It is better to buy $TRUMP directly than to vote for Trump

 

The current US President Biden and former President Trump have completely different attitudes towards the crypto industry, which has made the ongoing election closely concerned by the crypto community in the past two weeks. In the past two weeks, the community has experienced a transition from excitement to quarrels over voting for Trump, and then to discussions on the topic of "cryptocurrency and politics". Participants include founders of well-known project parties, research institutions and even senior media people.

 

It has to be said that Trump's pro-crypto move has given the community enough "emotional value". In recent days, Trump's eponymous meme coin TRUMP, which has been sideways for two months, has risen sharply, with the highest increase of 140%. In the end, buying $TRUMP/$tremp directly may be a more appropriate response for the crypto community.

 

Under the "pro-crypto" personality, Trump does not understand crypto

 

Let's review several recent events. First, Biden's office rejected the proposal document that was favorable to the development of crypto in Congress and maintained a high-pressure attitude consistent with the SEC.

 

Biden directly stated in a statement last week that he would strongly oppose interference with the work of the SEC. "The SAB 121 requirement is issued in response to existing technical, legal and regulatory risks that have caused huge losses to consumers." SAB121 is a document regulation issued by the SEC, and its content increases the cost of financial institutions to keep customers' digital assets.

 

Biden's opposition to the encryption industry is very clear and firm. In a recording of former SEC enforcement official John Reed Stark circulated in the community, the official bluntly stated that "as long as the Democrats are in charge of the SEC, the SEC's attack on cryptocurrencies will continue. Supervision will not be relaxed and enforcement actions will not slow down."

 

Biden's rival Trump showed an attitude completely opposite to Biden. On May 9, Trump held an NFT-themed dinner with his image as digital content, inviting holders of more than 100 NFTs (about $4,700) to participate. In his speech, Trump talked about "If you support cryptocurrency, you'd better vote for Trump."

 

 

In fact, when Trump was last president, he was not a fan of cryptocurrency. Trump once tweeted that these currencies "appeared out of thin air." But now he is portraying himself as the preferred candidate in the field of cryptocurrency.

 

Coindesk reporters who participated in the meeting pointed out that the meeting lasted nearly an hour, and only a few of the questions Trump answered focused on cryptocurrency, even though it was a cryptocurrency-themed dinner.

 

When Trump was asked about his views on central bank digital currencies (CBDCs) and "government blockchains" (both of which are usually opposed by cryptocurrency supporters), Trump responded: "I think everything has its place."

 

Coindesk reporters bluntly stated that Trump is not an expert in cryptocurrency, but an expert in selling cryptocurrency. But this is not important, because Trump has declared himself a defender of cryptocurrency.

 

With the passage of the US ETF, more and more people understand the crypto industry. It is not difficult to understand that Trump has captured the topic of cryptocurrency, which is already very hot and attractive. After all, this is the consistent canvassing style of candidates who are regarded as "reality show stars".

 

But if we analyze some of Trump's "pro-crypto" speeches, it can be inferred that he does not understand the crypto industry, let alone how much support it. He sees the success of cryptocurrency as "an incredible thing." "Looking back at cryptocurrency a few years ago, people said it wouldn't succeed, but now it's in record numbers. I guess you could say it's a form of currency, and I think I support this, and I'm increasingly supporting this."

 

Speaking of his support for cryptocurrency, he was also moderate, "If we're going to have what we have now, then we're going to have to accept a lot of things that not everyone likes." Only campaign donations are certain, he said he can "ensure" to start accepting campaign donations in cryptocurrency.

 

Related reading: "Trump's "Crypto Dinner": Blast Biden; Shape a "Pro-Crypto" Persona""

 

"Emotional value" is full, the community is noisy

 

But it has to be admitted that Trump's performance has attracted enough attention, and the crypto community has a real sense of participation.

 

Many important members of the crypto community participated in Trump's NFT private dinner, including Frank, founder of DeGods, Malcolm, member of de Labs (parent company of DeGods), Ryan Selkis, CEO of Messari, Mihailo Bjelic, founder of Polygon, and other well-known project founders in the crypto field.

 

Many people regarded the sentence "If you support cryptocurrency, there are many types, then you should vote for Trump" as Trump's recognition of the crypto industry (at least he knows that cryptocurrency is not just Bitcoin), and the NFT private dinner content and excitement widely circulated by the crypto community OG further strengthened this cognition.

 

 

In fact, the substance of Trump's support for cryptocurrency may not be important, but his positive remarks on the crypto industry. As the first presidential candidate of a major party to embrace cryptocurrency, as he wished, voices of "supporting crypto and voting for Trump" have also emerged in the crypto community.

 

Although everyone understands the fact that Trump has not done anything about the "support" actions of the crypto industry except for a few pro-crypto speeches and the sale of NFTs. And it is well known that Trump often makes many controversial remarks and factual errors. He was often accused of lying or exaggerating during his presidency and as a public figure before.

 

According to independent fact-checking and media analysis, the number of Trump's false statements is quite significant. These remarks cover a variety of topics, from policies to personal affairs, and sometimes even include critical public health issues.

 

So, how much of the "promises" involving the more niche crypto industry can Trump fulfill after taking office? No one can say for sure. In addition, even if Trump really comes to power, it is difficult to say that he can immediately reverse the SEC's tightening regulation of the crypto industry.

 

Someone pointed out this problem, and then a war of words ensued. Molly Jane Zuckerman, an author of the crypto media Blockworks, published a column titled "Only Fools Will Vote Just for Cryptocurrency" on May 11, pointing out that some candidates use cryptocurrencies to attract supporters during the campaign, even if these candidates do not understand or really support cryptocurrencies.

 

Molly Jane called on voters in the crypto community to calm down, "Cryptocurrency is not enough to sacrifice your principles-voting for cryptocurrency should not be at the expense of your conscience", "If you are considering voting purely for cryptocurrency, I suggest you think about it again."

 

This is actually a very pertinent suggestion. After all, it is a bit too hasty to make a decision related to global politics just because of a few speeches and a banquet. But Molly Jane's opinion was interpreted as not supporting Trump, and her comment area was full of opposing voices, "So are you going to vote for that old man?"

 

Even in the crypto community that advocates technology, freedom, and equality, it is easy to go to extremes when talking about politics. The topic then turned to "Should encryption be politicized?", and the scope of this discussion was even larger. BlockBeats sorted out the details of the quarrel and the views of all parties in " Because of Trump, "white leftists" and Crypto enthusiasts are fighting ".

 

PolitiFi concept benefits, the same-name meme soars 150%

 

Crypto technology has been born with the gene of "anarchism", and the alternation of crypto bull and bear cycles is also inseparable from the geopolitical landscape-the "political factors" involved are more complicated than the attitudes of party candidates.

 

Instead of arguing about right and wrong in various opinions and thinking about how to face Trump's "goodwill" for crypto, it is better to embrace and respond in the most Degen way and buy his eponymous token. Use "political memeization" to fight "crypto politicization".

 

As early as February 6, Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said on his social platform that Mechanism Capital has completed the first batch of positions for 2024, and the underlying assets are Trump-themed meme tokens and NFTs.

 

"Although the polls show that he is likely to win, that's not the point. The point is that Trump will continue to make headlines everywhere." Andrew Kang further explained in a tweet that this bet is not just about whether Trump wins. "People will keep talking about Trump. His whole strategy is to provoke, say something shocking and funny, and get people excited."

 

In March, the crypto community was swept by a wave of US election memes, and $tremp and $boden rose 100 times in the month, becoming a unique landscape in the meme craze.

 

Related reading: " American "Shamatte" is sweeping Solana "

 

The Trump-themed meme coin MAGA ($TRUMP) rose 80% on May 9, and its 24-hour trading volume jumped 620%. MAGA refers to Trump's popular political slogan - "Make America Great Again". The meme coin tremp on Solana also rose more than 250% in two days. According to monitoring, an address waxl.eth once made 870 times the profit and $5.6 million by trading TRUMP tokens at a cost of $6,500.

 

Interestingly, the MAGA community not only treats $TRUMP as a meme coin of the same name, but also donated to Trump's address and charitable organizations that assist American veterans and children at the beginning of its establishment, and deposited some tokens into Trump's address. Trump currently holds more than $4 million worth of $TRUMP.

 

MAGA community members also created a Dune statistical chart of $TRUMP, so that holders can keep track of the transaction volume of tokens on various chains, the comparison of $TRUMP's market value with other meme coins, and the amount of donations received by charitable organizations. Every Tuesday at 8 pm, the MAGA community will also hold a space hosted by two KOLs on Twitter.

 

 

  With such a thoughtful and relevant operating strategy, $TRUMP has been rising all the way in the few days when Trump's pro-crypto remarks fermented, with a 4-day increase of more than 150%, reaching a high of nearly $10, and a market value of nearly $450 million.