HomeNewsThe Role of Bitcoin in the 2024 U.S. Presidential Election: Candidates' Stances

The Role of Bitcoin in the 2024 U.S. Presidential Election: Candidates’ Stances

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  • Marathon Digital’s CEO suggests President Biden may negatively impact Bitcoin, contrasting Trump’s pro-crypto stance.
  • Poll labels the 2024 U.S. Presidential election as the “Bitcoin Election” due to digital assets’ influence on politics.

As the U.S. gears up for the 2024 presidential election, cryptocurrency has become a key issue, reflecting its increased adoption and importance in American society.

Bipartisan Political Issue – Source: Grayscale

According to a Harris Poll survey for Grayscale, the number of cryptocurrency users in the U.S. has experienced rapid growth, showing the significant interest and potential impact of this demographic on electoral outcomes.

Source: Statista

In the current political sector, the approaches of the presidential candidates towards cryptocurrency are sharply divided. Donald Trump has publicly advocated for cryptocurrency, particularly Bitcoin, emphasizing that the U.S. should lead in bitcoin mining, you can read our coverage on the topic on ETHNews. His stance has attracted substantial support from the cryptocurrency community, including high-profile donations from figures such as the Winklevoss twins.

Conversely, President Joe Biden’s administration is perceived by some industry leaders as less favorable to cryptocurrency. Fred Thiel, CEO of Marathon Digital Holdings, expressed concerns in a Yahoo Finance interview about regulatory actions from the Biden administration that seem restrictive to the crypto industry.

He cited interventions by banking regulators and the SEC, which he believes could constrain the sector’s growth.

Marathon Digital Holdings CEO with Yahoo Finance said:

“Former President Trump has obviously positioned himself as the candidate that is pro-bitcoin. He believes that all bitcoin should be mined in the US and has been very open in his relationships with bitcoin miners and people in the space.”

This differing stance is evident in the broader crypto market’s reactions. Cryptocurrency enthusiasts and investors are closely monitoring each candidate’s policies and their potential implications for the market. 

Commenting on Biden’s administration he noted:

“The Biden administration has been very hostile to bitcoin, through its various agencies, whether is the banking or the so-called ‘Operation Choke Point 2.0’, whether it’s the SEC, etc.”

For instance, Trump-associated cryptocurrencies have seen price increases, indicating investor confidence in his crypto-friendly policies. In contrast, cryptocurrencies linked to Biden have not performed as well, reflecting investor apprehensions about stricter regulations.

Compared to November 2023, voters are also more likely to see crypto as a good long-term investment opportunity (23% vs. 19%) and increasingly expect some of their investment portfolio to include crypto (47% vs. 40%). – Source: Grayscale

The election’s outcome could have profound implications for the regulatory landscape of cryptocurrencies in the U.S. With each candidate offering distinct visions, the crypto community’s support could be pivotal. As the debate continues, the cryptocurrency market remains a dynamic and influential factor in the 2024 “Bitcoin Election.”

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628