Associations triggered by Trump's support for cryptocurrency assets

Recently, a piece of news about Trump supporting cryptocurrency has been widely discussed online.

The story goes like this:

At a recent public rally, Trump called on Americans who support cryptocurrency to vote for him, and he also expressed his welcome for donations from the crypto sector.

During this rally, Trump mocked the current president for being clueless about cryptocurrency and criticized the Democratic Party for being unfriendly towards it.

A young man in the audience asked the former president:

Smart people in the U.S. crypto space are moving their businesses out of the country because they fear the government's hostility towards cryptocurrency. How would he stop this?

Before the young man could finish, Trump replied: He doesn't want that. If the U.S. wants to embrace cryptocurrency, it must keep these people in the country.

As soon as he finished speaking, the crowd erupted in applause, and the young man smiled happily.

In fact, Trump's attitude towards cryptocurrency has only changed in the past two years.

Initially, he clearly opposed cryptocurrency because he believed it would undermine the international status of the dollar. But now countless facts have shown that cryptocurrency has not only failed to weaken the dollar's position but has also become another new area where the dollar holds pricing power.

So at least the concerns Trump had are not valid.

Moreover, I think a more important point is:

Trump himself has benefited quite a bit from cryptocurrency: his team has issued NFTs on Polygon twice, earning around tens to hundreds of thousands of dollars—while the profit is small, the publicity it generates is significant.

This move is more about attracting young voters and rallying support for his next election.

For a "calculating" businessman like him, who aspires to run again, he is well aware of the benefits and losses that cryptocurrency brings him.

Therefore, it is not an exaggeration to say that his current friendliness towards cryptocurrency is "butt deciding the brain."

I believe that if he is really elected, these promises are likely to be fulfilled.

A few months ago, several major polling organizations evaluated multiple candidates from over a dozen angles, and the results showed that Trump is significantly ahead of his Democratic opponent in the polls.

So as long as Trump doesn't go to jail or face an unexpected black swan event before the election, his chances of being elected are greater than those of his opponents.

If this speculation comes true, one can imagine that after he is elected, the chairman of the SEC will likely be replaced by a new leader who is friendly towards cryptocurrency.

That would be beneficial for the entire crypto ecosystem, especially for the approval of the Ethereum spot ETF.

Recently, Grayscale's withdrawal of its application for the Ethereum spot ETF indicates to me that as long as the current chairman is in office, it will be very difficult for the Ethereum spot ETF to be approved during his tenure.

Therefore, I think if we expect to see the positive news of the Ethereum spot ETF being approved, the greatest possibility lies in Trump's election.

I remember in our last Twitter discussion, I mentioned a speculation: I imagine the next bull market will likely last from March to August 2025.

If Trump is elected and officially takes office as president on January 20, 2025, the Ethereum spot ETF could potentially be approved sometime between March and August of next year.

If this positive news is released at that time, triggering external funds to flock to cryptocurrency, especially Ethereum, it could lead to a significant surge in the market, pushing it to its peak.

And this positive news could also likely push Ethereum's currently struggling price up, raising the exchange rate from the current 20 Ethereum for 1 Bitcoin to about 15 Ethereum for 1 Bitcoin.

Of course, what I wrote above is purely speculation, just a bit of entertainment during a boring market.

This Saturday (May 11) at 8 PM, we will hold an online discussion on Twitter. For details, please see the link below:

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