Crypto

Trump’s crypto contradiction: When “anti-government” money needs government support

Dr Srinath Sridharan

November 18, 2024 | 7 Min Read

Bitcoin's record highs following Trump's campaign promises highlight the growing tension between crypto's rebellious origins and its hunger for mainstream acceptance.

Key Takeaways

Though crypto claims to be anti-establishment, it is increasingly reliant on government support and validation, as evidenced by market reactions to Trump's pro-crypto stance
Trump's proposed national bitcoin reserve and personal crypto ventures expose serious conflicts of interest and challenge crypto's decentralisation narrative
Cryptocurrencies continue to struggle as practical currency alternatives due to volatility, limited acceptance, and inadequate infrastructure
Despite political support, cryptocurrencies face persistent challenges in replacing sovereign currencies due to regulatory hurdles and the importance of monetary sovereignty

Cryptocurrencies have long been marketed as the vanguard of a financial revolution—an effort to decentralise money, break free from government controls, and offer an alternative to fiat currencies. So far, though, cryptocurrency's existence has been more akin to a rebellious teenager who craves freedom and financial independence, claiming to be fully self-sufficient, yet constantly asking their parents to foot the bill for everything without taking any responsibility.

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