Even if President-elect Donald Trump does not deliver on his pro-crypto election campaign statements, Chirp founder and CEO Tim Kravchunovsky believes related policies will still support the industry.
“Those of us in Europe woke up this morning to a major crypto rally on the news that Donald Trump has won the US election,” Kravchunosky said on Nov. 6. “If everything Trump has promised on the campaign trail comes to pass, there is indeed a good reason to be upbeat about the future of crypto in the US. But it could still go either way. After the initial euphoria subsides, we (must) see Trump making good on his promises.”
Kravchunovsky noted that over the last few months, Trump pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which could result in crypto market volatility. Kravchunovsky argues the industry must be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.
Crypto adherents can still benefit. Whether Trump delivers on all his crypto promises or not, Kravchunovsky believes many of his wider policies could be supportive of risk assets more generally. For example, his apparent commitment to ending global conflicts, including the war in Ukraine, is positive for markets because markets like stability. Trump has also historically been a great proponent of rate cuts and economic stimulus, which is always good news for cryptocurrencies.
“So those of us who care about crypto policy first and foremost shouldn’t be quite so short-sighted; any knee-jerk reactions to delays or disappointments on crypto policy would be foolish,” Kravchunovsky cautioned. “It’s important to remember that these are not the only issues that affect web3. But, more importantly, crypto is already too important to fail. Our job is to build the technology and ensure it functions seamlessly to support mass adoption when it inevitably comes.”
