Dan Morehead, CEO of Pantera Capital, says that US politics is being pushed towards Bitcoin from both sides. It started, of course, when Donald Trump became positive about Bitcoin, but eventually, according to Morehead, Democrats are bound to join in as well.
Why is politics moving towards Bitcoin?
For years, the government has been seen as Bitcoin’s biggest enemy, but now that story seems to be taking a surprising turn. More and more governments seem to be taking a positive view of Bitcoin and cryptocurrencies.
How is that?
According to Dan Morehead, in the US it is all about the policy of the US central bank. He claims that only a small minority (mostly the elderly) have benefited from the US central bank’s use of the money printing press for decades.
Morehead uses the Federal Reserve chart above to support his statement. We see that a large portion of the increase in the value of financial assets has gone to seniors.
According to Morehead, this development will mean that politicians will have to be increasingly positive about Bitcoin. Why? Because the majority of Americans are under 40 and need something new.
What does Trump mean for Bitcoin?
The fact that Donald Trump is publicly endorsing Bitcoin is, according to Morehead, “the biggest news in crypto” right now.
Years ago, Trump was anti-Bitcoin, and now he’s suddenly become very supportive of the cryptocurrency. This is an amazing change, and ultimately we’ll just have to see what happens if he gets elected.
The latter is also very uncertain, because according to the latest polls, Kamala Harris is ahead of Donald Trump. Ultimately, we will have to wait for the elections in November to know where we stand.
According to Dan Morehead, it doesn’t really matter anymore. “I really think this is a turning point now, because politicians see that crypto is very popular. Think about this. The majority of Americans are under 40. They all love crypto and they all vote. And so politicians can combine the two,” Morehead said.
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