Business insider published A new report today on where Bitcoin currently stands regarding the upcoming US presidential election, with exactly what to expect from the left-leaning mainstream media. The article states that “Trump and Harris have different reasons for trying to appeal to the cryptocurrency community,” and while I agree that it would be good for both candidates to win this vote, only one of them has actually put in the work to do so.
The article begins by pointing out that Bitcoin, and cryptocurrency in general, is not at the top of the priority list for most voters nationwide, which I believe is actually true. Earlier this summer, I had the opportunity to attend the Republican National Convention (RNC) in Milwaukee, Wisconsin, and even there, after everything Trump said about supporting this industry, there wasn’t a broader discussion going on about it among anyone really there. . There was also no discussion of this topic at the Democratic National Convention (DNC). Most voters care about more important issues such as the problem of illegal immigration, inflation, crime, and much more. But I think this seems to be changing, in more ways than they think.
Business Insider continues the typical mainstream media narrative that the industry is just a bunch of “crypto bros” and how “maybe” a “dogecoin loving guy” vote in a swing state could be important in deciding the next election. Then they roll their eyes and laugh just because someone might have $50 worth of Bitcoin, and that won’t play a role in deciding who they’re going to vote for in this upcoming election. But they failed to recognize two important factors that negate their challenge to 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 it’s not here to play tricks as Business Insider suggests. They’re here to make money, and spot bitcoin ETFs were the best Fastest growing ETFs in history. Their ETF clients range from all different types of investors, who also want to see this asset class rise. These large asset managers are amassing an army of new Bitcoin holders who come from traditional financial backgrounds, and I’m sure they will want to make their voices heard next November.
Also earlier this year, CNBC I mentioned Half of Americans have $500 or less in their savings accounts, and 60% have $500 or less in their checking accounts. Americans have trouble saving, as CNBC noted, “A lack of cash in savings or checking accounts suggests that many Americans are living paycheck to paycheck.” Everyone has to start saving somewhere, and those with $50 worth of Bitcoin will vote for whoever will advance their interests, such as building their financial savings. So BTC holders should not be written off due to the amount of BTC they may own when it comes to voting.
So far, only Donald Trump has made an effort to appeal to this group of voters. Former presidential candidate Robert F. Kennedy Jr. also pledged to support the Bitcoin industry, but withdrew to support Trump. Trump has gone so far as to enlist the support of the broader Bitcoin and cryptocurrency industry, including speaking at a Bitcoin conference in Nashville earlier this summer, promising to help Bitcoin miners get all the electricity they need to mine, and promising to build a strategic reserve. From BTC to the country’s reserves, and much more.
Meanwhile, Kamala Harris has said literally nothing about the Bitcoin industry, let alone supported it. She declined to speak at the same Bitcoin conference in Nashville last summer, and has not added Bitcoin to the Democratic Party platform as Republicans have. She has attacked the Bitcoin industry nonstop since taking office with Joe Biden nearly four years ago. Business Insider touches on her lack of comments on Bitcoin, but tries to frame the matter in a more partisan way, as if she would support the industry in a similar way to Trump.
This is where I disagree with many when it comes to this issue. I think Bitcoin is a 100% partisan issue in this country. I watch all the Senate and Congressional hearings when it comes to Bitcoin-related topics, and I witness how the majority of Republicans vote in favor of Bitcoin, while the majority of Democrats vote against it. Democrats vote in favor of central bank digital currencies (CBDC) while most Republicans vote against CBDC. There is a clear dividing line, further demonstrated by Trump being very pro-Bitcoin and Kamala being reluctant to support the industry.
If Kamala wanted to support the industry, she would have taken the time to do so now. She has yet to say the word Bitcoin publicly. She said she would support blockchain in a recent speech, but based on her previous years of hostility, and the general trends in which Democrats vote, one can only assume she means central bank digital currencies and does not support Bitcoin. Several times over the past few months, the Harris campaign has hinted at the possibility of supporting the industry, but has not acted on it in any way, leaving more empty promises.
Which makes me think that if she wanted to support this industry, she would have by now – no excuses. Trump went to PubKey, a Bitcoin-themed bar in New York City, buying Nearly $1,000 worth of burgers and drinks for every person using the Bitcoin Lightning Network, just two days after the attempt on his life. If Trump can do that, and Kamala can’t even stand in front of a microphone and camera and say the word Bitcoin, it’s clear where they stand on this issue.
After detailing all of Kamala’s flaws in supporting the Bitcoin industry, Business Insider ended the article by saying that “what Harris or Trump would actually do about cryptocurrencies is unclear, but that’s not really the point right now.” This is just gaslighting, considering that Trump has put forth clear policies on the matter, while Kamala has not. And since she underperformed in trying to win that vote, they try to focus on the suggestion of, “Oh, that’s not the point now, that’s not what matters.” But this is what matters. It is noteworthy that there are more than 50 million people in the United States who own Bitcoin and cryptocurrencies, and they are spread throughout the country, and they want to advance their interests next November. While Bitcoin is not near the top of the priority list for the average American, it is for those interested in this asset class. This growing bloc of voters is dedicated to their cause and they are not willing to budge on this issue.
So far, only Trump has made an effort to support and participate in this industry, while Kamala doesn’t seem to care much about it.