Author: Anderson Sima, Executive Editor of Foresight News

The crypto market is once again celebrating Trump.

But I am not overly excited, not because I do not hold positions in SOL, XRP, or ADA, but because a series of actions taken by President Trump since he took office makes me feel a sense of concern for the crypto industry amidst the excitement.

On March 2, before the Trump administration announced the promotion of a cryptocurrency strategic reserve initiative, another globally significant diplomatic event also caught the attention of the crypto industry.

On February 28, President Trump, Vice President Pence, and visiting Ukrainian President Zelensky had a heated argument in front of the media at the White House. This unusual diplomatic spat revealed the current U.S. government's resentment towards its infinite responsibility to lead world peace, with the key dispute being Trump's unwillingness to pay undue costs for other countries—essentially, America First.

Yes, this is Trump's campaign slogan and governing philosophy. Understanding this allows us to see the political motivations behind Trump's crypto-friendly new policies.

"America First" Does Not Equal Financial Equality

Trump's core philosophy is "America First," and his policy goals have always revolved around consolidating America's global hegemony and economic interests. In the realm of cryptocurrency, he claims to promote the U.S. as the "global crypto capital," but the essence of his policies is to implement trade protectionism through state power, ensuring that the U.S. maintains its world-leading position.

So what is the essence of cryptocurrency? In terms of specific products and forms, cryptocurrencies are not fundamentally different from traditional financial markets; in fact, cryptocurrencies are now included in major commodity categories and can be traded as ETFs or futures. But with so many financial products worldwide, what makes cryptocurrency special?

As a practitioner, my answer is that the emergence of cryptocurrency is essentially a revolutionary financial equality movement. From the perspective of Marxist economics, since its inception, financial products, as a derivative system of capitalism, have always represented the interests of the elite and have been tools for the unlimited expansion of capital, but they do not serve the proletariat and tend to favor large capital and power structures.

The emergence of Bitcoin is a response to this system's dissatisfaction and innovation; the design of cryptocurrencies and the advent of smart contracts allow all investors to enter a brand-new financial system without permission or barriers. This system was born global, permissionless, and even transparent. If we are to prioritize "America First," blockchain technology would not have been invented by an anonymous individual.

If the U.S. truly implements a Bitcoin strategic reserve, I would be very excited. But four years later, will the new U.S. president continue this policy? Can the market withstand the massive selling pressure at that time? Will the Democratic Party revive the "crypto prison" narrative? The market is always timely, and long-term considerations are not in traders' minds, but as a long-term practitioner, this question is crucial.

Trump Has Opened Pandora's Box

In addition to the motivations behind related policies, the TRUMP and MELANIA meme coins launched by the Trump couple not only amplify the speculative bubble in the crypto market but also open Pandora's box of "celebrity coin issuance," triggering a chain reaction.

The personal issuance of coins by the president was initiated by Trump, creating a super hot market. After the TRUMP coin was launched, its market value once soared to around $80 billion, then adjusted to $10 billion, resulting in significant losses for those who chased the highs. Similar cases spread further after his wife MELANIA and the President of Argentina followed suit, forming a vicious cycle of "celebrity—speculation—collapse," draining market liquidity and affecting the industry's positive image and healthy market environment.

Recently, American celebrity Kanye West is also set to enter the coin issuance arena, having already created buzz and anticipation on social media. Does the market really need so many celebrity memes? The lifecycle of a token has evolved from years to hours, significantly increasing difficulty and risk even for specialized traders.

In the past, the SEC's strict regulation stifled industry innovation while also protecting investors' asset safety. But now, under Trump's personal influence, the rapid coin issuance process and extremely low regulatory costs have turned the crypto industry into a "harvesting ground" for unsuspecting investors. Thus, we jokingly remark that scam groups from Myanmar have begun to shift to the cryptocurrency field. Trump's coin issuance behavior "reduces the industry to a tool for political manipulation," undermining the serious recognition of blockchain technology from the outside.

Lessons from the Past: From Musk to Trump

Trump is not the first celebrity to stir the crypto market using his influence. Tesla CEO Elon Musk was the strongest promoter in the last cycle, having driven Bitcoin's surge by purchasing it through Tesla, and later, his shift to Dogecoin caused Bitcoin to plummet. In this cycle, Trump has become the new king of promotion.

It is not hard to see that as extremely arrogant elites, both Trump and Musk have unpredictable market attitudes, especially President Trump, who shows his business acumen. However, when cryptocurrency benefits his political influence, he embraces it without hesitation, even though he strongly criticized cryptocurrencies just a few years ago.

If the industry overly relies on endorsements from centralized authorities like Trump, we will deviate from the original intention of "code is law."

The Crypto Industry Needs to Reconstruct Independent Narratives

Trump's crypto policies may seem to open a green light for the industry, but they actually hide traps. His "America First" logic turns crypto technology into a tool, and the wave of celebrity coin issuance breeds speculative bubbles, while the strong binding of policy and market plunges the industry into cyclical turmoil.

We must recognize clearly: true financial equality cannot rely on the "grace" of political strongmen but should return to the underlying value of technological neutrality. Only by adhering to a decentralized narrative and continuously innovating technology can we find opportunities to change the world, just like AI.

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