BitMEX co-founder Arthur Hayes believes that Donald Trump's pro-crypto stance is not sincere. Instead of lamenting Trump's victory, the crypto industry should work to pass laws before the election.
The crypto industry shouldn’t pin its hopes on Republican candidate Donald Trump, says Arthur Hayes. The co-founder of cryptocurrency exchange BitMEX wrote in a blog post that Trump’s recent pro-crypto shift is not genuine. He argues that Trump will say anything to get re-elected, but once he takes office, interest in cryptocurrencies will fade.
The traditionally crypto-agnostic Trump began taking shots at the crypto industry in May. Since then, he has met with representatives of the Bitcoin mining industry, vowed to pardon Silk Road creator Ross Ulbricht, and made cryptocurrency an official part of the Republican platform.
Despite the Biden administration’s hostility, Trump’s new friendliness toward cryptocurrencies has been well received. Trump is scheduled to speak at Bitcoin Nashville, the biggest Bitcoin conference of the year, on July 25.
Rather than back Trump and risk post-election disappointment, Hayes believes American cryptocurrency enthusiasts should band together and pressure Democrats to pass pro-crypto legislation now — and pledge their votes in return.
According to crypto exchange Coinbase, more than 20% of the US population will own cryptocurrency in 2023. “If that cohort voted together, they could easily decide which clown would take the throne,” Hayes said.
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