The Collision of Old and New Capital: The Power of Technology on the Political Stage

Trump's candidacy again has ushered in a new stage in the relationship between cryptocurrencies, Web3, and real-world politics. Beyond the surface-level appointments of friendly figures to key positions, the influence of certain behind-the-scenes players is equally significant, including Peter Thiel.

Thiel is not only one of the founders of PayPal, a prominent venture capitalist, and an important figure in Silicon Valley, but he is also deeply involved in politics. If a certain well-known entrepreneur is the main character in this "Trump deal", then Thiel is more like the strategist behind the scenes. His influence may impact the discourse and decision-making participation of tech capital in the US and even the global political arena for a considerable amount of time in the future.

In 2011, 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. His remarks deeply resonated with J.D. Vance, a student in attendance at the time, prompting him to rethink his career planning.

Under Thiel's influence, Vance abandoned his traditional legal career and joined Thiel's venture capital firm, beginning his foray into the world of venture capital. During this time, Vance wrote the memoir "Hillbilly Elegy," which details his upbringing in a working-class family in Ohio.

After its publication, the book quickly became a bestseller and was seen as revealing the mindset of Trump's supporters. Interestingly, Vance, who is now Trump's deputy, garnered widespread attention for his work at the time, which also allowed him to emerge in the political arena, although he initially held a critical attitude towards Trump. Through Thiel's introduction, Vance gradually established a connection with Trump.

Thiel not only arranged a meeting between the two but also provided significant support for Vance's political career. He donated $15 million to the super PAC supporting Vance, setting a record for the largest donation to a single Senate candidate.

With Thiel's support, Vance successfully elected as a senator from Ohio in 2022, and in 2024, Trump announced Vance as his vice presidential running mate. 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 seems more like the prelude to a power reshuffle within capitalism. The "new money," represented by the tech nouveaux riches of Silicon Valley, is challenging the "old money" represented by Wall Street, vying for greater discourse power and rights to profit distribution.

The rise of the new aristocrats in Silicon Valley is not a coincidence. Over the past decade, emerging fields represented by AI and cryptocurrencies have become the engines of economic growth. These emerging industries emphasize efficiency, innovation, and decentralization, with a common appeal for "less regulation." From Web3 to AI, "decentralization" and "liberalization" have become their core narratives, and this vision is simple yet compelling: higher technological efficiency, more capital flow, and even the potential to redefine the rules of wealth creation.

This easily evokes the contradiction between the BRICS countries and the existing international governance structure. However, as the main beneficiaries of the international trade system, BRICS countries are more seeking to achieve redistribution within the rules rather than completely overthrowing the existing order. This gradual "reform" path is, to some extent, a challenge to stability.

In contrast, the demands of the new elites in Silicon Valley are completely different. They do not want to fight for a fairer distribution of resources under existing rules, but instead seek to reshape the rules themselves. For example, they hope to implement capitalism with "efficiency" at its core and "less regulation." For these emerging forces, regulation and rules mean constraints that hinder free innovation and the expansion of technological boundaries.

But the problem is that this path of liberalization and deregulation will inevitably further strengthen the dominant position of tech giants and capital giants. Technologies such as AI and cryptocurrencies will concentrate wealth more efficiently, accelerating the widening gap between the rich and the poor, while also further marginalizing the interests of traditional industry workers, who are part of Trump's base.

This inherent contradiction may become a deep-seated driving force for the tearing apart of American society in the future. From a longer-term perspective, whether the American political and economic system can find a balance between "new money" and "old money" in the next four years, or even longer, will directly determine the ultimate direction of this power reshuffle.

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

The outcome of this struggle is not only related to the political and economic landscape of the United States, but it will also have a profound impact on 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 its key lies in how to redefine the distribution patterns of power, resources, and rules.

Cryptocurrency and AI will undoubtedly be the main battleground. The entire cryptocurrency field is not only a symbol of so-called decentralized finance and capital liberalization but also a key tool for Silicon Valley tech capital to counter traditional finance and reshape the rules.

It is precisely for this reason that the future is also full of opportunities. Whether it is AI, 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 amidst conflicting interests.

From "Trump's Deal" to Thiel's behind-the-scenes layout, what we are witnessing is not just an election, but a contest over the rules of the future. This is bound to be a profound struggle over resources, power, and rules.