Out with Crypto Enthusiasts Celebrating Trump’s Return: My Experience

A person perched on a stool by the entrance of PubKey, a Bitcoin-themed bar in Manhattan’s Greenwich Village, gestured for my identification. As I reached for my wallet, he chuckled and revealed he wasn’t actually checking IDs but trying to attract patrons. A humorous start to the night.

Navigating my way to the backroom of the bar, I attended a panel discussion titled “Coin Based: Concepts of a Plan for Nation-State Bitcoin Adoption.” The event’s description highlighted the shift in popular opinion regarding ideas that were once dismissed as laughable now being seriously considered.

In attendance were several dozen individuals eager to hear a four-person panel discuss potential legislative goals for what they dubbed “Trump 2.0”. The gathering began with expected tensions, but as the saying goes, money talks, even in the digital world.

The 2024 election was characterized as a “crypto election”, not due to widespread public support for cryptocurrency, but rather the immense financial support the industry provided in shaping the political landscape. A select group of industry heavyweights funneled a staggering $238 million into campaign contributions, surpassing all other corporate sectors. The majority of these funds were directed towards super PACs, with a substantial portion steered towards Republican candidates, particularly Trump, who began accepting cryptocurrency donations in May.

Trump’s promise to make the U.S. the “crypto capital of the planet” at the Bitcoin Conference in Nashville garnered significant attention. Vowing to establish a Bitcoin strategic reserve, create a crypto advisory council, and replace SEC Chair Gary Gensler, Trump endeared himself to the cryptocurrency community. Despite past skepticism towards Bitcoin, Trump maintained that friendly regulations would be enacted to support the industry.

The prospect of a revisited FIT21 bill, a favored regulatory measure by the crypto industry, coupled with the establishment of a crypto council and potential creation of a national strategic Bitcoin reserve, has fueled speculation within the financial realm. With countries like El Salvador and Syria embracing cryptocurrencies, there is growing anticipation for the U.S. to follow suit.

The panel discussion at the bar, composed exclusively of white males, explored policy scenarios aimed at making the U.S. government a key stakeholder in cryptocurrency. Visionary proposals like a Bitcoin strategic fund, initially dismissed as a joke, have gained traction. The government purchasing and holding Bitcoin could potentially drive up its value, benefiting current holders looking to capitalize on the surge.

As the industry eagerly anticipates Trump’s promised regulatory changes, the future of cryptocurrencies in the U.S. remains uncertain yet hopeful. The intersection of politics and the crypto world has created a dynamic landscape where financial interests converge with legislative ambitions, setting the stage for a potentially transformative era in American politics.