The Crypto President
CryptoMondays Philly - Episode 02 pt. 02/02
"Decoding the Crypto President: Lessons from the Past and a Peek into the Future"
Ah, the world of crypto—where decentralization reigns supreme, memes are a legitimate form of resistance, and the term "Crypto President" is tossed around like a hot potato at a dinner party full of Silicon Valley bigwigs. If you missed the latest episode of CryptoMondays Philly, fear not! We’ve got you covered with an engaging recap of Jeremy’s presentation. So, grab a coffee (or crypto-themed energy drink), and let’s dive in.
Who’s the Crypto President, Anyway?
Jeremy kicked things off with a rhetorical curveball: “Who’s the Crypto President?” Hands shot up, guesses flew around, and someone even threw out “Baron Trump” (close, but no cigar). Spoiler alert: It’s Donald Trump—or at least that’s the label some corners of the fintech and crypto world have given him. But how did this happen?
It started with five sentences. Yep, just five. On May 5, 2024, Trump made a few pro-crypto comments and then walked away, leaving a ripple effect across the industry. However, what really sealed the deal was a dinner party hosted by Silicon Valley heavyweights David Sacks and Chamath Palihapitiya. By the end of the night, Trump had $12 million in fundraising and a nod from the crypto community.
Sound familiar? Jeremy drew parallels to the 1990s when Bill Clinton became the “Pro-Cryptography President.” Back then, it wasn’t Bitcoin but cryptography that was the big buzzword. Clinton, like Trump, wasn’t the frontrunner at first. Yet, with the backing of tech elites, he secured his presidency—and a whole lot of expectations.
History Repeats Itself (Kind of)
Flashback to the 90s: Clinton’s support for cryptography seemed like a win for freedom fighters and tech entrepreneurs alike. But as Jeremy highlighted, things didn’t go as planned. Instead of progress, the infamous “Clipper Chip” emerged—a government-backed encryption tool with a backdoor for surveillance. The public backlash was intense, with cypherpunks leading a grassroots meme campaign. (Remember Intel Inside? They flipped it to Big Brother Inside.)
The lesson here? Promises made by politicians don’t always translate into action. Clinton’s administration ultimately relaxed encryption export controls, but only after intense legal battles and public outcry. The takeaway? Real change often comes from persistent grassroots efforts rather than top-down promises.
Is Trump’s Crypto Promise Any Different?
Fast forward to today: Trump’s pro-Bitcoin stance has garnered headlines, but what does it really mean? Jeremy didn’t sugarcoat it. He suggested that while Trump might enjoy the crypto spotlight, his understanding of the industry seems, well, superficial at best. Yet, there’s hope in the form of the so-called MOGAvengers—a group of pro-crypto voices like RFK Jr., Tulsi Gabbard, and others rallying for the cause. Even Charles Hoskinson is rumored to be part of Trump’s advisory board.
But will that be enough? History shows us that industry promises often come with compromises. Jeremy’s advice? Stay skeptical and vigilant.
The Bigger Picture
Jeremy wrapped things up by reflecting on the unique challenges the crypto industry faces today. Unlike the early days of coding in the shadows, crypto has become a central topic in political campaigns. This increased visibility is a double-edged sword. On one hand, it brings legitimacy and potential regulation. On the other, it risks the kind of overreach seen with the Clipper Chip in the 90s.
His final thought was a mic-drop moment: “The question isn’t whether they’ll be pro-crypto. The question is whether the good will outweigh the bad.”
What’s Next?
As the session ended, the room buzzed with energy. Flyers with QR codes were passed around, snacks were devoured, and networking ensued. Whether you’re a crypto enthusiast, a skeptic, or somewhere in between, one thing is clear: The future of Web3 will be shaped by a mix of innovation, resistance, and (unfortunately) political games.
So, stay informed, stay connected, and most importantly, stay true to the decentralized ethos that makes this space so unique.
That’s a wrap! Want to join the next discussion? Subscribe to our newsletter or click here to keep up with all things CryptoMondays Philly. Until then, happy HODLing! 🚀
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DISCLAIMER: The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of CoinFlask. Do your own research. This is not financial advice.