway?
So, remind me, of all of the supposed pro-Bitcoin insurance policies of a Trump presidency, what’s it that you simply anticipate to get, apart from state-sanctioned degeneracy and block propagation within the heartland?
Should you’re a single challenge Bitcoin voter, shouldn’t that imply voting for an choice that makes Bitcoin extra decentralized, and fewer reliant on U.S. authorities coverage?
Permit me to reintroduce you to Madame President Harris, a bullish selection for Bitcoin.
This text is a Take. Opinions expressed are fully the writer’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.