Whether we like it or not, any policy coming out from the US will affect any industry. And the policies coming out of the world’s biggest economy are dictated by whoever is holding the reigns in the Whitehouse. Not a lot of people realize it, but the winner in the upcoming presidential race will be influenced by crypto. In the same breath, crypto’s rise will also affected by the election results.
The Candidates
Several candidates are jockeying for the post, but so far it is assumed that it is a match between Joe Biden and Donald Trump – a classic Democratic versus Republican fight. In the Independent Corner, we have Robert F. Kennedy, Jr. There are several other candidates, but these 3 are the most popular.
Joe Biden. At 81 years old, the current POTUS is the oldest candidate. The crypto community hasn’t been happy with how Biden handled the crypto industry. He and the regulators under him implemented what could be called Operation Chokepoint 2.0, which stifled the industry and pushed away innovation to friendlier jurisdictions. Under his administration, crypto-friendly banks fell, including the digital asset-focused Silvergate. Binance was also hit hard with its BUSD stablecoin being phased out because of regulatory scrutiny.
Donald Trump. The former president is most likely Biden’s greatest competition in November. In a Fox Business interview in 2021, Trump said that Bitcoin is a scam and the value of crypto is based on thin air. He has not explicitly retracted this view, but we have to take note that Trump is against Central Bank Digital Currencies (CBDCs). He credits this view to Vivek Ramaswamy, a former pro-crypto candidate who withdrew and instead supported Trump. It is reported that Trump owns crypto and is receiving payment for NFT licensing.
Robert F. Kennedy, Jr. The nephew of former president John F. Kennedy is one of the most vocal pro-crypto candidates. He has repeatedly denounced CBDCs and has promised that owning Bitcoin and crypto will be an inviolable right under his presidency.
The Crypto Voters
People will vote on what they think is the best for them. We don’t need a survey to tell us that the right to own property and the right to decide how to spend your money are things that ordinary citizens consider as important.
According to a survey conducted by Harris Poll for Grayscale in November 2023, there is an increasing interest in Bitcoin among voters. The survey included 1,759 adults who intend to participate in the 2024 elections.
A large number are concerned with inflation and this is fueling Bitcoin’s popularity
The survey also revealed that 40% of investors agree that cryptocurrency will be part of their portfolio in the future. While 73% want a candidate who is well-informed on innovative technology like AI or cryptocurrencies.
What the Future Holds for Crypto Post-Election
It is predicted that the upcoming election will be a closed one. At the time of writing several polls indicate a lead for Trump. However, it is not over until it is over. And each candidate needs all the votes that they can get. Pro-crypto voters might play a big part in this.
If Biden wins, then we might be looking at another four years of hard road for the crypto industry in the US.
Trump’s victory is not a guarantee for the digital assets, though the climate will arguably be better compared to Biden’s presidency. We have to remember that Trump has not guaranteed anything for crypto and the only positive indications we have are his NFT and crypto holdings. It is also a plus that he promised not to let CBDC see the light of day. Another positive development that the crypto community can hope for is the appointment of Vivek Ramaswamy as part of Trump’s administration. Vivek is one of the true blue supporters of cryptocurrencies.
It is too early to hope for anything, but knowing that crypto is already part of some candidates’ platforms and portfolios is a good sign that adoption is here. We are getting there, we just have to wait and see.
The information presented in this article is for informational purposes only and should not be construed as financial advice. This article does not constitute an offer to buy or sell any financial instruments, or a solicitation to engage in any investment activity. Investing involves risk, and you could lose money.
