As a researcher with extensive experience in the cryptocurrency industry, I find the evolving relationship between politics and crypto fascinating. In my early days of studying blockchain technology, it was unimaginable to think that one day, we would see former President Donald Trump openly supporting cryptocurrencies.
Lately, during a conversation with 60 Minutes, the head of Ripple, Brad Garlinghouse, expressed his perspectives regarding ex-President Donald Trump’s shifting opinions about digital currencies.
Reflecting on the past, when Margaret Brennan brought up Trump’s 2021 remarks labeling Bitcoin as a “scam,” Garlinghouse noted how significantly things have evolved since then. At that time, Trump was critical of Bitcoin, claiming it posed a threat to the U.S. dollar and its worldwide authority.
However, Garlinghouse zeroed in on Trump’s current stance, stating, “It’s evident that Cryptocurrency and Donald Trump have found common ground.” He underscored that during his potential 2024 election campaign, Trump has been outspoken about crypto endorsements, even vowing to implement measures aimed at boosting the sector.
Trump’s election win signified a significant shift in the crypto sphere. Following his victory, he made good on his promises by placing crypto-advocates like Paul Atkins into key positions such as replacing Gary Gensler as the Chairman of the U.S. Securities and Exchange Commission. This strategic move ultimately resulted in Bitcoin breaking the $100,000 barrier for the first time, reaching an unprecedented high of over $103,600.
Additionally, Garlinghouse emphasized the political influence of the cryptocurrency sector during the 2024 elections. Notably, the Fairshake Political Action Committee, a group backing favorable candidates, experienced significant success, as an impressive 85% of their endorsed candidates emerged victorious in their respective races.
In a neutral manner, cryptocurrencies aided both Republican and Democratic parties in their election successes, as expressed by Garlinghouse: “Cryptocurrency played a role in electing senators such as Elissa Slotkin, Ruben Gallego, and others who belong to the Democratic party.
Garlinghouse views this growing political impact as just the start, suggesting that an increasing number of lawmakers from both sides of the aisle are endorsing and supporting digital assets.
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2024-12-09 15:19