The Struggle of Old and New Capital in the Trump Era: The Game Between Tech Giants and Traditional Forces

Trump may be elected president again, marking a new phase in the relationship between cryptocurrency, Web3, and real-world politics. In addition to the friendly appointments of key positions such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, the influence of some important behind-the-scenes figures cannot be overlooked, including tech investment tycoon Peter Thiel.

Peter Thiel is not only a well-known venture capitalist and an influential figure in Silicon Valley, but his involvement in the political arena is also highly impactful. If the CEO of Tesla is the main character in this political shift, then Peter Thiel is more like the strategist behind the scenes. His influence may profoundly affect the discourse and decision-making participation of tech capital in the political arena in the United States and globally in the coming years.

In 2011, Peter Thiel criticized society's blind adherence to traditional career paths during a speech at Yale Law School, emphasizing that technological innovation should address real problems rather than pursue superficial prosperity. This statement deeply resonated with J.D. Vance, a student present at the time, prompting him to rethink his career plans. Influenced by this, Vance abandoned a traditional legal career and joined Peter Thiel's investment firm, venturing into the field of venture capital.

During this period, Vance wrote the memoir "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 vice president, Vance initially held a critical attitude towards Trump, but gradually established a connection with him through the recommendation of Peter Thiel.

Peter Thiel not only arranged a meeting between the two but also provided significant support for Vance's political career. He donated a large sum of money to the political action committee supporting Vance, setting a record for the largest donation to a single Senate candidate. With Peter Thiel's support, Vance successfully elected as the senator of Ohio in 2022 and became Trump's running mate in the 2024 vice presidential campaign. This reflects the influence of some conservative forces in Silicon Valley within American politics.

However, this is not just a personal power struggle story, but rather a structural shock and interest game within the entire capitalist system. This year's U.S. presidential election is more like the prelude to a power reshuffle within capitalism. The "emerging capital," represented by the new tech elites in Silicon Valley, is challenging the "traditional capital," represented by Wall Street, for greater discourse power and profit distribution rights.

The rise of the new elites in Silicon Valley is no coincidence. Over the past decade, emerging fields represented by artificial intelligence and cryptocurrencies 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 artificial intelligence, "decentralization" and "liberalization" have become their core narratives, and this vision is simple yet appealing: higher technological efficiency, more capital flow, and even the possibility of redefining the rules of wealth creation.

In the long run, whether the political and economic system in the United States can find a balance between "emerging capital" and "traditional capital" in the coming years will directly determine the ultimate direction of this power reshuffle. For "traditional capital," they need to adapt more flexibly to the social changes brought about by new technologies, while at the same time defending their core position in rule-making. On the other hand, for "emerging capital," they need to persuade a broader society to accept the cost of wealth redistribution brought about by technological expansion.

The outcome of this struggle not only concerns the political and economic landscape of the United States but will also profoundly impact the future direction of global capitalism. This may also be a microcosm of the transformation of global capitalism. In short, a new era that is more globalized and technology-driven is approaching, and the key lies in how to redefine the distribution patterns of power, resources, and rules.

Cryptocurrency and artificial intelligence will undoubtedly be the main battleground. The entire cryptocurrency sector is both a symbol of so-called decentralized finance and capital liberalization, and a key lever for technological capital to counter traditional finance and reshape the rules.

The future is also full of opportunities, whether it is artificial intelligence, cryptocurrencies, or other emerging fields, their core narratives remain attractive: freedom, efficiency, and innovation. This process will also test whether all parties can find a compromise amid conflicting interests.

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