Trump and the politics of Bitcoin

Bitcoin is to its devotees what the wafer is to Catholics – an article of faith. It also goes with a collection box. It is a safe bet that Donald Trump’s recent conversion to Bitcoin is motivated by the big donations that come with it. This puts his Democratic opponent Kamala Harris in a bind. Ms Harris would like to protect retail investors from an asset class that often resembles a Ponzi scheme. But America has an army of crypto investors – roughly 40 million – who in a tight election cannot be disrespected.

In practice, most of the serious crypto investors will already be voting for Trump. To Trump’s surprise, he discovered at

a Bitcoin conference last weekend

that their bete noire is Mr Gary Gensler, chair of the Securities and Exchange Commission. Mr Gensler believes crypto should be regulated. “I didn’t know he was that unpopular,” said Trump following a prolonged cheer. “Let me say it again, on day one, I will fire Gary Gensler.” This was also a surprise to many Democrats, who had little idea that Mr Gensler was a George Soros-type demon in the crypto world.