The decision by some big players in the crypto industry to get behind Donald Trump has paid off already.
“I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he said during his first term. “We have only one real currency in the USA … It is called the United States dollar!”
Shares in Coinbase, the cryptocurrency exchange, have also climbed by more than 50 per cent, leading to a $US3.3 billion windfall for its chief executive Brian Armstrong.“DC received a clear message that being anti-crypto is a good way to end your career,” Armstrong wrote after the result. The morning after the election, Cameron Winklevoss tweeted: “gm @GaryGensler – you’re fired!“, referring to Biden’s head of the Securities and Exchange Commission, who has led a series of enforcements against cryptocurrency companies.His most recent filing in August shows he owns between $US250,000 and $US500,000, although this is a relatively small part of his $US4 million in assets.
Armstrong, whose company was one of the biggest donors to pro-crypto campaign groups, said it would be the “most pro-crypto Congress ever”. At the conference, Trump warned: “If we don’t embrace crypto and bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate.”He also vowed to fire Gensler on “day one” and promoted crypto fans’ pet policies such as self-custody, the idea that individuals can store their own bitcoin, rather than having it saved in an online wallet.
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