Why Trump did a 180 on crypto

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A new FDIC survey reveals only 4.2% of U.S. households use crypto, mostly as investments, with higher usage among wealthy, white, and Asian households. Unbanked households remain the least likely to adopt crypto at just 1.2%.

TL;DR

FBI raids Polymarket CEO: Federal agents seized Polymarket founder Shayne Coplan’s electronics, sparking accusations of political retaliation after the platform’s Trump-win predictions. Industry leaders call it heavy-handed.

Trump’s crypto flip: Once a Bitcoin critic, Trump now vows to make the U.S. the “crypto capital.” With plans to fire SEC Chair Gensler and loosen regulations, his pivot has Bitcoin soaring past $86K.

TV meets Web3: TV’s depth and reach make it the perfect tool to demystify blockchain for mainstream audiences, bridging the gap between tech-savvy insiders and everyday users.

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FBI raids Polymarket CEO’s home, sparks accusations of political retaliation

What happened: Shayne Coplan, the 26-year-old founder of Polymarket, awoke to an FBI raid at his New York City apartment on Wednesday. Federal agents seized his electronics, reportedly investigating allegations that Polymarket facilitated illegal offshore betting—a violation of U.S. gambling laws.

Why it matters: Polymarket gained attention for predicting Donald Trump’s reelection win earlier than traditional polls, with odds favoring Trump flipping key states. The raid’s timing, during the final days of the Biden administration, has sparked accusations of political retaliation from Polymarket, which called it “obvious political retribution.”

Industry backlash: Crypto leaders, including Coinbase CEO Brian Armstrong, criticized the move as heavy-handed and politically motivated. Polymarket’s decentralized structure, which uses blockchain for anonymous transactions, has faced scrutiny for potential market manipulation practices like wash trading.

Bigger picture: The raid comes as Trump’s transition team prepares to overhaul federal law enforcement, with plans to install Rep. Matt Gaetz as its head. Critics argue the Biden administration’s actions risk overshadowing key political shifts and alienating pro-business voters.

What’s next: Coplan urged Democrats to reflect on their approach, suggesting a more pro-startup stance might have improved their electoral fortunes. Meanwhile, the raid raises questions about the balance between enforcing laws and perceived political overreach in a deeply polarized climate.

Why Trump did a 180 on crypto

Donald Trump once dismissed Bitcoin as a “scam,” but now he’s championing the U.S. as the “crypto capital of the planet.” What changed?

The shift: Trump’s conversion seems driven by strategic campaign moves, including significant Bitcoin donations and polls showing strong support from libertarian crypto enthusiasts. Key ally Elon Musk, known for his crypto advocacy, likely influenced Trump’s pro-crypto pivot.

The plan: Trump’s January to-do list reportedly includes firing SEC Chair Gary Gensler, a known crypto critic. This move aligns with his broader promise to ease regulations and foster a friendlier environment for the crypto industry.

Market impact: Bitcoin surged 25% post-election, hitting $86,000 and sparking predictions of $100,000 before inauguration. Trump’s pro-crypto stance has energized the market, though skeptics warn of Bitcoin’s volatility.

The big picture: Trump’s embrace of crypto underscores his ability to capitalize on emerging trends—and the voters who back them. Whether this gamble pays off for the economy or devolves into financial chaos remains to be seen.

Why TV could be Web3’s best ally

Television, often dismissed as old-school, remains a powerful tool to educate the masses about blockchain and Web3 technologies. Unlike bite-sized TikToks, TV offers the depth and reach needed to demystify complex concepts for a broad audience.

The big picture: With 97% of U.S. households owning a TV, the medium has unparalleled access to mainstream audiences. While social media excels at grabbing attention, it often oversimplifies, making it ill-suited for unpacking topics like DeFi or decentralized identity.

Proven formats: Shows like Shark Tank and The Joe Rogan Experience demonstrate how longer formats can blend education with entertainment, creating engaging content that informs and inspires. For example, Italy’s Rai Uno successfully introduced blockchain basics to millions with its special, #Codice.

Why it matters: Web3 pioneers often focus on tech-savvy audiences, but to achieve true mass adoption, the messaging needs to resonate with everyday people. TV provides the “breathing room” to explain blockchain’s transformative potential without dumbing it down.

The takeaway: Web3 projects should embrace TV alongside short-form content, leveraging its ability to turn skeptics into believers. If blockchain is to go mainstream, it needs to step out of Discord echo chambers and into the living rooms of the world.

WEB3 NOTES

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