In a special episode, The BitPinas Webcast brought together seven highly respected individuals in the local crypto community and joined by BitPinas Editor-in-Chief Michael Mislos to discuss the effects of Donald Trump’s victory on the crypto industry, regulation and market performance. cryptocurrencies here in the Philippines.
- The interview took place in episode 58 of the BitPinas Webcast, an educational program that talks to people, both Filipinos and other races, who advance the crypto industry.
In focus: Another history was created on November 5, 2024 when the US election result elected Donald Trump after being ousted after his first term in 2020.
- Recent news: Trump has repeatedly said that he is “pro-cryptocurrency” and the broader crypto community has supported his White House bid, speculating that cryptocurrency adoption and better regulation would be promoted under his influence.
The following excerpt, edited for clarity, of the webcast, focuses on guests’ thoughts on how a “pro-crypto” Trump administration will bring importance to the crypto industry in the Philippines.
Interview on how Trump’s presidency affects #CryptoPH
Michael Vincent Mislos, Editor-in-Chief of BitPinas: Are there any changes we might see in adoption regulations or trends in the Philippines as a result of a Trump victory?
Additionally, would there be more long-term negative impacts on the global economy and cryptocurrencies given Trump’s stance on geopolitics?
Point 1: PH has delayed actions in adopting US regulations
Gilbert Lazaro, Content Creator also known as TitoVlogs: As for Trump’s policies and their impact on cryptocurrencies, I think it is unlikely that we will see significant changes here in the Philippines. Our country tends to follow the United States, but there is a delay in adapting policies.
Right now, we are still in the early stages of understanding crypto regulations. Although initiatives exist, they are not yet comprehensive. Unless the United States passes clear laws during Trump’s possible term, the Philippines will not have sufficient basis to develop similar regulations.
Cryptocurrencies are not yet a high priority here because the adoption rate is not substantial enough for policymakers to focus on them. Platforms like BitPinas and other programs play an essential role in educating Filipinos about cryptocurrencies, even if they are not actively investing yet. Understanding is crucial as blockchain and web3 are part of the future whether people are ready to adapt or not.
Luis Buenaventura, director of Crypto, GCash: I agree with Tito Vlogs. The Philippines is often slow to adopt US policies.
Point 2: PH’s war against unlicensed CEXs will continue
Bonaventure: However, I want to point out a key current trend: the Philippine SEC is banning popular international exchanges and trading platforms such as Binance, eToro, OctaFX, Bitget, and OKEx. This trend is likely to continue, regardless of US policies.
These moves are not strictly about cryptocurrencies, but rather about ensuring that trading platforms are properly licensed. Unfortunately, few platforms meet these criteria, which negatively affects Filipino merchants. Many global platforms find it too difficult to meet local compliance requirements and voluntarily withdraw as eToro did. This reflects the difficulties in navigating our regulatory landscape.
Point 3: The slow adaptation and advancement of PH not only in crypto
John James Genove, content creator, aka The Resistance Trader: Tito Vlogs and Luis’s ideas seem accurate to me.
Policy adoption in the Philippines is notoriously slow, not only in crypto but in various sectors such as broadcast standards. If we are still dealing with fundamental issues like Internet distribution, expecting rapid regulatory adaptation for something as complex as cryptocurrencies is unrealistic. The main challenge remains infrastructure and accessibility.
Point 4: On the effects of Trump’s geopolitical plans on cryptocurrencies
Genoa: As for long-term global impacts, Trump’s “America First” approach could have broader economic consequences. However, the decentralized nature of cryptocurrencies means that the community has significant influence. Market trends driven by supply and demand are resistant to policy changes, so the impact could be mitigated.
Omitted: John, I have an additional question: will Trump’s “America First” stance have a more negative impact on cryptocurrencies in the long term?
Genoa: Trump’s “America First” stance, as we saw in his previous administration, could indeed create challenges for global markets, including crypto. While US policies influence cryptocurrencies, the decentralized nature of blockchain means that the consensus of the global community can cushion negative impacts. Supply and demand, driven by the crypto community, often dictate price trends more than individual government policies.
Omitted: Harry, any thoughts on whether Trump’s “America First” policy could negatively affect cryptocurrencies in the long term?
Harry Santos, Senior Brand and Partnerships Manager, PDAX: As Luis mentioned, the Internet has no inherent borders, unlike physical goods that face tariffs. While certain platforms can be banned, imposing restrictions on software and blockchain is more difficult.
This situation has more to do with geopolitical competition, particularly with China, than with affecting countries like the Philippines. If we can develop impactful web3 projects, these policies may not have a significant negative effect on us.
The Philippines is also becoming a major market for web3 and cryptocurrencies, attracting major projects like VANA and Celo, which continue to expand here.
Omitted: Joseph, any additional ideas?
Joseph Lejarde, trader and analyst, also known as The WhizKid Trader: Yes, Trump’s “America First” policy, which we saw during his first term, involved unpredictable foreign relations and tariffs, especially with China. His focus was on strengthening the American economy, which affected the dynamics of world trade.
While cryptocurrencies may not be a direct target, related policies on global currencies and markets could have ripple effects. Trump’s approach has historically reduced geopolitical conflicts, such as tensions between North and South Korea, and between China and Taiwan.
If Trump returns to power, similar results could occur, potentially easing certain global tensions but having mixed impacts on cryptocurrencies.
Point 5: About the relationship between Bitcoin and the US dollar
Aldrin Rabino, content creator, also known as Crypto4chun: I would like to share some thoughts on the dynamics between Bitcoin and the US dollar. We have seen that the dominance of the US dollar can influence the performance of Bitcoin. If Trump seeks to reinforce the dollar’s dominance, it could pose challenges for Bitcoin.
Point 6: On Trump’s plans to implement a Bitcoin reserve
saints: One point I remembered: Trump once mentioned a possible Bitcoin reserve in the United States. If that promise were fulfilled, it could reshape global dynamics, prompting other countries to follow suit, similar to the example of El Salvador. This would significantly change the balance of power in cryptocurrencies.
You can listen to the clip above or watch and listen to the full webcast in the video below or at Facebook:
Keep watching the BitPinas webcast and read this website to see interviews with the people advancing the crypto industry in the Philippines.
This article is published on BitPinas: Interview Clip: Will Trump’s Presidency Affect Crypto Regulations in PH?
What else is happening in Crypto Philippines and beyond?
