President Donald Trump has made a calculated pivot to embrace bitcoin and cryptocurrencies, sensing a strategic advantage over incumbent Joe Biden in the 2024 election. While Biden has projected hostility toward bitcoin, Trump appeals directly to the growing bloc of pro-bitcoin voters. bitcoin.
In recent months, Trump began accepting bitcoin donations, became the first US president to accept bitcoin lightning payments, and promised pro-cryptocurrency policies if he returned to the White House. This marks a notable shift for Trump, who was previously indifferent toward bitcoin and cryptocurrencies.
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BREAKING NEWS: Donald Trump becomes the first American president to accept twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Flash payments for campaign donations pic.twitter.com/3lERakV64p
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1797084063980736914?ref_src=twsrc%5Etfw”>June 2, 2024
However, now that more than 50 million Americans own bitcoin and other digital assets, Trump sees a big opportunity to separate these voters from the Biden coalition.
At campaign rallies and repeatedly on social media, Trump has x.com/bitcoinmagazine/status/1788375538530243027?s=46&t=qcJDE0RaWiQjEKjMZF2JjA”>attacked Biden Antagonistic stance towards cryptocurrencies. He has accused Biden of trying to “kill” the nascent bitcoin and cryptocurrency industry and stop American innovation in the space.
Trump said he is “very positive and open-minded toward cryptocurrencies” and that as president he would ensure the United States leads the world in adopting this new technology. He x.com/BitcoinMagazine/status/1794537413907214356″>aggregate“I will support the right to self-custody of the country's 50 million cryptocurrency holders.”
On the contrary, Biden has advanced concrete measures against cryptocurrencies. x.com/BitcoinMagazine/status/1796676018284953832″>He vetoed a bipartisan bill that would limit the SEC's restrictive oversight of cryptocurrencies, published a report harshly criticizing bitcoin's energy use, and promoted the development of a central bank digital currency instead of adopting decentralized cryptocurrencies like bitcoin. His Treasury Department has also outlined an agenda to impose stricter regulations that would stifle crypto innovation.
Biden appears to have failed to recognize bitcoin's growing populist appeal among millions of ordinary voters. With x.com/bitcoinmagazine/status/1795406494357422192?s=46&t=qcJDE0RaWiQjEKjMZF2JjA”>surveys showing Although up to a third of voters weigh the candidates' crypto policies, Trump is strategically taking advantage of this large electorate that Biden has snubbed.
In recent x.com/bitcoinmagazine/status/1794537413907214356?s=46&t=qcJDE0RaWiQjEKjMZF2JjA”>libertarian-leaning meetingsTrump has criticized central bank digital currencies and vowed that as president he would never allow the Federal Reserve to “steal your money” through such a system. He also made headlines by promising to pardon Silk Road founder Ross Ulbricht, which delighted many bitcoin enthusiasts.
Trump understands that hostility toward bitcoin could further push voters toward libertarian-minded candidates extremely reluctant to support expanded government regulations. Unlike previous presidents who feared bitcoin, Trump believes that openly supporting bitcoin creates populist appeal among his base.
While such a turn may be politically opportunistic, Trump's acceptance illustrates that bitcoin's political influence is increasing rapidly. The game theory inherent in bitcoin means that politicians must either attack it or fully embrace it, and openly snubbing bitcoin's growing base of millions of voters is now potential political suicide. As Mark Cuban recently said, the anti-cryptocurrency stance could cost Biden the presidency.
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NEW: Billionaire Mark Cuban says anti-crypto stance could cost Biden the presidency.
The first twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1790373066108756405?ref_src=twsrc%5Etfw”>May 14, 2024
Whether he genuinely supports it or not, Trump's political calculus clearly understands this new reality: that bitcoin is now a potential deciding issue that could make national elections close.
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