Trump and Blockchain
How will Trump address Bitcoin and Blockchain technology?
I came across a Coindesk Opinion article this morning (Jan 15, 2017) titled "Why Blockchain Will Trump Populism" by Jens Albert, http://www.coindesk.com/author/jensalbers/
"Jens Albers is a humanitarian filmmaker and the co-founder of chain2change, a blockchain startup seeking to reinvent charitable giving."
Here's what Jens had to say:
"Donald Trump and his team just appointed a major advocate of bitcoin and blockchain, Mick Mulvaney, as the US Budget Director.
The statement on this appointment is remarkable from a blockchain point of view.
Trump has even said in a statement:
"With Mick at the head of OMB, my Administration is going to make smart choices about America’s budget, bring new accountability to our federal government, and renew the American taxpayer’s trust in how their money is spent!"
Of course, it is not clear if Trump actually wants to provide clarity on how public money is actually being spent.
To think he intends to track taxpayer money on a blockchain may be just a naive wish (remember, he doesn't even want the public to see the finances of his own charity or company).
Yet, it is an interesting signal to the industry.
Reducing regulations
While this may signal signs of optimism, it seems obvious that Donald Trump will certainly not list blockchain technology as one of his priorities.
Here, however, there is a large 'BUT'.
Trump is a big fan of cutting regulations in the financial sector. During the election campaign, he made an almost utopian promise to abolish 70% of federal regulations.
Even if this figure comes to only 10% (as his adviser Anthony Scaramucci implies) this would be a significant step towards simplifying financial transactions and giving more freedom for cryptocurrency entrepreneurs.
Mulvaney himself has already established a blockchain caucus in the congress last September.
Of course, there is no guarantee that this caucus will lead to concrete results and promotion of blockchain projects. However, it increases the likelihood that blockchain projects can get in touch with government and potential investors.
This could be the beginning of real progress.
The 'B' word
Another reason blockchain could flourish under Trump has to do with capital flight.
Bitcoin, after all, invented blockchain technology, and although its blockchain involves a lot more features than financial transactions may want, it is still important for the image of blockchain projects – especially from the perspective of the public opinion.
A Trump presidency, as mentioned above, involves a great deal of uncertainty for many parties in economic terms, and this uncertainty could lead to interest in alternative assets.
The majority might consider gold as a safe harbor for their money, but many speculative investors could begin to pay close attention to bitcoin.
An asset that is (still) independent from specific countries and their policy, and which is outside of a possible political and economic ice age of the US with other countries (for example, China)."
What are your thoughts and forecasts for the future of Blockchain technology and Bitcoin?
Coindesk article:
http://www.coindesk.com/why-blockchain-will-trump-populism/