In the 2024 U.S. Presidential election, President Joe Biden and former President Donald Trump are courting cryptocurrency investors in what is being seen as a rematch. Both candidates are using this strategy to compensate for their weaknesses. Trump, who has supported cryptocurrencies in the past, has positioned himself as a guardian, while Biden is reportedly exploring options to accept campaign donations in cryptocurrency.
Trump: “I will become the President of Cryptocurrency”
According to media reports on June 14, Trump stated in a social media post, “Bitcoin mining is the last line of defense against central bank digital currencies,” and expressed his desire to make all remaining unmined Bitcoin Made in USA. He urged, “Biden hates Bitcoin and is helping China, Russia, and radical leftist communists. Mining Bitcoin will help us dominate the energy sector. Vote for me.” Earlier, at a fundraising event held in San Francisco on June 6, he declared his intention to become the “President of Cryptocurrency,” stating, “I consider cryptocurrency important. I actively support this industry.” Leaders from the cryptocurrency industry, including executives from Coinbase, attended the event. Trump successfully raised $12 million during his announcement day.
Some cryptocurrencies, such as Bitcoin, consume significant power during mining. As a result, Democrats call for stricter regulations due to the negative impact of climate change. However, Trump, who sees climate change as a scam by the progressive camp, is indifferent to this. Instead, he believes that promoting the cryptocurrency industry in the U.S. will allow citizens to preempt future Bitcoins that could go to China or Russia and increase shale oil and gas development for power supply for mining, killing two birds with one stone.
Trump’s actions also aim to target Silicon Valley, a stronghold of the Democrats. San Francisco, where he held the fundraising event, is the center of the global IT industry and a stronghold of the Democratic party. He asked the cryptocurrency industry based there, “How long will you support Biden and the Democrats who don’t like you?”
Biden: “Exploring Cryptocurrency Donations”
Biden is not backing down on cryptocurrency, either. It is reported that Biden’s election campaign is exploring options to accept cryptocurrency donations through Coinbase Commerce. A cryptocurrency media outlet, The Block, reported, “The Biden campaign is understood to be in close discussions with industry insiders for this purpose. Trump, who has added cryptocurrency as an option for campaign donations, is also using Coinbase Commerce.”
An insider explained, “The Biden campaign’s decision is part of an effort to win the hearts of cryptocurrency voters.” Another source said, “The Biden campaign is keen on cryptocurrency issues and wants to give the impression that they are not enemies of cryptocurrency.” The Biden camp seems to have changed its stance after facing backlash from within and outside the industry for vetoing Congress’s efforts to invalidate accounting guidelines (SAB 121) on the custody obligation of financial companies for cryptocurrency. There are also voices within and outside the campaign saying, ‘If they remain silent on cryptocurrency issues, they could lose the election.'”
Meanwhile, global investment bank Standard Chartered (SC) predicted, “If Trump is elected, the price of Bitcoin, which is currently around $70,000, will exceed $150,000 by the end of the year.”
With the help of Andrew Gelman, Director of the Applied Statistics Center at Columbia University, The Economist predicted the U.S. election and reported that the probability of Trump winning at this point is 66%. The probability of Biden’s re-election was only 33%.
