The U.S. Election and the Crypto Assets Market: Party Positions and Future Trends

Recently, a heated discussion related to Crypto Assets has emerged in the U.S. political arena. At the 2024 Bitcoin Conference, an important political figure made a series of Bitcoin-friendly statements that attracted widespread attention. He stated that the market value of Bitcoin is expected to surpass that of gold, promised to replace the heads of regulatory agencies that are unfriendly to Crypto Assets once in office, and considered using the Bitcoin held by the government as a strategic reserve. These remarks garnered enthusiastic responses on site.

With important topics such as ETFs, regulation, monetary policy, and the upcoming election concentrating in the United States, the country has become a dominant force in the crypto market, almost controlling the "pricing power" of crypto assets like Bitcoin. The upcoming U.S. election has far-reaching implications for the crypto market, and therefore, the crypto community has been closely monitoring the relevant developments.

Regarding this politician's frequent gestures towards Crypto Assets, some believe it is a positive signal, while others suspect it is merely a tactic to gain votes. To understand the credibility of these statements, we need to delve into the positions and values of the two major political parties in the United States.

The Affinity of the Republican Party with Bitcoin

The core values of the Republican Party include supporting free markets, economic policies of personal freedom, and conservative social views. They tend to support technological innovation, advocate for personal privacy and security, and oppose overly centralized currency control and financial regulation. These ideas align closely with the core concept of Bitcoin returning financial power to individuals.

As a new emerging technology and investment opportunity, Bitcoin naturally finds more support and participation from right-leaning individuals. This is also evident from the shift in stance of certain tech entrepreneurs. For example, a well-known entrepreneur recently stated that he switched from supporting the Democratic Party to supporting the Republican Party because the latter aligns more with the American values he holds dear, such as personal freedom and other fundamental principles.

However, we should also take a rational view of the promises made by political figures during their campaigns. These statements may be exaggerated, and their actual implementation may fall short. After all, once in a high position, one needs to weigh multiple interests, and the implementation of new policies will inevitably trigger controversy. The market's muted response to these statements also indicates that investors are more concerned with actual actions rather than verbal commitments.

The Democratic Party's Attitude Towards Bitcoin

As the leading force of the current government, the Democratic Party has been relatively cautious towards Crypto Assets in recent years. Democratic leaders, including several important political figures, seem to hold a reserved attitude towards Bitcoin.

This mainly stems from the values and policy propositions of the Democratic Party. They are more focused on issues such as environmental impact and sustainability, financial inequality, and social justice, tending to strengthen regulations. These positions conflict somewhat with the core ideas of Bitcoin, which is why the left-leaning camp has a relatively lukewarm attitude towards Bitcoin.

Future Direction: Beyond Party Struggles

Despite the differences between the two parties on the issue of Crypto Assets, we still have reasons to remain optimistic about the future:

1. There are also supporters within the Democratic Party: Not all Democrats hold extreme left positions. In a recent vote on a bill related to Crypto Assets, a considerable number of Democratic lawmakers voted in favor. With the internationalization and mainstreaming of Crypto Assets, it is expected to gain more support.

2. Core Values of the United States: The foundation of the United States includes core values such as freedom and democracy. These ideals are in line with the essence of Bitcoin. Historically, the United States prohibited individuals from holding gold, but ultimately repealed this ban because it was seen as an infringement on personal freedom and property rights. This lesson indicates that the United States finds it difficult to adopt policies that contradict its core values.

The development of Bitcoin and other crypto assets is undergoing a spiraling process of growth. No matter which political party is in power, it cannot stop the wheels of history from moving forward. We have already seen that Bitcoin is gradually becoming a recognized reserve asset, and this trend seems to be irreversible.