Bitcoin is to its devotees what the wafer is to Catholics — an article of faith. It also goes with a collection box. It is a safe bet that Donald Trump’s recent conversion to bitcoin is motivated by the big donations that come with it. Which puts his Democratic opponent Kamala Harris in a bind. Harris would like to protect retail investors from an asset class that often resembles a Ponzi scheme. But America has an army of crypto investors — roughly 40mn — that in a tight election cannot be disrespected.

In practice, most of the serious crypto investors will already be voting for Trump. To Trump’s surprise, he discovered at a bitcoin conference last weekend that their bête noire is Gary Gensler, chair of the Securities and Exchange Commission. Gensler believes crypto should be regulated. “I didn’t know he was that unpopular,” said Trump following a prolonged cheer. “Let me say it again, on day one I will fire Gary Gensler.” This was also a surprise to many Democrats, who had little idea that Gensler was a George Soros-type demon in the crypto world.

America’s bitcoin politics is both electoral and substantive. The voting piece is easiest to grasp. Many have questioned Trump’s decision to select JD Vance, the Ohio senator, as his running mate. By conventional measures, Vance has been a disastrous pick. His approval ratings are underwater. His standing with most women voters is unsurprisingly low given his disdain for those who choose not to give birth, or are unable to.