President Donald Trump has made a calculated pivot to embrace Bitcoin and cryptocurrencies, sensing a strategic advantage against incumbent President Joe Biden in the 2024 election. While Biden has shown hostility toward Bitcoin, Trump is directly appealing to the growing pro-Bitcoin voter bloc.
In recent months, Trump has begun accepting Bitcoin donations, becoming the first US president ever to accept quick Bitcoin payments, and promising pro-cryptocurrency policies if he returns to the White House. This represents a notable shift for Trump, who was previously apathetic toward Bitcoin and cryptocurrencies.
BREAKING: 🇺🇸 Donald Trump became the first US president to accept this #Bitcoin Lightning payments for campaign donations ⚡️ pic.twitter.com/3lERakV64p
– Bitcoin Magazine (@BitcoinMagazine) June 2, 2024
However, with more than 50 million Americans now owning bitcoin and other digital assets, Trump sees an opportunity to alienate these voters from Biden's coalition.
At campaign rallies, and frequently on social media, Trump did just that Biden attacked Hostile attitude towards encryption. He accused Biden of trying to “kill” the emerging Bitcoin and cryptocurrency industry and stop American innovation in this field.
Trump said he is “very positive and open to cryptocurrencies” and that, as president, he will ensure that the United States leads the world in adopting this new technology. he He added“I will support the right to self-custody for the country’s 50 million cryptocurrency holders.”
In return, Biden presented concrete measures to combat cryptocurrencies. He objected A bipartisan bill that would reduce the SEC's restrictive oversight of cryptocurrencies, published a report highly critical of Bitcoin's energy use, and encouraged the development of a central bank digital currency rather than embracing decentralized cryptocurrencies like Bitcoin. His Treasury Department has also set an agenda to impose stricter regulations that would stifle cryptocurrency innovation.
Biden appears to have failed to recognize Bitcoin's growing populist appeal among millions of ordinary voters. with Polls show With as many as a third of voters weighing in on the candidates' cryptocurrency policies, Trump is strategically tapping into this large constituency that Biden has ignored.
at recent days Libertarian-leaning groupsTrump has criticized central bank digital currencies, vowing as president that he would never let the Federal Reserve “steal your money” through such a system. He also made headlines by promising to pardon Silk Road founder Ross Ulbricht, delighting many Bitcoin enthusiasts.
Trump realizes that hostility toward Bitcoin could push voters toward libertarian-minded candidates who are extremely reluctant to support expanding government regulations. Unlike previous presidents who feared Bitcoin, Trump sees publicly supporting Bitcoin as having populist appeal to his base.
While such a pivot may be politically opportunistic, Trump's embrace demonstrates that Bitcoin's political influence is rapidly growing. Bitcoin's inherent game theory means politicians must either attack it or fully embrace it, and ignoring Bitcoin's growing voter base of millions is now potential political suicide. As Mark Cuban recently said, an anti-crypto stance could cost Biden the presidency.
NEW: 🇺🇸 Billionaire Mark Cuban says anti-crypto stance could cost Biden the presidency.
And 1 #Bitcoin Elections 🙌 pic.twitter.com/nOpzmpHFA9
– Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
Whether truly supportive or not, Trump's political calculus clearly understands this new reality — that Bitcoin is now a potential issue that could influence the upcoming national election.
