It’s easy to forget that just two years ago, everything was different for Bitcoin. In fact, at the time, many were wondering if the death blow had finally been dealt to Bitcoin and cryptocurrency in general.

Those were very dark days and times that many of us would rather forget, but it’s vital for Bitcoin’s survival that we always remember.

After all, we were fresh off the bull cycle that ultimately was considered a disappointment, where prices didn’t even come close to approaching the levels that most of us had been anticipating. The largest reason for this was the corruption, leverage, and rehypothecation that were taking place in the industry.

One of the most hyped services in crypto last cycle was the ability to lend out your crypto to a third-party company to earn a yield. Companies such as BlockFi, Celsius, and the list goes on. During the peak of their service, many of these companies were offering a yearly APY of over 6% for lending out your Bitcoin. Something that was unprecedented at the time.

I was just as guilty as anyone. During this time, I was all about using these services. For a short time, it was great, and was a large part of my strategy to increase my Bitcoin portfolio last cycle. But then the rug was pulled out beneath us, and most of these companies went bankrupt, resulting in many customers losing their money.

Last cycle could easily be summed up as the time of self-inflicted wounds to crypto. With all of the leverage and companies becoming bankrupt, finally capped off with FTX’s fraud being discovered, which destroyed the industry’s image, which it is still recovering from.

Fast-forwarding to today, investors have quickly forgotten how dire the mood in the market was. However, there was one factor that was truly making people question what kind of future cryptocurrency would have, or if it would have a future at all.

Just a few years ago, during the President Biden administration led by Elizabeth Warren and Gary Gensler, they had quickly made cryptocurrency enemy number one.

It quickly became evident that their main purpose wasn’t to regulate our industry, but to kill it. The SEC was handing out lawsuits to everyone like it was candy. It came to a point where crypto companies began avoiding the US altogether. If that wasn’t enough, we were also experiencing “Chokepoint 2.0,” where the government was trying to essentially choke off access to crypto from the banks. It’s easy to forget how dark those days were.

However, against all odds, Donald Trump was elected president with a very crypto-friendly approach. All of a sudden, we went from crypto might not having a future, to arguably entering its golden age. Finally, we began to receive fair crypto regulation that gives us rules to play by and also confidence in its future. Bitcoin had quickly become a legitimate asset, with the US creating its own Bitcoin Strategic Reserve, and with BlackRock and other BTC ETFs gaining unprecedented popularity. We had reached a point in Bitcoin’s life where people aren’t debating if it will survive or not; instead, they are wondering just how many millions of dollars per coin it will be worth in the future.

With all of that said, the hard truth is that you need to always be expecting the unexpected with Bitcoin. The reality is that in just 3 years, there will be another Presidential election in the US. If the Republicans win, it is very likely that the golden age for crypto will continue, and we could potentially see prices beyond our wildest dreams. However, there is just as high a chance that the Democrats will win the election as well.

If the Democrats win, maybe they will leave Bitcoin and crypto alone. Maybe they will have learned just how large and passionate its user base has become. A user base that they cannot afford to make angry. But, depending on which person wins, there is also a high chance that they could reverse all of the positive regulations and strides we’ve had this year. They might even come back with a vengeance and become even harsher toward crypto. An event that could not only hurt crypto prices, but also set back this industry by several years.

It is always important to consider all possible outcomes for Bitcoin. This helps you to be prepared for any outcome. Today seems incredibly bullish, especially with the Trump administration being so friendly toward crypto. However, that might not last forever, especially if the other side wins.

How about you? If the Democrats win the next election, do you think that will bring dark days for Bitcoin and crypto?

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As always, thank you for reading!