Crypto’s Legacy Is Finally Clear
AtlanticDEC 2024
Bitcoin Hits $106K as Trump Plans Strategic Reserve
Above: A cartoon image of US Pres.-elect Donald Trump holding a Bitcoin token. Image copyright: Paul Yeung/Contributor/Bloomberg via Getty Images
The Spin
Right narrative
Crypto should be booming. While Pres. Joe Biden's heavy-handed regulation pushed crypto developers to Europe and Asia, Trump is working toward making the US the crypto capital of the world. Between his deregulation agenda and the creation of a Bitcoin reserve stockpile, this trillion-dollar industry will support American prosperity.
Left narrative
It's unlikely this boom will help everyday Americans. Crypto enriches right-wing tech executives and influencers who use their newfound wealth to buy politicians. Trump used his proposed interest in crypto to gain votes while promoting a system where wealth and power are concentrated among those who can best manipulate its volatility.