President Trump’s budget proposition released in early February contained little concern about investing in new technologies involving the blockchain and cryptocurrencies. This, in spite of a host of pro-blockchain advisors and global interest in blockchain, could reveal a lack of understanding by the president.
In stark contrast, billionaire presidential hopeful Mike Bloomberg has called for substantial activity in the new field. For example, he has suggested a ‘FinTech Sandbox’ for new innovation, as well as updated guidelines for cryptocurrency regulation.
Trump’s Head in the Sand
President Trump’s cabinet, including his acting chief of staff and director of the OMB Mick Mulvaney and senior advisor and son-in-law Jared Kushner, are pro-blockchain. Kushner has even come out in favor of Bitcoin and has publicly stated that he owns the cryptocurrency.
Were that not enough, Mulvaney has already said that blockchain technology should be a special case, stating,
“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy, and the delivery of government services.”
Is Bloomberg Any Different?
However, in spite of Bloomberg’s different approach, the presidential hopeful may not offer much more for Bitcoin.
While he would allow for blockchain technology innovation, his economic policies could potentially cause an economic slowdown, which could result in lessened innovation.
Bloomberg’s more authoritarian wage and income structure (note his $15 federal minimum wage suggestion) could stifle the innovation that has begun under Trump’s more laissez-faire policies. Such an economic structure, in spite of promises, would have a massive impact on how the U.S. stands in the global technology environment.
Regardless of which candidate wins the presidency, whether it’s Bloomberg, Trump, or another candidate, the blockchain appears to be here to stay. Chinese President Xi Jinping has already said that the blockchain could be more important than the internet.
The only question that remains is whether America will be at the center of the innovation. Without changes from the top, the country may be left behind in the new category explosion.