BitMEX founder Arthur Hayes recently made some controversial statements at the Token 2049 event in Singapore, claiming that the outcome of the upcoming presidential election in the United States will have little impact on the cryptocurrency industry. Hayes expressed skepticism towards both Republican candidate Donald Trump and Democratic nominee Kamala Harris, suggesting that neither candidate has shown genuine support for the digital assets industry.
Hayes criticized Trump for not taking significant action in support of crypto during his four years in office, despite making pro-crypto statements. He questioned the sudden interest in crypto donations from Trump, stating, “He says the right things out of his mouth, launches some DeFi [decentralized finance] [garbage] or whatever he’s doing and all of a sudden people are like ‘oh yeah you were president for four years, you had all this opportunity to do all these things, and you did nothing. All of a sudden you’re going to do something now? I don’t think so.'”
On the other hand, Hayes accused Harris and the Democrats of being consistently “hostile” towards the cryptocurrency industry. Despite this, he emphasized that the growth of Bitcoin from zero to a $1-2 trillion market cap occurred without significant regulatory support. Hayes encouraged the crypto community to continue building innovative projects without relying on government regulators for approval.
He dismissed the idea of seeking approval or support from politicians, stating, “Why grovel to these people to beg for scraps off of the table? Continue building the stuff that you should be building.” Hayes highlighted the divergent economic policies of Republicans and Democrats, predicting that both parties would contribute to widening the government deficit through tax cuts and increased welfare spending.
In conclusion, Hayes emphasized that the success of Bitcoin and the cryptocurrency industry has been achieved without significant government intervention. He urged the community to focus on innovation and development, regardless of political outcomes. Hayes’ remarks reflect a growing sentiment within the crypto community that the industry’s progress is independent of political influences.
As the crypto industry continues to evolve and expand, Hayes’ perspective serves as a reminder of the industry’s resilience and ability to thrive in a challenging regulatory environment. Despite the uncertainties surrounding the upcoming presidential election, the cryptocurrency industry remains steadfast in its pursuit of innovation and growth.