president Donald Trump Trump has made a calculated turnaround to embrace Bitcoin and cryptocurrencies, sensing it will give him a strategic advantage against incumbent Joe Biden in the 2024 election. While Biden has expressed hostility towards Bitcoin, Trump is appealing directly to the growing base of Bitcoin supporters.
President Trump has begun accepting donations in Bitcoin in recent months, becoming the first U.S. president to do so. Bitcoin Lightning Payments And he promised to pursue crypto-friendly policies if he returns to the White House, a notable shift from Trump’s previous disinterest in Bitcoin and cryptocurrencies.
BREAKING: 🇺🇸Donald Trump becomes America’s first president #Bitcoin Instant campaign payment⚡️ pic.twitter.com/3lERakV64p
— Bitcoin Magazine (@BitcoinMagazine) June 2, 2024
But more than 50 million Americans currently own bitcoin and other digital assets, and Trump sees an opportunity to draw these voters away from Biden’s coalition.
Trump has repeatedly said this at campaign rallies and on social media. Attacking Biden He has taken an antagonistic stance towards cryptocurrencies, accusing Biden of trying to “kill” the nascent bitcoin and crypto industry and stifle American innovation in the sector.
Trump expressed a “very positive and open stance on cryptocurrency” and said that as president he would ensure that the United States leads the world in adopting this new technology. Added“I support the right of self-governance for the country’s 50 million cryptocurrency holders.”
Biden, by contrast, is taking concrete steps to combat cryptocurrency. He exercised his veto President Trump has introduced bipartisan legislation to limit the SEC’s scrutiny of cryptocurrencies, released a report harshly criticizing Bitcoin’s energy use, promoted the development of central bank digital currencies rather than embracing decentralized cryptocurrencies like Bitcoin, and the Treasury Department has also laid out plans to impose tougher regulations to stifle cryptocurrency innovation.
Biden seems unaware that Bitcoin is rapidly gaining popularity among millions of ordinary voters. In opinion polls With up to a third of voters considering a candidate’s cryptocurrency policies, Trump is strategically leveraging this large constituency that Biden has ignored.
recently Liberal gatheringTrump has been a staunch opponent of central bank digital currencies, vowing that as president he would never allow the Federal Reserve to “take people’s money” through such a system, and he also made headlines by promising to pardon Silk Road founder Ross Ulbricht, delighting many bitcoin enthusiasts.
Trump understands that hostility toward Bitcoin may further sway voters toward libertarian-leaning candidates who are highly reluctant to support expanded government regulation, and unlike past presidents who feared Bitcoin, Trump believes that a vocal endorsement of Bitcoin will help him gain populist support among his base.
While such a pivot may be politically opportunistic, Trump’s support shows that Bitcoin’s political influence is rapidly growing. Bitcoin’s inherent game theory means that politicians must choose between attacking Bitcoin or fully supporting it, and openly ignoring Bitcoin’s growing millions of voters could now amount to political suicide. Mark Cuban recently said that an anti-cryptocurrency stance could cost Biden the presidency.
Latest update: 🇺🇸 Billionaire Mark Cuban says his anti-cryptocurrency stance could hurt Biden’s presidential bid.
First #Bitcoin Elections 🙌 pic.twitter.com/nOpzmpHFA9
— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
Whether or not he truly supports it, Trump’s political calculations clearly understand this new reality: Bitcoin is now a potential make-or-break issue that could swing a close national election.
