The U.S. is heading toward a presidential election and the pre - election times are extremely tense for ordinary investors. Since the beginning, there have been lots of problematic situations for both sides, even an attempt to assassinate, and the situation may become even worse until the whole process is over.
Under normal circumstances, the elections have a " mild " influence on the fate of markets but the modern world enjoys mixing everything with one another to manipulate and / or utilize a piece of narrative for the sake of a group of people.
Now, the election has become an existential phenomenon for the future of crypto. On one side, people call him crypto president while the other side keeps its distance from crypto strictly. This case is valid for today and we all know that it will be more chaotic as the day of election comes.
Gary is Back
Gary Gensler is the chair of SEC and he is highly popular in crypto ecosystem. When he was nominated and confirmed by the Senate in 2021, the crypto market celebrated it as he was one of the early instructors who taught blockchain technology at a college.
Now we know that his attitudes towards crypto have changed drastically and he is concerned about the potential of crypto to disrupt or damage the existing global finance.
Donald Trump announced that he would fire Gary Gensler because he does not appreciate the work by the SEC. Now, another sensational news came from Kamala Harris' side with the rumors that Gary Gensler may become the Treasury Secretary if she wins the election.
You may hate the politics like most of crypto - minded people do. However, it is obvious that our infant ecosystem with $3T has a real place in the world economy. The spot ETFs, offers for strategic reserves, and integration of blockchain - technology into our lives let the crypto pick a side even if it is not a perfect fit for such cases.
Crypto arose from being independent in all aspects. Sadly, the " influencers " of crypto had directed our ecosystem to a certain path, and this is where we are right now.
Even if the election results are in favor of the crypto ecosystem or not, our ecosystem does not need the hand of a group of people to evolve. Regardless of the prices of cryptocurrencies, the developments on blockchain, DeFi products, free speech SocialFi projects, Lending protocols and many other blockchain - based products will continue.
The short and mid term impacts of the election cannot be disregarded. The crypto draws its own destiny.
What do you think about the involvement of the crypto ecosystem in the presidential election?
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