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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.
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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%.
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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.
So. I just ran into a guy that’s a huge fan of #bitcoin and LOVES what we’re doing at @CleanSpark_Inc in #georgia and #mississippi and #wyoming. pic.twitter.com/ofSXJGWWfn
— S Matthew Schultz (@smatthewschultz) June 11, 2024
Very good meeting with President Trump on #Bitcoin and U.S. energy dominance!!! pic.twitter.com/gvjYO6KNAt
— Jason Les (@JasonLes_) June 11, 2024
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.
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!!!… pic.twitter.com/cOXsGm4J3N
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) June 12, 2024
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."
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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.”
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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.
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