Opinion: Trump Has Promised a Great Deal for Crypto – Now It’s Time to Walk the Talk

Founder and CEO of Chirp

Tim Kravchunovsky

Founder and CEO of Chirp

Tim Kravchunovsky

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A passionate advocate for people power, Tim founded Chirp, a decentralized telecommunications company, in October 2021.

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November 6, 2024

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The results are in. After months of speculation, campaigning, and market uncertainty, Donald Trump has won the U.S. presidency, and crypto markets are going parabolic. Bitcoin hit a new all-time high, altcoins have seen double-digit percentage gains overnight, and everyone thinks the only way is up for the bull market. But we’re not done yet, not by a long shot. So far, all we’ve heard from Trump are lofty promises, and while those may be enough to win over the crypto voters, we now need to see concrete action from him. It’s time to walk the talk.

On paper, Trump’s promises do indeed appear to be very supportive of the crypto industry. He has pledged to make Bitcoin a reserve currency, fire crypto’s main adversary – SEC Chair Gary Gensler – and establish a committee to draft supportive regulations. If all of these promises materialize, we could certainly see a golden age for digital assets in the U.S. And I hope that, with Elon Musk advising him, Trump will dedicate as much effort to implementing this agenda as we’re all expecting him to.

But we also need to be prepared for the opposite. As enticing as the promises of politicians are, sometimes, what happens on the campaign trail stays on the campaign trail. And while crypto may be the most important issue to all of us working in this industry, it is just one task on a busy agenda for the new President. Even if the political will is there, well-intentioned promises can fall by the wayside as more important issues dominate.

Pro-Markets, Not Just Pro-Crypto

Indeed, let’s not forget all the other things that Trump has promised over the last few months. This includes nationwide tariffs on all imports, withdrawing from NATO, and ending the wars in Gaza and Ukraine. These are big undertakings, and these issues affect a much larger proportion of the U.S. population than crypto. In fact, just 17% of US adults have invested in crypto, according to research from the Pew Research Center, and far fewer will be staunch crypto supporters who truly care about pro-crypto policies.

But perhaps an even more important question is: Does it matter if Trump doesn’t deliver on all his lofty pro-crypto promises? Chances are that his wider policies will support cryptocurrency prices, just like they boosted stock markets during his previous term.

In fact, I would wager that ending a war—if he can indeed do so—would be even more positive for digital assets over the long term than firing Gary Gensler. Trump has also been a long-standing supporter of quantitative easing and interest rate cuts, and we all know what effect that has on stock markets and crypto assets. Whether he makes Bitcoin a reserve currency or not, the tide appears to be turning for crypto.

Long-Term Thinking

So what does all this mean for those of us working and building in this industry? If anything, we should start working much harder. If pro-crypto policies are indeed coming in from the U.S., we must be able to show that the technology is ready to replace legacy systems and handle an increase in users.

And if the U.S. stalls on pro-crypto legislation amid political wrangling? Well, that doesn’t actually change much for us, because developing the technology remains our most important task. Politics can be fickle, and political leaders can change quickly in the grand scheme of things. In contrast, crypto is the technology of the future, so our thinking needs to be far more long-term.

Innovations like seamless and borderless crypto payments, tokenizing real-world assets (RWAs) like property, decentralized data storage, digital identity, and decentralized physical infrastructure networks (DePIN)—all these are solving real-world problems and improving legacy systems that no longer serve their purpose. These are not fringe technologies; they are important and necessary solutions for the cities and economies of the future.

Faster, Cheaper, Easier

But in order to gain adoption, they must be better than the systems we have in place already. They must be faster, cheaper, easier to use, and seamlessly integrate with existing frameworks. So, we have a lot of work ahead of us to ensure that blockchain-powered technologies really work so well that sticking with old technologies seems unthinkable.

A pro-crypto political climate in the U.S. will certainly help with this, but the real work must be done by the founders, developers, and thousands of others working in the web3 industry. Together, we can build the long-term future of technology, irrespective of the global political agenda.

That way, it won’t matter if Trump stalls on pro-crypto policies or if the next U.S. president has a less sanguine view on digital assets. By then, digital assets will be too embedded in the global system for political views to matter either way.

Disclaimer: The opinions in this article are the writer’s own and do not necessarily represent the views of Cryptonews.com. This article is meant to provide a broad perspective on its topic and should not be taken as professional advice.