New Money vs. Old Money: Who Will Win?

The results of the 60th U.S. Presidential election are about to be revealed, with voting beginning on November 5th Eastern Time. Former President Donald Trump from the Republican Party will face off against Vice President Kamala Harris from the Democratic Party in the final contest.

Historically, U.S. elections have captured the world’s attention, and this time, American voters have also rarely shown such distinct political attitudes, including the usually low-key Silicon Valley.

Musk, representing the new super-rich in the tech field, has donated at least $75 million to Trump’s campaign team and personally took to the campaign stage to passionately support “Crypto President” Trump. Like Musk, the Winklevoss brothers, who are internet celebrities in the cryptocurrency industry, also clearly support Trump. On the other hand, Bill Gates, representing the old super-rich, donated $50 million to Harris’s team. Both the new and old money tycoons are investing heavily in money, time, and resources to support their respective parties in the hope of future support. As we all know, behind the competition of the two parties in the U.S. election is also a competition of financial strength. So, in this war between new and old money, who will ultimately prevail?

It is widely believed that although Harris changed her stance in September this year, expressing encouragement for innovative technologies in AI and digital assets, Trump’s rise to power would give cryptocurrency practitioners and investors greater confidence. The party Harris belongs to has always been strict in curbing the development of cryptocurrencies, making cryptocurrency investors realize how important it is to elect a president who can provide favorable policies. When Trump’s support rate reached 52%, the price of Bitcoin once reached $73,620, almost equal to the historical record. The future price of Bitcoin still awaits the outcome of the U.S. election. A significant fluctuation in the coin price is almost inevitable and is imminent.

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