Skip to content

Right Wing Wins Good for Crypto? Trump Champions Bitcoin Miners, Europe's Uncertain Future

Donald Trump extends his crypto embrace to Bitcoin miners as Europe takes a rightward turn... but is there noticeable political affiliation for digital assets?

Table of Contents

It's probably best if we start this newsletter with a small disclaimer - we aren't of any political persuasion and nor are we here to promote any political party or side.

Writing to you from Singapore, we don't have a dog in any race over in the US or Europe, or anywhere else for that matter. We're too busy voting on public housing paint colours to concern ourselves with how people vote in overseas elections.

But in these trying times, we can't help to notice a pattern emerging: right-wing parties seem to be embracing crypto. Loyal Blockhead readers will already be well informed about Donald Trump's popularity among the crypto crowd.

Donald Trump is Crypto’s Presidential Favorite, Just Ask Memecoins
Donald Trump is becoming crypto’s favourite US Presidential candidate while Joe Biden is becoming equally unfavourable

Trump Loves Crypto

A few weeks ago, the former US president spoke at the Libertarian National Convention, vowing to protect self-custody rights for the crypto holders.

Prior to his speech, he posted on Truth social media that he is "very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry."

"Our country must be the leader in the field, there is no second place,” he added.

Not even a guilty verdict for paying off a porn star has deterred the crypto crowd from showing their support for Trump.

Votes on crypto betting site Polymarket show that Trump is the clear Presidential favourite with 56% odds of winning compared to Biden's 34%.

Trump’s Crypto Support Unphased By Guilty Verdict
Donald Trump has been found guilty on all 34 felony counts but the crypto market is still showing unwavering support

In the latest chapter of the blossoming Trump-crypto relationship, the former President has expressed his support for Bitcoin miners.

Matthew Schultz, executive chairman at crypto mining company CleanSpark, and Jason Les, chief executive officer and director of Riot Platforms, reportedly met with Trump at Mar-a-Lago on Tuesday night.

Les and Schultz were among the several Bitcoin miners who met with Trump at Mar-a-Lago, where he told attendees that he "loves" crypto and appreciates how Bitcoin miners help to stabilize energy supply from the grid.

“Americans vote with their pocketbooks. We can count on Bitcoin folks,” Schultz recalls Trump saying.

America Only

The meeting occurred amid the backlash against crypto miners over climate change issues and their effects on local power grids. Democrats have been at the forefront of increasing scrutiny of Bitcoin miners' energy usage and carbon emissions.

On Truth Social, Trump said Bitcoin mining "might be our last line of defence against a CBDC," calling for all remaining Bitcoin to be made in America.

"VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!" Trump declared on Truth Social.

Bad Bidens

Meanwhile, Hunter Biden's guilty verdict has triggered Biden-related memecoins to soar. The President's son was found guilty on three counts related to gun charges. In the hours that followed, Jeo Boden (BODEN) Solana memecoin jumped 15% while Hunter Boden (HUNTBODEN) skyrocketed 116% in under 30 minutes after the verdict.

However, while BODEN continues to enjoy its gains, HUNTERBODEN is down more than 50%.

Of course, memecoins are by no reflection of sentiment towards either political party but President Joe Biden is losing crypto support after vetoing a House Joint Resolution that would have repealed the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121, or SAB121.

The Senate voted 60-38 to withdraw the policy but Biden said in a statement, "By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues."

"This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices."

“Destruction of Digital Assets”: Coinbase Slams SEC, Biden Vetoes Pro-Crypto Bill
President Biden is losing crypto support by vetoing the SEC’s Staff Accounting Bulletin 121 while Coinbase takes another swing at the regulator

Is Europe's Right Wrong?

Over in Europe, parliament elections saw a wave of far-right parties making significant gains. Big victories for the far-right were seen in Germany, France and Italy.

The political landscape shifted so dramatically to the right that French President Emmanuel Macron had to call a snap parliamentary election due to his party's poor performance.

Meanwhile, in Germany, the notorious far-right party AfD secured more seats than German Chancellor Olaf Scholz’s Social Democrats. The European Conservatives and Reformists (ECR) gained 15 seats, with 14 from Italian Prime Minister Georgia Meloni's party.

It's not just America where the right (even if Trump isn't far-right) is in overwhelming support of crypto. Argentina's new president, Javier Milei, was equally vocal about his support for Bitcoin, hailing it as “the return of money to its original creator, the private sector.”

Why Does it Require Electing a Lunatic to Pump Bitcoin?
The crypto world rejoices as Javier Milei is elected as Argentina’s President but what about his radical support for human organ selling and climate change denial? Also, FTX creditor claims surge, twists and turns at OpenAI, and SEC delays ETF decision as Fidelity eyes Ether fund.

However, in Europe, MEPs on both the left and right have disagreed about the European Union’s Market in Crypto Assets (MiCA) Regulations and AML proposals. The EU Travel Rule and the sustainability of Bitcoin also split parties.

Nonetheless, individual MEPs have significantly influenced EU crypto policy through their understanding and committee roles. ECR and Meloni’s party lack consistent views on digital assets, and the European People’s Party's (EPP) internal dynamics are shifting.

Perhaps it's too early to call but President Macron's snap elections and the European Commission's stance on decentralization, tokenization, and staking will unfold will be critical.

Crypto is likely not high on the far-right's priority list but if their values align with those of Milei or Trump, digital assets could be warmly embraced in Europe... For better or worse.


Blockhead Wants You!

Are you a university undergraduate who's as passionate about crypto as you are about writing? Blockhead is looking for an Editorial Intern to join our team!

As part of the Blockhead crew, you'll get to:

  • Pitch and write editorial features: Craft compelling narratives that unpack the latest trends, innovations, and challenges within the crypto and blockchain space.
  • Contribute to the daily news coverage: Break down complex news stories and draft engaging articles that keep our audience informed.
  • Conduct interviews: Engage with industry leaders, analysts, and developers to capture insightful perspectives and expert opinions.
  • Attend and report on industry events: Immerse yourself in the heart of the Web3 movement by attending conferences, meetups, and panels, and translate those experiences into informative and engaging content.

To apply and find out more info, click here.


It's All Happening on LinkedIn

Did you know you can now receive Blockhead's juicy daily newsletters directly to your LinkedIn? Subscribe to our LinkedIn newsletters for the latest news and insights in the world of Web3!

There also might be the occasional discount code for the industry's hottest events, exclusively for subscribers. So be sure to sign up!

Subscribe on LinkedIn

Elsewhere

Zipmex Loses Thai Crypto License After Repeated Regulatory Violations
This move by the Thai Ministry of Finance, acting on the recommendation of the Securities and Exchange Commission (SEC), comes after a string of regulatory violations by Zipmex.
Coinfest Asia Gears Up for 2024 Gathering in Bali
Get ready to connect with 6,000+ people from 2,000+ companies at the largest Web3 festival in Asia. Read on for an exclusive promo code for discounts on tickets!
Fidelity International Picks JP Morgan’s Onyx Blockchain to Tokenize Money Market Fund
JP Morgan’s Onyx blockchain was used to tokenize BlackRock’s MMF shares, which were transferred to Barclays for collateral. Fidelity International is making a similar move.
Final Money Launderer in $3Bn Singapore Case Gets 17 Months in Jail, Forfeits $26.5M in Crypto
Dubai property broker Su Jianfeng has been sentenced to 17 months in jail for his involvement in Singapore’s $3 billion money laundering case. He will forfeit $178.9 million of his assets including $26.5 million in cryptocurrency

Latest