Business Insider Information crypto–bitcoin-donors-young-men-2024-9″>published A new report today on the current situation of bitcoin regarding the upcoming US presidential election, with exactly what you would expect from a left-leaning media outlet. The article states that “Trump and Harris have different reasons for trying to appeal to the crypto community,” and while I agree that it would be nice for both candidates to win this vote, only one of them has actually put forward the proposal. work to do it.
The article begins by pointing out how bitcoin, and cryptocurrencies in general, are not at the top of the priority list for most voters across the country, which I truly believe is true. Earlier this summer I had the opportunity to attend the Republican National Convention (RNC) in Milwaukee, Wisconsin, and even there, after everything Trump had said about supporting this industry, there was no broader discussion about it. between anyone there. There was also no discussion about it at the Democratic National Convention (DNC). Most voters do care about bigger issues, such as illegal immigration, inflation, crime, and more. But I think this seems to be changing, in more ways than you think.
Business Insider continues the typical media narrative that this industry is just a bunch of “crypto bros” and how “maybe” the vote of a “dogecoin-loving guy” in a swing state could be important in deciding the next elections. Then they change their minds and joke that just because someone has $50 worth of bitcoin won't influence their decision on who to vote for in the next election. But they fail to recognize two important factors that negate their attacks on the industry.
bitcoin has officially crossed the chasm and is now backed by traditional financial institutions including BlackRock, Fidelity, etc. BlackRock is the world's largest asset manager, and they're not here to play games as Business Insider suggests. They are here to make money and their bitcoin spot ETFs have been the x.com/BitcoinMagazine/status/1773067179677630782″>faster growth ETFs in history. Their ETF customers come from all classes of investors, who also want this asset class to skyrocket. These big asset managers are amassing an army of new bitcoin holders who come from traditional financial backgrounds, and I'm sure they'll want to make their voices heard this November.
Additionally, earlier this year, CNBC reported that half of Americans have $500 or less in their savings account, and 60% have $500 or less in their checking accounts. Americans have a savings problem, as CNBC noted: “The lack of cash in checking or savings accounts suggests many Americans are living paycheck to paycheck.” Everyone has to start saving from somewhere, and those with $50 in btc will vote for who will promote their best interests, such as increasing their financial savings. Therefore, btc holders should not be ruled out based on the amount of btc they may hold at the time of voting.
So far, only Donald Trump has made an effort to appeal to this group of voters. Former presidential candidate Robert F. Kennedy Jr. had also pledged to support the bitcoin industry, but backed out to support Trump. Trump has gone to great lengths to win the support of bitcoin and the crypto industry in general, even speaking at the bitcoin conference in Nashville earlier this summer, promising to help btc miners get all the electricity they need to mining and promising to build a strategic reserve. of btc for the country's reserves, and much more.
Meanwhile, Kamala Harris has said literally nothing about the bitcoin industry let alone support it. She refused to speak at the same bitcoin conference in Nashville last summer and did not add bitcoin to the Democratic Party platform like the Republicans did. He has attacked the bitcoin industry non-stop since taking office with Joe Biden almost four years ago. Business Insider mentions his lack of commentary on bitcoin, but tries to frame it in a more bipartisan way, as if he would support the industry in a similar way to Trump.
And this is where I disagree with many when it comes to this topic. I think bitcoin is 100% a partisan issue in this country. I watch all the Senate and Congressional hearings when it comes to bitcoin-related issues, and I witness the majority of Republicans voting for bitcoin, while the majority of Democrats voting against it. Democrats vote for central bank digital currencies (CBDC), while most Republicans vote against CBDC. There is a clear dividing line, further demonstrated by the fact that Trump is strongly pro-bitcoin and Kamala is reluctant to support the industry.
If Kamala wanted to support the industry, she would have already taken the time to do so. He has not yet publicly uttered the word bitcoin. She said she would support “blockchain” in a recent speech, but based on her previous years of hostility and the general directions Democrats vote in, one can only assume she is referring to CBDC and not supporting bitcoin. On several occasions over the past few months, the Harris campaign has hinted that it might support the industry, but has failed to act in any way, leaving more empty promises.
Which makes me believe that if she wanted to support this industry, she would have already done so…no excuses. Trump went to PubKey, a bitcoin-themed bar in New York, x.com/BitcoinMagazine/status/1836511791557341250″>purchasing nearly $1,000 worth of burgers and drinks for everyone using the bitcoin Lightning Network, just a couple of days after an assassination attempt against him. If Trump can do that, and Kamala can't even get in front of a microphone and a camera and say the word bitcoin, then it's clear where they stand on the matter.
After explaining all of Kamala's shortcomings in supporting the bitcoin industry, Business Insider ends the article by stating that “it's unclear what Harris or Trump will actually do with cryptocurrencies, but that's not really the point right now.” “. This is pure gaslighting, considering that Trump has presented clear policies on this, while Kamala has not. And since she underperformed in her attempt to win this vote, they try to pivot to suggest “oh, that's not really the point right now, that's not what matters.” But that's what matters. There are reportedly more than 50 million people in the US who own bitcoin and cryptocurrencies, spread across the country, and want to advance their interests in November. While bitcoin is not at the top of the priority list for the average American, it is for those interested in this asset class. This ever-growing voting bloc is dedicated to their cause and unwilling to compromise on the issue.
So far, only Trump has made the effort to support and get involved in this industry, while Kamala seems to not give a damn.
