- The 2024 election, dubbed the “Bitcoin Election,” is heavily influenced by rising US crypto users.
- Trump gains crypto support, including donations from the Winklevoss twins, while Biden faces criticism.
As a seasoned crypto investor who has witnessed the meteoric rise of digital assets in the US market, I am closely following the “Bitcoin Election” and its potential impact on the crypto industry. With the number of American crypto users surging from 4.94 million in 2017 to a staggering 87.77 million by 2024 (as per Statista), it is no surprise that political agendas are increasingly being shaped around digital currencies.
In the growing adoption of cryptocurrencies in the United States, there is a rising demand for political figures who are sympathetic to this burgeoning field. Statista reports that the user base of cryptocurrencies in America has exploded from 4.94 million in 2017 to an expected 87.77 million by 2024.
This surge is not just redefining economic terrains but also impacting the forthcoming election process.
As a data analyst, I’ve recently come across some intriguing findings from a survey carried out by Harris Poll on behalf of Grayscale. This survey has highlighted the 2024 presidential election as the “Bitcoin Election.” Essentially, this label underscores the significant impact digital assets like Bitcoin are having on political agendas.
Trump vs. Biden
Although cryptocurrency is expected to play a substantial part in the forthcoming election, there is a notable difference between the two presidential contenders’ stances on this issue.
In contrast to former President Donald Trump’s vocal support for cryptocurrencies on numerous occasions, President Joe Biden appears to hold an adversarial position towards them.
In my analysis, Fred Thiel, Marathon Digital Holdings’ CEO, shared insights about the company during a chat with Yahoo Finance.
“Donald Trump, a past president, has made it clear that he supports Bitcoin. He advocates for the mining of this cryptocurrency to take place within the United States and maintains active connections with individuals involved in Bitcoin mining and related industries.”
While commenting on Biden’s administration he noted,
The Biden government has taken a strong stance against bitcoin, utilizing different departments such as banking and supposedly “Operation Choke Point 2.0,” as well as the Securities and Exchange Commission (SEC), among others.
In the ongoing discussion, he brought attention to several approaches being taken by the Biden administration to regulate the crypto sector.
As a discerning observer, I share the apprehensions expressed by billionaire entrepreneur Mark Cuban regarding President Biden’s potential for re-election.
As a financial analyst, I’ve observed the ongoing criticism directed towards SEC Chair Gary Gensler regarding the regulatory barriers facing American cryptocurrency companies. I believe these hurdles could potentially pose risks to President Biden’s reelection prospects, given the growing significance of the crypto industry and its potential voter base.
Execs favoring Trump
On the other hand, many influential personalities are rallying behind Trump’s pro-crypto stance.
The Winklevoss twins, the co-founders of the cryptocurrency platform Gemini, have each contributed $1 million in Bitcoin to the former president’s election fund.
As a researcher studying the intersection of politics and cryptocurrency, I’ve noticed an intriguing trend: Trump’s influence among crypto enthusiasts is on the rise. His stance on digital currencies could potentially sway voters in the upcoming election, making it a significant challenge for Biden to secure his reelection.
Impact on the memecoin market
As a crypto investor, I’ve noticed that the intense political clash between Trump and Biden had an impact on the memecoin market as well. The rhetoric and events from the election campaign influenced the price movements and sentiment of certain memecoins.
At present, CoinGecko reports that the memcoin called Doland Tremp (TREMP) experienced a notable surge of approximately 20.2%, while coin Jeo Boden (BODEN), inspired by Joe Biden, demonstrated a decline of 3.3% according to current market data.
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2024-06-26 19:03