Trump’s Crypto Comeback: Genuine or Gimmick?

Adam Cochran warned against taking Trump's pro-crypto promises at face value, especially considering his previously anti-crypto position.

Author

Danielle du Toit
May 27, 2024

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Here's what we've got for you today:

  • Trump’s Pro-Crypto Promises Raise Hopes and Skepticism

  • Danger as Wave of Crypto Influencers and Celeb X Accounts are Hacked

  • BEVM’s Taproot Consensus Promises New Era for Bitcoin Scalability

  • Token Unlock Tsunami: Crypto Markets Ready for the Incoming Wave?

Former U.S. President Donald Trump has changed his tune when it comes to cryptocurrency.

  • A victory for Donald Trump in the November elections could lead to the dismissal of several SEC crypto lawsuits, according to crypto lawyer James Murphy.

  • Trump has decided to change his stance on crypto, and now believes it is crucial for the U.S. to take leadership in the industry. He also promised to pardon Silk Road founder Ross Ulbricht if he gets elected.

  • Despite Trump's new pro-crypto promises, industry insiders like Adam Cochran of Cinneamhain Ventures warned against taking his promises at face value, especially considering Trump's history of not keeping promises and his previously anti-crypto position.

The social media accounts of famous traders, rappers and even Caitlyn Jenner are shilling tokens in what many believe is part of an orchestrated string of hacks.

  • The X account of American rapper Rich The Kid promoted the new token "RICH" to his 2.3 million followers. The token was launched on Solana memecoin creator tool Pump.fun.

  • Caitlyn Jenner’s X account also promoted a new memecoin "JENNER", which quickly reached a $27.1 million market cap within hours of its launch. People are debating whether the short by Jenner promoting the coin was a deepfake.

  • The crypto wallet used by Jenner in her promotion matches the one posted by adult content creator Kazumi, who was suspected of being hacked while promoting the coin "ZUMI" on May 20.

On May 20, the Bitcoin Layer2 development team BEVM released an ambitious technical yellow paper, "Taproot Consensus: A Decentralized BTC Layer2 Solution."

  • The BEVM team’s solution uses Bitcoin's strengths to address its scalability and limited smart contract functionality, incorporating elements from the Taproot upgrade like Schnorr signatures and MAST.

  • The Taproot Consensus system uses Bitcoin SPV light nodes and advanced Proof of Stake (PoS) mechanisms to enhance transaction verification and network security.

  • Compared to other BTC Layer2 projects like Mezo, Taproot Consensus offers better decentralization and security by integrating multi-signature networks and Byzantine fault-tolerant PoS mechanisms, avoiding reliance on a fixed number of signatories.

In the coming week, seven token unlocks are scheduled that could potentially impact the crypto market.

  • Multiple digital assets, including dYdX (DYDX), 1inch (1INCH), Axelar (AXL), Skale (SKL), Biconomy (BICO), and Sui (SUI), are scheduled for big token unlocks on June 1, 2024.

  • The unlocks include $67.77 million worth of DYDX, $30.78 million worth of 1INCH, $24.28 million worth of AXL, $17.30 million worth of SKL, $16.47 million worth of BICO, and $67 million worth of SUI.

  • These unlocks will add 98.7 million 1INCH, 33.30 million AXL, 195.25 million SKL, 28.88 million BICO, and 65.08 million SUI tokens to their respective circulating supplies.

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