The Role of Bitcoin in the U.S. Election: How Credible Are Trump's Promises?

Recently, Trump attended the 2024 Bitcoin Conference as an important guest and made a series of statements supporting Bitcoin. He stated that the market value of Bitcoin would surpass that of gold, promised to have the current SEC chairman resign if elected, and would retain the Bitcoin held by the government as a strategic reserve. These remarks sparked a warm response among cryptocurrency enthusiasts.

As the focus on ETFs, the SEC, interest rate policies, and the elections intensifies in the United States, the U.S. has become a dominant force in the crypto market. The upcoming U.S. elections have a profound impact on the crypto market, and thus the crypto community has been closely monitoring the election trends.

Regarding Trump's frequent gestures towards cryptocurrency, some believe it is good news, while others worry that it is merely a tactic to secure votes. To assess the credibility of Trump's statements, we need to start from the basic positions and values of the Republican and Democratic parties.

The Affinity of the Republican Party and Bitcoin

The values of the Republican Party align closely with the principles of Bitcoin. The Republican Party has consistently supported free market, individual freedom in economic policies, and conservative social views, leaning towards right-wing conservatism. Trump also advocates for supporting technological innovation, promoting personal privacy and security, and opposing excessive centralized monetary control and financial regulation.

The core idea of Bitcoin decentralizing financial power to individuals is highly consistent with the values of personal freedom and market freedom advocated by the Republican Party and Trump. At the same time, Bitcoin, as an emerging technology and investment opportunity, aligns with their support for innovation.

This point can also be seen from Musk, who similarly supports Bitcoin. Musk stated that he supports a party that aligns more with traditional American values, and currently he believes the Republican Party better upholds fundamental American principles such as individual freedom.

Of course, Trump's promises at the Bitcoin conference may come with a certain discount. After all, the main goal now is to garner votes, and once in office, he will need to weigh various interests. The lackluster response from the Bitcoin market to Trump's speech shows that investors are more concerned with actual policies rather than verbal commitments.

The Democratic Party's Attitude Towards Bitcoin

As the dominant party of the current government, the Democratic Party has taken a relatively negative stance towards Bitcoin in recent years. Democratic leaders, including Biden and the SEC chairman, seem to be less than supportive of Bitcoin.

This mainly stems from the left-leaning stance and policy propositions of the Democratic Party. The Democratic Party emphasizes environmental impact and sustainability, financial equality and social justice, and strengthening regulations, reflecting its values of diminishing individual power and emphasizing the public good. This presents a certain contradiction with the core principles of Bitcoin, which is why leftist Democratic Party members generally hold a cautious attitude towards Bitcoin.

Election results difficult to change the historical trend

Despite the differences between the two parties on the issue of Bitcoin, it will be difficult for whoever is elected to change the overall trend of the development of crypto assets:

1. There are also many supporters within the Democratic Party. In a previous vote on a crypto-friendly bill, a considerable number of Democratic lawmakers voted in favor. With the internationalization and mainstreaming of crypto assets, more support may be gained in the future.

2. The core value of the United States is individual freedom. Historically, the U.S. prohibited individuals from holding gold, but this was ultimately abolished because it violated the principle of freedom. Now, Americans are well aware that prohibiting the holding of Bitcoin also violates individual freedom and is technically difficult to implement.

3. No matter which party is in power, they will not easily challenge the foundation of the United States - freedom, democracy, and the American Dream. These core values provide a breeding ground for innovative technologies such as Bitcoin.

Overall, in the debates between the two parties, cryptocurrencies like Bitcoin continue to develop. Regardless of who ultimately becomes president, the major trend of historical development cannot be changed. Bitcoin is gradually becoming a widely recognized reserve asset.