Just 50 days before his reelection, Donald Trump took the time to hawk a new crypto platform.

If the country does not build out its cryptocurrency ecosystem, “we’re not going to be the biggest, and we have to be the biggest and the best,” Trump said on a livestream on X. “It’s very young and very growing. And if we don’t do it, China’s going to do it.” The livestream was sponsored by World Liberty Financial, which has given Trump the title “chief crypto advocate” and his sons, Barron, Eric, and Donald Jr., that of “Web3 ambassador.”

World Liberty Financial is the brainchild of Zak Folkman (the creator of an advisory firm called Date Hotter Girls LLC) and Chase Herro (an affiliate marketer who previously sold colon cleanses). It is a get-rich-quick scheme, and not one that seems designed to enrich its customers.

It is also an emblem of a financial world that Trump’s election seems set to supercharge, populated by young men who have seen their economic prospects stagnate, their faith in the United States falter, and a champion in a baggy business suit and a red baseball cap emerge. Think of it as the bro-economy: a volatile, speculative, and extremely online casino, in which the house is already winning big.

[Christopher Beam: The worst of crypto is yet to come]

Its first major market sector: day-trading. I don’t mean old-fashioned, small-dollar equity investing done at the kitchen table. I mean hyper-speculative betting done with borrowed money on mobile apps, as investors shitpost and infinite-scroll. Market-moving rumors come not from corporate conferences, but from sites like YouTube and the Subreddit WallStreetBets (tagline: “Like 4chan found a Bloomberg terminal”). Users at times coordinate to buy up a certain stock with the explicit goal of screwing over a hedge fund that had bet the stock would go down.

That’s what happened four years ago with GameStop: Redditors helped to push the share price up 8,000 percent. Now so-called meme stocks are resurgent. GameStop spiked this spring. Tesla climbed when Trump won. (Tesla is both a blue-chip stock and a meme stock; Elon Musk, the company’s founder, is one of Trump’s biggest donors and closest advisers, as well as being a storied internet troll and the owner of the social-media platform X.) “This rally seems unsustainable, even if you believe in the long-term growth story for the stock,” David Wagner of Aptus Capital Advisors told Bloomberg. “It makes no sense.”

As noted by the Federal Reserve Bank of St. Louis, this trading behavior is in part driven by market democratization. A decade ago, the fintech firm Robinhood pioneered commission-free trading, allowing individuals to buy stocks or other financial assets without paying any fees. Today’s apps also allow users to purchase fractions of a stock and do not set minimum balances, ushering in less wealthy investors.

The barriers to entry are low, yet the risks are high. Today’s young day-traders tend to make frequent transactions and gravitate toward exotic trades, when research shows that investors generate the best returns when they make simple investments infrequently. The apps encourage the piling-on of risk through push alerts, promotions, and other gamifications.

The second crucial market sector: sports betting. In 2018, the Supreme Court overturned a 1992 law banning commercial sports betting outside of Nevada. That paved the way for more than three dozen states to okay the practice; 30 states also allow residents to make wagers online.

It would be hard to overstate how much this has changed pro sports and the fan experience over the past half decade. Commentators talk about fantasy leagues and prop bets as much as they talk about the game; advertisements for sportsbooks are ubiquitous; millions of spectators keep DraftKings and FanDuel up on their second screen. An estimated two in five American adults engage in sport betting. One in four online bettors has wagered more than $500 in a single day. Americans staked $120 billion last year, double what they did in 2021.

Many die-hard fans love the rise of sports betting: It’s entertaining, engaging, a way to support your favorite players and dunk on your friends. Still, in a survey, 37 percent of online bettors said they “felt bad or ashamed” for losing money. Nearly 40 percent said they bet more than they should; nearly 20 percent said they lied about the extent of their betting, and the same share said they lost cash that was meant for their day-to-day financial obligations. A strong majority supported the federal government “aggressively” regulating the market, “to specifically protect customers from compulsive gambling.”

Third and last is crypto, which boomed into the mainstream a decade ago. Today, roughly one in three young people has traded in or used crypto. Sites such as Robinhood and Coinbase make purchasing easy. (Buying bitcoin used to take significant know-how and days of waiting.) The most recent bust, in 2022, seems to have done little to deter crypto’s most ardent fans.

There might be more of them soon. For years, Trump was anti-crypto. “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he wrote on Twitter five years ago. He added: “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Today, he’s not just promoting shady crypto start-ups. He’s promising regulation that would allow banks to offer crypto assets to clients, making the United States the “crypto capital of the planet and the bitcoin superpower of the world.” Industry-friendly rules would lead to a flood of cash entering the crypto markets, enriching anyone with assets already in their wallets, but also increasing volatility and exposing millions more Americans to scams, frauds, and swindles.

Day-trading, sports betting, and crypto are three floors in one bustling, high-stakes casino. Many folks trade crypto and meme stocks on the same platform, thumbing over to a second app to keep their sports bets going, thumbing over again to post their wins and losses. Apps have made the experience social. They have also made staking money as frictionless as ordering Uber Eats.

[Charles Fain Lehman: Legalizing sports gambling was a huge mistake]

The players in this casino are overwhelmingly young men, roughly 40 percent of whom are into sports betting and crypto. (A smaller minority is actively trading.) No surprise, Richard Reeves, the president of the American Institute for Boys and Men, told me, when I called to ask about the bro-economy. “Risk skews male, period, for good and for ill,” he said. “There’s this greater willingness, appetite for, vulnerability to, tolerance of risk.” He appreciated how the activities gave guys something to do together and talk about with one another. He also noted how many young men felt shut out of traditional wealth-building strategies, such as homeownership.

Still, the bro-economy exploits its users’ penchant for risk. Crypto companies and betting sites do not generate value; they take cash from their users, reshuffle it, and redistribute it, while keeping a cut for themselves. Postmodern trading platforms encourage excess, making their margins on esoteric trades and superfluous volume. The casino lacks guardrails, not to benefit the bettors, but to benefit the house.

Musk and Trump have given young men something to aspire to. But their ascendance makes the stricter regulation of the bro-economy unlikely—and, in the case of crypto, makes deregulation a sure thing. Guys are about to lose billions and billions of dollars a year on apps designed to obscure risk and keep them coming back for a dopamine hit. Trump and Musk can afford to lose huge sums. Most young American men cannot.

If this wasn’t the Podcast Election, it was certainly a podcast-y election. Millions of people watched the results come in on a handful of livestreams hosted by popular podcasters, including one hosted by Tucker Carlson from Mar-a-Lago, on which Donald Trump’s sons Donald Trump Jr. and Eric Trump appeared as guests.

Trump also enjoyed a late-breaking endorsement from Joe Rogan, host of the world’s most popular podcast. For the past several months, much was made about the Trump campaign’s podcast strategy, reportedly masterminded by Trump’s son Barron, which included interviews with the tech-world whisperers Lex Fridman and the All-In Podcast. Trump took advantage of every opportunity to be interviewed at length and in casual conversation for huge audiences of young men; Harris did not, and immediately after her loss, this stood out to many people as a big problem. As New York Times editor Willy Staley put it in a wry (or grim) post on X, there is now palpable “soul-searching among Democrats about the podcast situation.”

I spent Election Night watching a livestream hosted by The Free Press, the media company founded by the former New York Times writer Bari Weiss. The guest list was a strange assemblage of iconoclasts and establishment castoffs, and it was obvious from the comments that many viewers were just there to watch It Girls Dasha Nekrasova and Anna Khachiyan, hosts of the cultish podcast Red Scare, smirk and sip teensy glasses of champagne while barely saying anything. (One of Nekrasova’s longer sentences of the night was “He’s winning like crazy, right?”)

[Read: Bad news]

A little after 8 p.m., the former presidential candidate Andrew Yang called in from a parking lot in Philadelphia. “I gotta say, the vibe’s kind of Trumpy,” he told Weiss. He had voted for Kamala Harris, he told her, though he hadn’t been excited about it. He offered his critique of the campaign run by Harris and Tim Walz, which he felt was overly risk-averse and uncharismatic. Specifically, he called out the missed opportunity to appear on The Joe Rogan Experience, as both Trump and J. D. Vance had done. (Harris purportedly could have appeared on the show if she followed the host’s terms; in late October, Rogan wrote on X that, contrary to the campaign’s desires, he would not accept a one-hour time limit on the interview and that he wanted to record in his studio in Austin.) “It pisses me off,” Yang said.

“That was a gimme,” he went on. “The Rogan interview would have been almost entirely upside. It’s low-propensity male voters, people that are not inclined to vote for you, so you have nothing to lose.” On Carlson’s Election Night livestream, Elon Musk made a similar argument, alluding to the parasocial, possibly persuasive power of podcasts: “To a reasonable-minded, smart person who’s not hardcore one way or the other, they just listen to someone talk for a few hours, and that’s how they decide whether you’re a good person, whether they like you.”

As I watched, I felt annoyed. Rogan’s anti-vaccine rhetoric and anti-trans shtick—among many other bizarre statements, such as his claim that intelligence agencies provoked January 6—should make him radioactive for any politician, let alone a Democrat in 2024. And anyway, “more podcasts” sounds like a pretty desperate response to such a monumental loss. But these are stupid times.

According to exit polls, Harris did do poorly with young men. Yang was clearly correct that she had nothing to lose. As my colleague Spencer Kornhaber wrote on Thursday, Harris may have avoided Rogan’s three-plus-hour, formless interview format for fear of messing up, “but given who ended up winning the election, this … seems like an antiquated concern.” Was this the difference? Definitely not. But it was a difference. Next time, I would guess, Rogan and his ilk will not be snubbed; the oddball internet is mainstream enough to seriously court.

Obviously, political campaigns always prioritize making their candidates appear accessible, relatable, authentic, and so on. For a useful historical parallel, I looked to 1976—another election in which a key issue was inflation, a key concern was turning out disaffected young voters and restoring faith in American institutions, and a key problem with the Democratic presidential campaign was that many people said they had no idea what it was about.

Jimmy Carter, after seeing what an interview in Playboy had done for California Governor Jerry Brown’s polling numbers during the primaries, agreed to sit for his own. The interviewer, Robert Scheer, wrote in the introduction: “For me, the purpose of the questioning was not to get people to vote for or against the man but to push Carter on some of the vagueness he’s wrapped himself in.” But in September 1976, when the magazine published the 12,000-word Q&A, it was regarded almost immediately as a disaster. Carter infuriated Christians and gave satirists plenty to lampoon with his description of feeling “lust” and “adultery” in his heart at times. (Many also read parts of the interview as obliquely referring to his Democratic predecessor, Lyndon B. Johnson, as a liar.)

Scheer later said that the idea was to use the length and intimacy of the interview to answer the questions of young voters who “wondered if he was this Southern square.” He also thought that the interview had done exactly what the campaign wanted it to, even if it had made them nervous in the process.

Voter turnout in 1976 was abysmal, as expected in the aftermath of Watergate. But, although the interview was regarded by the national media as a major gaffe, apparently many voters didn’t think about it that way. Some were asked about it in polling conducted the same week it was published—of 1,168 respondents, 289 said they hadn’t heard about the interview, while 790 said they had but it hadn’t changed their minds. Carter did lose some small number of voters, at least in the moment—28 respondents said that the interview had caused them to change their vote from Carter to Gerald Ford, while only four said it had caused them to change their vote from Ford to Carter.

[Read: Why Democrats are losing the culture war]

In the end, Carter won with a narrow margin in the popular vote and outperformed Ford with voters ages 22 to 44, while falling short with voters 45 or older as well as with those 18 to 21. Voters recorded their feelings about the Playboy interview again in exit polls. They were asked whether there was anything they disliked about Carter and given eight choices of response, “I didn’t like his Playboy interview" among them. Again, the respondents said that they cared little about it. (They cared more that he was too pro-union.)

If you read all the critiques of the Harris campaign being written right now, you could come to the conclusion that she was both too online and not online enough. She misunderstood her youth support by looking too much at the wrong parts of TikTok; she went on Call Her Daddy, a massively popular podcast that began as part of the Barstool Sports extended universe but was, I guess, the wrong part. She won the endorsement of the two most popular musicians in the world, whose fans wield a ton of online “power,” however you define it. The default political and cultural stance on the Girl Internet is liberal to leftist and was pro-Harris, so maybe she spent too much time there and not enough in unfriendly corners.

There’s a more compelling case this time around that online misogyny had something to do with the results than there was after Trump’s first victory, in 2016, when reporters were so quick to explain how young men were radicalized in spaces like 4chan—a website that was always fairly niche, even if it did influence broader internet culture in certain ways. Today, discontented men are among the most popular influencers on major platforms.

The next Democratic candidate will surely sit for Rogan wherever he asks them to sit. They won’t have a choice. They’ll have to take the risk and act like they have nothing to lose—right now, that’s certainly the truth.