Bitcoin becomes a hot topic in the US elections, who will dominate the future of the crypto market?

Recently, Trump attended the 2024 Bitcoin Conference and gave a speech, attracting widespread attention. In his speech, he showed great enthusiasm for Bitcoin and promised to take a series of measures favorable to the development of encryption currencies if elected. His remarks sparked enthusiastic responses at the scene and made this conference the highest-level Bitcoin summit to date.

With the concentration of focal issues such as ETFs, the SEC, interest rate hikes, and the elections, the United States has become a key force dominating the crypto market. The upcoming U.S. elections' impact on the crypto industry cannot be ignored, and industry insiders are closely watching the election trends.

Some view Trump's statement as a positive sign, while others believe it is merely a tactic to garner votes. To assess its credibility, one needs to analyze the fundamental positions and values of the Republican and Democratic parties.

The Intersection of the Republican Party and Bitcoin

The governing philosophy of the Republican Party and Trump includes supporting free markets, economic policies of individual freedom, and conservative social values. They tend to support technological innovation, value personal privacy and security, and oppose excessive centralized monetary control and financial regulation. These positions are highly aligned with the core idea of Bitcoin returning financial power to individuals, making the Republican Party more inclined to support emerging technologies and investment opportunities like Bitcoin.

Entrepreneur Elon Musk, who holds similar values, also stated that he supports the Republican Party because it aligns more closely with his vision of American values, such as the advocacy of personal freedom and other fundamental principles.

Although Trump's promises at the conference may be exaggerated, his fundamental stance on Bitcoin is still worth noting. The market's lukewarm response to his speech also reflects that investors value actual policies over verbal commitments.

The Democratic Party's Attitude Towards Bitcoin

As the current ruling party, the Democratic Party's attitude towards Bitcoin is relatively negative. Democratic leaders, including Biden and the SEC chairman, generally take a cautious stance towards Bitcoin.

The Democratic Party's policy proposals include focusing on environmental impact and sustainability, addressing financial inequality and social justice issues, and strengthening regulations. These left-leaning values have certain discrepancies with the core principles of Bitcoin, leading to a less proactive attitude toward Bitcoin from the Democratic Party compared to the Republican Party.

The election results cannot change historical trends

It is worth noting that there are also many voices supporting encryption currency within the Democratic Party. In a vote to ban unfriendly encryption currency accounting policies, although it was ultimately rejected, a considerable number of Democratic lawmakers still voted in favor. This indicates that with the internationalization and mainstreaming of crypto assets, it may gain broader support in the future.

The core values of the United States are also an important factor influencing policy direction. Historically, the U.S. banned individual ownership of gold, but this policy ultimately came to be seen as a failure because it contradicted the principles of individual freedom and property rights. Today, the U.S. government is well aware that banning Bitcoin is as difficult as banning gold, not only because of past lessons but also due to the decentralized nature of Bitcoin, which makes a complete ban nearly impossible.

Regardless of whether the Democratic Party or the Republican Party is in power, it is unlikely to completely deny Bitcoin and other encryption assets. These emerging technologies and financial tools have already been integrated to a certain extent into the core values of freedom and democracy in the United States.

As the debate continues, Bitcoin and other encryption assets are gaining room for development. No matter who is ultimately elected, the wheels of history will continue to roll forward. The possibility of Bitcoin becoming a reserve asset is gradually increasing, and this trend seems to have become an irreversible historical process.