September 25, 2022

How will the US presidential election determine the future of Bitcoin?

How will the US presidential election determine the future of Bitcoin?

The fate of cryptocurrencies in the United States will be decided in the upcoming presidential election.

July 12, 2019 U.S. President Donald Trump for the first and so far last timespoke out regarding cryptocurrencies. The head of the American state emphasized that he is not "a fan of bitcoin and other cryptocurrencies." After some time, it gradually begins to become clear why Trump spoke so clearly with respect to cryptocurrencies.

What did trump learn?

It is worth noting that in July, after the statementTrump, was recorded a demonstrative increase in demand for bitcoin (BTC) by representatives of the US Democratic Party. The analytical calculations of Vladislav Ginko, financier, and teacher at the Russian Presidential Academy of National Economy and Public Administration under the President of the Russian Federation led him to conclude that the interest of functionaries of the Democratic Party in Bitcoin is not accidental.

On October 2, an economist stated that bitcoin waspart of the cash that some representatives of the team of Joe Biden, when he served as the vice president of the United States, received from a number of people in Ukraine for covering large-scale corruption in this country, was also converted. Moreover, a similar scheme of “patronage” was used, according to the Russian expert, in the “work” of Joe Biden with the authorities of Macedonia and Guatemala.

And on October 9, US President Donald Trumpconfirmed the conclusions of Vladislav Ginko, saying that Biden "robbed at least two countries of millions of dollars." This information also became known to the personal lawyer of Donald Trump, the ex-mayor of New York, Rudy Giuliani, which led to the fact that Biden's people began to dump bitcoins on the market, and this, in the end, caused its significant decrease to the current moment.

Bitcoin is a political campaign success factor

The funds received have become a shadow sourcefinancing Joe Biden’s campaign, including creating and disseminating negative information about Donald Trump, as well as financing events related to the hearing of the impeachment of Trump in the House of Representatives, the lower house of the US Parliament - the US Congress.

Biden and his supporters are considering the candidacythe ex-vice president as the main Democratic candidate who is supposed to bring the American White House back under the control of the Clinton-Obama-Kerry clan, and polls show that he is the most popular candidate among those who support Democrats.

Given this, as well as the fact that Joe Biden’s headquartersseeks to beat Donald Trump financially, using large shadow funds, it is clear that the US president is not ready to give the green light to cryptocurrencies, since they are involved by his opponents against him.

Biden "crosses the border"

US Presidential Election Campaignde facto has already begun, and even managed to turn into a serious conflict. Donald Trump insists that Joe Biden and his son, Hunter Biden, be called to the Senate, the upper house of the US Congress, to clarify the financial nature of his activities in Ukraine.

Senate Republican Party Head, LindsayGraham also demands that existing recorded talks of then Vice President Joe Biden with key politicians in Ukraine at the time be made public. All this caused a very tough reaction from Joe Biden, who promised that if Graham continues to be interested in financial issues that affect the Biden family, the senator "will regret it for the rest of his life."

Giuliani Insurance

All this could not but cause a response fromRudy Giuliani. He stated that Trump’s opponents could “try to kill me,” warning, however, that he has information that is securely hidden and will be made public in that case, and that will ultimately “bury the Democratic Party.”

He indicted the Biden family,stating that for a long time they “were engaged in deriving profit from their official position”, which also correlates with the facts cited by the Russian expert, studying the issue of Bidenov’s corruption since 2014.

With the thesis of the Russian expert thatThe current drop in the price of bitcoin is caused by large-scale sales of this cryptocurrency by functionaries of the Democratic Party, the well-known analyst Alex Krueger agreed: he noted that although he does not own the details on this issue, it all fits “exactly in what I say: situational, microfactors on fundamental factors outweigh the market. ”

The last factors just say thatfollowing the Stock / Flow model, and the massive spread of cryptocurrencies, the growth of transactions in the Bitcoin network, its significant decrease looks like an anomaly.

Bitcoin and cash

Bitcoin has become a hostage to American politics. Cryptocurrencies can be compared in this regard with cash - both are tools that can be used both in the legal field and can be involved, alas, and for illegal purposes. And, as you know, cash US dollars are not banned in the world, although they are the most common tool for carrying out criminal activities.

US politicians accept donations toBitcoins, in cryptocurrencies in general, formally report on this, although in general the attitude to this, especially if you look at the decisions of the Commission on Elected Ethics of the States, was wary of the US authorities.

However, if bitcoins begin to be used forIn order to “get out from under the radars” of the American electoral system, this could not but cause a negative reaction from the current US President Donald Trump. It is also noteworthy that the prevailing opinion in the Democrats' camp is that cryptocurrencies should not be given the green light, unlike the Republicans, from whom Donald Trump is coming to the November 2020 presidential election.

Trump took by surprise the organizers of the Libra and Gram projects

It’s very important for the American president to identifymethods of exposing those cryptocurrency schemes that his opponents use to, in particular, organize large-scale persecution of Donald Trump. In terms of the intensity of creating and posting the negative that appears daily on social networks and in the US mass media regarding Trump and at the same time eulogies to Biden, it is obvious that from a financial point of view it surpasses at least two orders of magnitude those 13.2 million dollars , which Joe Biden reported on his campaign.

For the cryptocurrency community, the outcome of the presidentialelections in November 2020 will be of fundamental importance. For Donald Trump, the position of a critic of cryptocurrencies is forced, he is burdened by it, because he understands that he is acting in a stupid light, trying to deny technological progress, and also play against cryptocurrency entrepreneurs, that is, the business as a whole, whose interests he understands from his entrepreneurial activities .

The fact that US authorities opposed cryptocurrencyFacebook's Libra obviously came as a surprise to David Marcus, the former head of PayPal, and now the head of the Calibra digital wallet development team for Libra on Facebook. The experienced Marcus, as well as Mark Zuckerberg, were shocked by the flurry of negativity that hit them on the part of the US authorities, although before that they had done a “probe of the soil” and were clearly ready for the positive reaction of the current White House administration to the publication of White Paper Libra.

Washington's similar attitude to cryptocurrenciesPavel Durov, the creator of the Telegram messenger, was taken by surprise: his project to launch Gram tokens began to be hampered by the US Securities and Exchange Commission (SEC). Given that in the American political system, the US president performs the functions of head of government at the same time, the main installations for Libra and Gram were received by SEC officials directly from the White House administration, that is, from Donald Trump.

At the same time, Marcus was very surprised that Washingtonessentially ready to give the palm back to the emerging global cryptocurrency world order as a result of Beijing, where the launch of the Chinese alternative to Libra, the digital asset of DCEP, is being intensively studied. Thus, the actions of the Democrats, which forced Trump to take such steps, already pose risks for the American economy itself.

How will the 2020 elections determine the fate of cryptocurrency regulation in the United States?

So if Donald Trump wins onthe November 2020 elections, he will prefer to remove all these barriers to the development of cryptocurrencies, as well as the Libra and Gram projects, since the issue of defeating the candidate from the Democratic Party will be resolved.

At the same time, given the desire of Trump to actalso, as the Republican George W. Bush acted, who promoted his son, Bush, to the post of president, the benevolent attitude to cryptocurrencies in the United States will be guaranteed to last at least as long as the Trump clan will rule in this country.

If Trump loses to the Democrat candidate, then we can expect further “tightening up the screws” in relation to cryptocurrencies, which, however, will not prevent the functionaries of this party from using them.

The coming months will show even more what roleThe cryptocurrency factor will play in American domestic politics, which is now increasingly concentrating on the 2020 elections, which both Republicans and Democrats love to call "fateful." And here you can agree with the representatives of both parties: the fate of cryptocurrencies in the largest economy in the world for many years to come will be decided in the very near future.