As a seasoned researcher with years of experience observing political dynamics and their impact on various industries, I find myself intrigued by the latest developments in the crypto sphere as we approach Election Day in the United States.
As the United States Election Day approaches within a week and early voting is underway, Donald Trump, the Republican presidential contender, utilized his social media channel to reiterate his campaign’s commitments regarding cryptocurrencies.
As a researcher documenting social media activity, I’d like to highlight an intriguing development that occurred on October 31st. On Truth Social and X platforms, Former President Trump appealed to his approximately eight million followers, urging them to support him in the 2024 election. Notably, he made a promise that if elected, he would ensure that all Bitcoin (BTC) would originate from within the United States.
The message included a “Happy 16th Anniversary” for the BTC white paper and claims to end US Vice President Kamala Harris’ “war on crypto” — despite the Democratic candidate pledging to support the industry if elected.
By October, many surveys suggested that Vice President Harris and Trump were almost equally matched in the crucial swing states whose electoral votes could determine the outcome. Early voting concludes in Georgia, Texas, Arizona, certain districts of Idaho, Utah, and Nevada on November 1st, while some places continue voting until Election Day on the 5th of November.
From crypto skeptic to proponent now that reelection is a coin flip away?
Throughout his tenure, Trump frequently criticized Bitcoin, describing it as a currency originating from “nothing” and labeling it as a “scam” in 2021. As a presidential candidate, he has made numerous statements that could influence the crypto sector. For instance, he suggested pardoning Ross Ulbricht, founder of Silk Road, pledged to ban all remaining Bitcoin mining activities within the U.S., and promised to prevent the development of a central bank digital currency by the government.
As Election Day approaches, various social media outlets have become a breeding ground for incorrect information regarding the presidential candidates’ views on cryptocurrency and blockchain technology.
On October 30th, Michael Saylor, executive chair of MicroStrategy, shared a statement from an imagined interview stating that Trump suggested eliminating capital gains taxes on cryptocurrency. At the time of posting, Saylor had not retracted his post, and Bitcoin advocate Anthony Pompliano reposted it on LinkedIn.
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2024-10-31 21:13