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Bitcoin All-Time High Trumped by Election Results

Bitcoin eclipsed $93,000 on Wednesday and is up over 32 percent in the past week. It’s projected to hit $100,000 by the end of the year. This is a historic moment that we should be celebrating. 

But it wasn’t achieved through smart regulation made into law or a big technological breakthrough. It’s because of president-elect Donald Trump and his pro-crypto promises. 

I’m a woman and immigrant, in a same-sex relationship, who will have to use assisted reproductive technology in order to grow our family. I’m also a crypto reporter and believer, with only positive experiences about working in web3. It’s fascinating territory to report on and I don’t take that for granted. 

But I’m having a hard time reckoning with this. On the one hand, I’m excited for the industry, after it had a difficult couple of years, dealing with the FTX hangover and stagnant economic conditions. It finally feels like the energy is back in crypto, but at what cost? 

I was drawn to crypto because of its potential to democratize opportunity and reorganize the financial system. 

On the other hand, I’m frightened for my rights, like millions of others. Crypto attracts freedom seekers and independent thinkers, so it feels counterintuitive to have one individual, albeit one powerful man, have so much influence over crypto – especially one who called crypto “a scam against the dollar” just three years ago. 

Do we really want to trust that man? Yes, people can change their minds, but this seems more like political posturing than a fundamental shift in perspective. 

The bros are back. It’s the Don + Elon show. Move over Vance. Trump appointed Elon to lead the Department of Government Efficiency (DOGE). Are they taking the piss? Dogecoin has more than doubled in the past week. Elon is sitting on the top of my Twitter/X feed like an annoying AI bot, making it even more intolerable. 

I fear crypto will become even more inaccessible, especially for women from minorities. My girlfriends here in New York City already associate crypto with bros and the Trump + Musk duo will further exacerbate this. When they hear crypto, they will think of Trump. This might be hard to come back from. 

Trump jumped on the pro-crypto bandwagon earlier than other candidates, while the Democrats barely proved their willingness to welcome digital assets in any real way. The market’s response to a Trump administration is a stark atmospheric change and a signal that the space has work to do to become more bipartisan. 

Trump talks big. Establishing the Strategic Bitcoin Reserve and a crypto advisory council, blocking a Fed central bank digital currency, and to have all Bitcoin mined in the United States were ideas he floated. The Trump + Republican Congress might be good for crypto, but it’s not good for crypto culture. 

This election taught us that the crypto voice and vote is loud. But we’ve still got a lot of work to do culturally to make it more accessible and welcoming for people who are curious about it. Elon, RFK, Vivek and Hoskinson will be key players in his administration, but where are the crypto women? 

Getting more women in public leadership positions in crypto is critical for the space to thrive and to change mainstream perception. Especially now. Failing to do so is not only tone-deaf but detrimental to the underlying mission of crypto. 

Inclusion, equality, borderless and decentralized. Do these all feel like values conducive to Trump’s policies and perspectives? I’ll leave that for you to conclude. 

Zooming out, the past week has also highlighted how much influence the United States has on crypto. While it’s a global sector, the U.S. presidential election has resulted in all-time high prices that will impact every crypto holder globally – that’s over 617 million people. 

The ripple effect of what happens here cannot be understated. In 2024, we saw crypto become a social issue, not just a financial issue. The advocacy to ensure its place in the election must now be refocused to protect and promote a culture rooted in crypto’s origins. 

It’s undoubtedly an exciting time for crypto and 2025 will be one of the most formative years. But, while it’s understandable that the sector is optimistic about a change of administration, we must work to keep people, not profit, at the center of crypto. — Amanda Smith, Decential Media 

Have you read the definitive history of Ethereum? No? Well then get your copy of Out of the Ether while you can.