Illustration by Mitchell Privier for Decryption
After last week Dramatic conclusion To the months-long Bitcoin ETF saga, this week saw mainstream financial and political powers attempt to embrace the cryptocurrency ethos, for better or worse.
On Wednesday, the digital assets team at Wall Street investment firm Franklin Templeton took over management of the company’s Twitter account, in an attempt to inject some youthful energy into the aging company after the crisis. A tumultuous debut From many Bitcoin ETFs.
Reference indicated Dujoyvata viral Solana meme coin that has performed exceptionally well in the past month.
In response to such posts, Van Eck, another Wall Street investment firm that launched its own Bitcoin ETF last week, tried to throw some shade at its rival by indulging in decline language.
This back and forth has certainly tickled some crypto enthusiasts, who are encouraged that financial giants are now embracing crypto rhetoric. But the dialogue also struck some as — not this reporter so far — a little awkward.
Meanwhile, in politics, cryptocurrencies found themselves front and center in this week’s Republican presidential primaries, as several developments brought blockchain technology to the forefront.
On Monday evening, after a poor performance in the Iowa caucuses, cryptocurrency supporter Vivek Ramaswamy withdrew from the race and… He hastily endorsed Front-runner Donald Trump.
Cryptocurrency advocates had hoped that Ramaswamy’s outspoken endorsement of the industry might play into Trump’s campaign — after his endorsement. Ramaswamy himself even said that before he went on stage to deliver a speech with Trump, he asked the former president to consider banning the creation of an American foundation. Central bank digital currency (CBDC).
In fact, in a speech in New Hampshire just hours later, Trump pledged to “never allow” the creation of a central bank digital currency in the United States — potentially underscoring the influence of crypto allies like Ramaswamy in Trump’s inner circle.
And just one day later, so did Trump for the first time Another set of on-chain digital collectibles – this time, minted as Ordinals on the Bitcoin network.
These moves appear to have strengthened Trump’s position as the most attractive presidential candidate for cryptocurrencies ahead of the key 2024 general election.
But the former president doesn’t come without baggage: Trump currently faces 91 criminal charges in multiple federal jurisdictions. Furthermore, based on the business mogul’s past statements and actions, many in… Washington And behind He fears that his election will threaten the stability of American democracy.
Many in the cryptocurrency space may soon have to choose between supporting the industry and other priorities. Some have already made this decision.