Why Australia's crypto bros are all in on Trump
Donald Trump's efforts to win over the crypto community have resonated far beyond America's shores. Whether that is smart politics or not is far from certain.
Australians have absolutely no bearing on the US election result, but most polls suggest a clear preference for Kamala Harris over Donald Trump. Yet there is one corner of the country where the Republican candidate is strongly favoured. “In Australian crypto, there are no Democrat supporters,” said Egor Sidelska, director of digital asset manager Magnet Capital. “I’ve never met a single one.”
Trump has aggressively courted the crypto community, and his pledges to fire SEC head Gary Gensler on his first day in office, and to create a government-held Bitcoin reserve seem to have achieved that aim far beyond America's shores.
Sydney-based Magnet Capital, which manages about $50 million in digital assets, sent a letter to its investors on Sunday outlining six reasons why a Republican victory "stands to be much more beneficial" to crypto.
Among them were Trump's promises to establish regulatory guidance within 100 days of taking office, and to create a crypto council that advises the government. Number one on the list, however, was Trump's pledge to fire Gensler, a Joe Biden appointee who has moved to clamp down on the worst excesses of the crypto world's "wild west".
