With four months to go for U.S.presidential elections, Bitcoin has emerged as a focal point for American politics as contenders get into a rat race to impress the massive crypto voter base.
Be it the burgeoning campaign of Donald Trump or the defensive stance of Kamala Harris, they both can no longer avoid the word crypto with over 50 million registered voters in the U.S. who have virtual assets holdings.
How Bitcoin has got intertwined with U.S. politics was evident from the fact that mere hours after the assassination attempt on Trump, the price of BTC soared and crossed the threshold of $63,000. Trump received a staggering 70% odds of winning the president’s race after the attack as BTC surged by 9% within a day !.
However, it’s not just limited to Bitcoin as Trump-themed meme coins have also seen a value surge this past week. Super Trump ($STRUMP), for instance, is up 38%. NFTs have been affected, too, with Trump Digital Trading Cards spiking in popularity.
This correlation indicates a consensus among crypto investors that Donald Trump in the White House promises a better future for cryptocurrency. But is there any truth in this? And why do crypto investors feel this way?
Why Crypto Matters in U.S. Elections?
The relationship between Bitcoin and the election is complex and multifaceted. While Bitcoin’s recent price fluctuations have certainly been influenced by political rhetoric and events, its future success will depend on a combination of economic, technological, and social factors.
Crypto investors have a lot at stake in this election. Whoever the next president turns out to be, tackling crypto regulation will surely be on their agenda as digital currency becomes increasingly popular. Just as most folk would rather keep their vote private, many online gamblers prefer to wager without handing over their personal details. For privacy-conscious gamblers, crypto has always been a useful tool, offering superior anonymity, especially on sites that don’t enforce Know Your Customer (KYC) procedures. Trouble is, these days, a true no-KYC casino can be hard to find. This list compiles the best platforms available today.
The Trump Factor
So, what is causing the correlation between Bitcoin’s price and the candidacy of Donald Trump? There’s a number of interconnected factors. Firstly, Trump’s pick of Senator JD Vance, a known crypto enthusiast, as his running mate has fueled speculation about a potential pro-cryptocurrency stance from a Trump administration.
Trump has since played into this speculation, speaking in support of domestic bitcoin mining, a practice that Biden has proposed taxing heavily. Pushing this perception further, in May, the Trump Campaign began accepting donations in the form of cryptocurrency.
As though to place the cherry atop the pro-crypto cake, it was recently announced that Donald Trump is scheduled to speak at the Bitcoin 2024 conference In Nashville, Tennessee, later this July.
It’s clear that Trump is deliberately branding himself as the crypto-friendly presidential choice. But those who remember his remarks prior to the election might raise a skeptical eyebrow.
Trump has said on record that crypto is ‘based on thin air’ and ‘seems like a scam.’ Despite this critique, Trump’s recent actions indicate that his perspective has changed.
Market Trends
Though crypto market trends indicate support for Trump it is worth remembering that bitcoin has experienced spectacular growth under Biden’s presidency. Bitcoin is up 400% since Biden’s election in 2020, and the approval of Bitcoin exchange-traded funds in January has inspired billions of dollars of investment into Bitcoin. Though there have been some bumps along the way, the first half of 2024 has been bullish for Bitcoin. When prices surged to all time highs in March, the media was quick to point to the election as the cause, but there are more factors at play. The 2024 election comes amidst economic concerns, with inflation remaining a top issue for voters. Bitcoin’s recent success can be partially attributed to its known inflation hedge properties. Investors are favoring Bitcoin as a potential safeguard against a weakening dollar.
Conclusion: Post The Election
Regardless of who wins the presidency, the 2024 election has brought cryptocurrency and crypto betting sites back into the national conversation. As is always the case with increased public awareness and media attention, this presents both opportunities and issues for Bitcoin. From an optimistic angle, any political moves towards clearer regulations are likely to boost investor confidence. Additionally, as the old adage goes, any publicity is good publicity. Increasing public awareness of Bitcoin could lead to wider adoption, driving up demand. However, increased attention could lead to heightened scrutiny and stricter regulation, potentially stifling innovation within the crypto space.
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