• blockchain&beyond
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  • 27 Sep 24

Will the fate of cryptocurrency be decided in the US presidential election?

We discuss Trump's plans for a crypto-republic and how it could dramatically affect the future of crypto and NFT in particular.

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Trump has once again stated that he has a clear plan — how exactly to pay off the American foreign debt with crypto. Voters are greeting the impending deliverance from debt with excitement!


We’ve already written that it looks like this is serious: Trump has economic advisers working for him who have developed a plan to introduce BTC into the US debt system. There is not even any need to analyze it in depth, one thing is clear — it will lead to the strongest rally of BTC price to the $100k mark and even higher.


And, of course, we can confidently state that Bitcoin will pull all altcoins, and memcoins may be in a particularly favorable position due to the overheating of the crypto-market (as it usually happened in the conditions of the hype).


By the way, in terms of NFT benefits, runes/ordinals will benefit the most in light of this Trump initiative.


If anyone thinks Trump is joking about debt reform with crypto, so Senator Cynthia Lummis, who is also a Republican, introduced a massive Bitcoin buyout bill over the summer that is already lying in the Senate.


U.S. Senator Cynthia Lummis has introduced a bill that would require the U.S. Treasury to purchase 1 million bitcoins worth nearly $70 billion.


1 million BTC is the first «initializing» purchase the feds are talking about. The bill is ready and lying in the Senate, just waiting for the election results. The draft talks about the same thing that Trump has repeatedly talked about — the creation of a state Strategic Bitcoin Reserve.


Also recall that the summer issue of The Wall Street Journal, which published an article titled «Cryptocurrency can prevent the US debt crisis».


The basic idea is that dollar-backed stablecoins become significant net buyers of US government debt. The scheme is being promoted by economists from Trump’s team, who promises to create a «crypto republic» if he assumes the US presidency, which will lead to mass «crypto adoption».

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