06/11/2024 Trump Or Harris: Bitcoin’s Fate May Hang On The U.S. Presidential Election

TOPSHOT-US-VOTE-POLITICS-DEBATE-HARRIS-TRUMP

Vice President Kamala Harris and former President Donald Trump (Photo by SAUL LOEB / AFP) (Photo by... [+]

AFP via Getty Images

We are moments away from a big crypto pump or dump. This will all be down to whether Trump gets elected or whether Harris carries the day. Although Trump is odds on favorite, one day before the big event there is no certainty that he has it in the bag.

As such, the market can’t know the outcome, and the outcome is therefore not priced in beyond the fact it can go either way, which is in the case of crypto means bitcoin is perched on a ledge between the moon and the dumpster.

If you stick to political definitions of right and left, it’s a no brainer to understand crypto is Kryptonite to the left but less so to the right. The last few years of ultra-aggressive SEC “regulation by enforcement” is evidence enough that the current administration is out to kill crypto at all costs. That seems like a wild statement, but we saw that policy in action last year with crypto banks Silvergate and Signature Bank’s demise accelerating a financial storm that nearly felled the U.S. regional banking system.

On the other hand, Trump seems at the very least crypto neutral, though you might think him a strong crypto believer from his statements and actual involvement in Trump crypto projects like his NFT. A Trump win is critical for crypto, with the walls closing in on its future under the Democrats..

So for crypto denizens, the odds that Trump will be the next president of the U.S. are promising, but having said that there is no landslide in the prognosis of the polls or the betting odds, so once the market knows the outcome it is going to move and move a lot.

Here is the bitcoin chart which is the sort of projection a Trump win could kick off:

The bitcoin chart: what could happen if Trump wins the electionThe bitcoin chart: what could happen if Trump wins the election

The bitcoin chart: what could happen if Trump wins the election

Credit: ADVFN

You don’t have to be a chartist to line up Trump’s comeback against Harris to see a bitcoin chart go from bearish to bullish, and as a holder of crypto, this is the upside I’m holding on for.

Here is what a Harris win and the prospect of four more years of anti-crypto administration would look like, if you buy the narrative that the current administration hates crypto:

The bitcoin chart: if Harris wins the election this is what we might seeThe bitcoin chart: if Harris wins the election this is what we might see

The bitcoin chart: if Harris wins the election this is what we might see

Credit: ADVFN

That is very ugly. Charts aren’t fate, of course, but the difference between Trump/Musk, two crypto denizens driving the bus, and Harris/Democrats in charge, is a potentially massive fork in the road for the first generation of crypto projects we have followed for all these years.

The history of private sector money is long and not reassuring for the advocates of its latest generation. Private sector money does not have a big future under legacy politics because like violence, money is a prized government monopoly. The trouble with monopolies is they are infamously inefficient, so a drive to private sector money is natural but unwelcome for those in a position to prohibit it. In the end, crypto does need regulating and it is easier to sterilize than police.

The monolithic public sectors of the world will want no truck with competition on the issuance of money, so only a departure from the norm like a Trump administration can keep the crypto dream alive against a global tide of suffocating regulation. Without a Trump win, the trend of regulating crypto out of practicality will continue and succeed. The bottom line is, printing paper money or minting token coinage is easy profitable technology, but you are just not allowed to do it; that is the direction of travel at present.

You can make tokens if you have a laundromat or a fruit machine parlor or paper money if you are Amex with their travelers’ cheques or the Luncheon Voucher people, but the technology of private sector money has been made impractical for most applications due to a mesh of prohibitive and punitive laws corralling it in very narrow domains. This is the fate of crypto if Trump does not win, but if he does, the technology might get the breather it needs to break the current death grip and have a chance to develop into its full potential

We will know soon. Expect fireworks one way or another.

Cartoon: Is the crypto winter over yet?Cartoon: Is the crypto winter over yet?

Cartoon: Is the crypto winter over yet?

Credit: Ian Foley
Arts

https://www.forbes.com/sites/digital-assets/2024/11/04/trump-or-harris-bitcoins-fate-may-hang-on-the-us-presidential-election/

Interesting NFTs
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Art Is The Currency of the Infinite
This still-life, titled after one of Pablo Picasso's infamous quotes, was made solely using 3D softwares and apps, in an attempt to bring this often forgotten artistic genre into the 21st century through the use of new artistic mediums and technologies. This piece is also an invitation to meditate on the role of "value" throught the ages and how it's been radically altered by the coming into existence of technologies and concepts like cryptocurrencies and digital scarcity.
Death Dip
#XCOPY #GIF #death #dip #lurking
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By OthersideDeployer
CryptoKitties
Aloha! I'm Kitty #446766. I want to live in a world where people believe that one day cats will rule this planet. It's not common knowledge, but my ancestry connects me to Princess Diana. Can you make my smelly dreams come true?