The Struggle of New and Old Capital on the Political Stage: Trump, Peter Thiel, and the Future of Crypto Assets

Trump's election marks a new phase in the relationship between Crypto Assets, Web3, and real-world politics. In addition to the highly publicized high-level appointments, the influence of some behind-the-scenes figures cannot be overlooked, among which Peter Thiel is a key player.

Peter Thiel is not only a well-known figure in the tech industry but also a low-profile yet highly influential political participant. If a certain tech giant is the front-stage protagonist of this "Trump deal," then Peter Thiel seems more like the strategic mastermind behind the scenes, whose influence may shape the position of tech capital in the political arena of the United States and even globally for a considerable time to come.

Peter Thiel: The Political and Capital Impulse of J.D. Vance

The relationship between Peter Thiel and J.D. Vance dates back to a speech in 2011. Thiel criticized society's blind adherence to traditional career paths, emphasizing that technological innovation should address real-world problems. This statement deeply influenced J.D. Vance, who was present at the time, prompting him to rethink his career plans.

Under Thiel's influence, Vance abandoned the traditional legal profession, joined Thiel's venture capital firm, and began to delve into the field of venture capital. During this time, Vance wrote a memoir titled "Hillbilly Elegy," which describes his upbringing in a working-class family in Ohio. The book quickly became a bestseller after its publication and is considered to reveal the mindset of Trump supporters.

Interestingly, as Trump's current deputy, Vance initially had a critical attitude towards Trump. However, under Thiel's recommendation, Vance gradually established a connection with Trump. Thiel not only arranged meetings between the two but also provided significant support for Vance's political career, including substantial political donations.

With Thiel's support, Vance was successfully elected as a senator from Ohio in 2022 and became Trump's vice presidential running mate in 2024. This reflects Thiel's key role in shaping Vance's political career and also demonstrates the influence of some conservative forces in Silicon Valley in American politics.

Capital Power Reshuffle: The Duel of Old and New Capital

This year's US presidential election resembles the prologue to a power reshuffle within capitalism. The "new capital" represented by Silicon Valley's tech elites is challenging the "old capital" represented by Wall Street, vying for greater discourse power and profit distribution rights.

The rise of Silicon Valley's new elites is no coincidence. Over the past decade, emerging fields represented by AI and Crypto Assets have become the engines of economic growth. These emerging industries emphasize efficiency, innovation, and decentralization, calling for "less regulation" as a common demand. From Web3 to AI, "decentralization" and "liberalization" have become their core narratives, and this vision is simple yet attractive: higher technological efficiency, more capital flow, and potentially redefining the rules of wealth creation.

However, this path of liberalization and deregulation will inevitably further strengthen the dominant position of technology giants and capital giants. Technologies such as AI and Crypto Assets will concentrate wealth more efficiently, accelerating the widening gap between the rich and the poor while further marginalizing the interests of traditional industrial workers, who form the base of Trump’s support. This inherent contradiction may become a deep-seated driving force for the future fragmentation of American society.

The Balance of New and Old Forces: Key Choices for the Future

In the long term, whether the future political and economic system of the United States can find a balance between "new capital" and "old capital" will directly determine the final direction of this power reshuffle.

For the "old capital," they need to adapt more flexibly to the social changes brought about by new technologies, while also defending their core position in rule-making. For the "new capital," they need to persuade a broader society to accept the costs of wealth redistribution brought about by technological expansion.

The outcome of this struggle concerns not only the political and economic landscape of the United States but also has far-reaching implications for the future direction of global capitalism. In short, a new era that is more globalized and technology-driven is approaching, and its key lies in how to redefine the distribution patterns of power, resources, and rules.

Crypto Assets and AI will undoubtedly be the main battleground. The entire Crypto Assets field symbolizes both so-called decentralized finance and the liberalization of capital, and serves as a key lever for technology capital to counter traditional finance and reshape the rules.

The future is also full of opportunities, whether it is AI, Crypto Assets, or other emerging fields, their core narratives still possess attractiveness: freedom, efficiency, innovation. This process will also test whether all parties can find a compromise amidst conflicting interests.

From "Trump trade" to Peter Thiel's behind-the-scenes layout, what we see is not just an election, but a battle for the future rules. This is destined to be a profound struggle over resources, power, and rules.