While talks around crypto took a backseat during previous election cycles, this time around, it’s front and center. The crypto space seems to be the last frontier in which candidates try to outdo each other with their stances.
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In fact, Donald Trump started calling himself the “crypto president,” according to Bitcoin Magazine.
Yet, his newfound love for crypto is a stark reversal from the previous election cycle, in which he noted several times that he was “not a fan of “Bitcoin and other cryptocurrencies,” which he said, “are not money.”
Further reflecting this sharp U-turn, just last week, Trump said he wanted “all the remaining Bitcoin to be made in the U.S.A,” according to a June 11 Truth Social post.
And this comes on the heels of Trump’s campaign announcing it was accepting donations in crypto accepted through the Coinbase Commerce product, per a May 21 statement. The presumptive Republican presidential candidate is garnering a lot of praise from crypto organizations and supporters.
Against this backdrop, experts’ opinions vary about whether Trump would be the “crypto president” if he were re-elected.
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A Welcomed Support
According to Patrick Gruhn, former Europe head of FTX and founder of Perpetuals.com, a Trump win would be helpful for the crypto currency space.\, partly due to his clear position against a central bank digital currency (CBDC).
Gruhn considers this “a threat for the crypto space, especially if other stablecoin would be outlawed and the CBDC would allow government control”
He also noted that a Trump win could hinge on crypto voters which might make a difference in swing states.
“In my opinion, for crypto space voters, Trump is literally the only realistic option to get a crypto friendly environment in the United States post elections,” he added.
Just a Campaign Promise
Some experts however, view Trump’s recent shift on crypto solely as a campaign tool to attract more voters.
“I don’t know that he has a personal affinity for crypto but I think he realizes that crypto is an important topic for many voters,” said Peter Eberle, president of Castle Funds. “His new pro-crypto stance gives him an opportunity to go after voters whom Biden has alienated with his anti-crypto stance.”
Meanwhile, his support is also a testament to the resilience, importance and legitimacy of the space- a development which underscores the fact that the industry has now become a somewhat serious election issue, “whether one is a fan of him or not,” said Brian Dixon, CEO, Off The Chain Capital.
While Dixon noted that this is a remarkable transition from just a few years ago, when crypto was never discussed by most politicians, he added, however, that politicians frequently campaign on issues and then, but fail tofollow through or fall below expectations of what voters had hoped for once they’re in office.
“So it’s important for the crypto industry to stay as organized as possible in terms of lobbying and educational outreach that is taking place in Washington,” added Dixon. “Whether a Democrat or Republican is in power, the industry must remain laser focused in pushing forward its interests.”
Short-Term Gains
There could also be short-term positive effects for the crypto space- were Trump be re-elected. For instance, crypto prices might see a boost, said Tim Kravchunovsky, CEO and founder of Chirp Wireless. Yet, longer-term, Kravchunovsky suggested Trump’s victory is likely to be somewhat of an anti-climax for the crypto space.
“The reality is that his sudden support of crypto is likely a publicity stunt to win the support of web3 enthusiasts,” he said. “But, once victory is secured, crypto is unlikely to be at the top of his agenda, and even if it is, he will struggle to get pro-crypto resolutions past the Democrats.”
As Kravchunovsky noted, all the main U.S. crypto regulatory bodies such as the SEC, the Commodity Futures Trading Commission (CFTC), and the Federal Trade Commission (FTC) are now under pro-Democrat leadership.
“At best, it will be a long road before we see a truly positive impact on the crypto space,” he said. “There is very little substance in Trump’s pro-crypto rhetoric. For example, most recently, he said that he wants all remaining Bitcoin to be mined in the USA, but we haven’t heard any concrete proposals on how this would be done.”
He further argued that at the moment, “it’s nothing but catchy headlines and lofty promises.”
“We would need to hear more details to assess the potential efficacy of his pro-crypto policies,” he added.
The sentiment was echoed by other experts, such as Daniel Krupka, chief research fficer at Coin Bureau– who noted that while there probably wouldn’t be any significant policy changes to start, the mere fact that Trump is perceived by the crypto industry to be pro-crypto could be sufficient to boost the markets.
“Trump’s recent advocacy of Bitcoin mining in the US is proof of this – it caused Bitcoin mining shares to rally,” he added.
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This article originally appeared on GOBankingRates.com: Could Trump Be ‘The Crypto President’? Experts Weigh In
