At the start of the Republican Party Convention in Milwaukee, Wisconsin, Donald Trump announced who will be the Vice President of the USA if he is re-elected. It is 39-year-old J. D. Vance, the Republican senator from the state of Ohio.
What is interesting about this selection is that Vance himself holds Bitcoin and would therefore be the first "Bitcoin Vice President" of the USA - if Donald Trump is elected to the White House in November of this year.
Is J. D. Vance a bitcoiner?
According to his most recent financial disclosure, the 39-year-old held between 100,001 and 250,000 US dollars in Bitcoin at the end of 2022. To the extent that J. D. Vance has not sold his holdings, his Bitcoin position is likely to have increased significantly due to the asset's price gains alone since then. Since the low in November 2022, the price of Bitcoin has roughly quadrupled to date.
It is also conceivable that Vance has increased his Bitcoin position even further - however, there is currently no more up-to-date information on the portfolio of the potential next Vice President of the USA. The Republican's net worth is estimated at between 5 and 10 million US dollars.
One fly in the ointment: according to the financial disclosure at the time, J. D. Vance held the Bitcoin on the Coinbase platform. With Bitcoin, however, only the coins in self-custody really belong to you. Because only then are you the only person who controls the Bitcoin. The advantages of Bitcoin over other forms of money or asset classes - such as resistance to censorship and non-confiscation - can only be experienced in full with self-custody.
Potential vice president is pro-Bitcoin?
The fact that J. D. Vance holds or has held Bitcoin alone indicates his sympathy for the asset class. However, the senator from the state of Ohio has also attracted attention in this regard in other ways. For example, he voted in favor of H.J. Resolution 109, which would have resulted in more Bitcoin-friendly banking regulation in the US.
Vance is also an opponent of SEC Chairman Gary Gensler. He has publicly described him as the "worst person". One of the reasons for this is the controversial crypto regulation of the US Securities and Exchange Commission.
If there is a candidate for the worst person, it is Gary Gensler.
J. D. Vance
Although J.D. Vance did not report any positions in digital assets other than Bitcoin, he also appears to be "pro-crypto". This is also evident from his dislike of Gensler. Strong criticism of the SEC chief can be heard primarily from the camp of crypto supporters, as the SEC has primarily targeted crypto projects and companies in the past, but less so Bitcoin.
This attitude of Vance could be problematic insofar as crypto companies often draw attention to themselves by lobbying against Bitcoin. There is also the risk that if the CFTC were to oversee the Bitcoin market instead of the SEC, even stricter regulations could be threatened.
Ultimately, the dislike of Gary Gensler can be seen among pretty much all relevant Republicans. Donald Trump himself has already publicly criticized Gensler for his anti-crypto stance. And Trump supporter Vivek Ramaswamy, who was previously considered for vice president and has taken a clearly pro-Bitcoin stance, also clashed with the SEC chief at the end of last year.
First pro-Bitcoin government in the USA
According to the betting markets, the probability of Donald Trump becoming the next US president is currently more than two-thirds - after the failed assassination attempt on the presidential candidate last weekend, this has risen significantly once again.
The ex-president has a positive attitude towards Bitcoin. Even if it is not known whether the 78-year-old holds the asset himself, he has spoken out in favor of it several times in recent weeks. Next Saturday, the presidential candidate will also appear at the largest Bitcoin conference in Nashville.
It remains to be seen what impact Trump as President and Vance as Vice President will have on the development of Bitcoin in the US. The pro-Bitcoin stance is already firmly integrated into the draft of the Republican party platform, which will be finalized this week - including the protection of financial privacy and the right to self-custody of digital assets.
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