Seventy-three percent of cryptocurrency owners say their vote in the 2024 election will be impacted by the presidential candidate's Bitcoin and cryptocurrency stance, according to a new survey by a US-based crypto exchange and custodian bank firm, Gemini. While many surveys heading into November show that issues like the economy and immigration are the most important to voters, the White House hopefuls are realizing that Bitcoin, Ethereum, Dogecoin, and the growing list of cryptocurrencies could be sleeper issues this year.
Does Bitcoin Matter in 2024?
Donald Trump was not always excited about Bitcoin. In 2019, the then-president said Bitcoin was "not money" because it was "highly volatile and based on thin air." He declared on X: "We have only one real currency in the USA, and it is stronger than ever." A couple of years later, speaking in an interview with Fox Business, Trump called it a “scam” and did not like it because it competes against the US dollar.
Trump has ostensibly had a change of heart about cryptocurrency. The Republican nominee is now ultra-bullish on Bitcoin and the crypto sphere. He headlined the largest Bitcoin conference of the year in Nashville, TN, on July 27, and made quite the proclamation: "This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we’ll get it done."
In 2024, the real estate billionaire mogul has gone all in on Bitcoin by accepting crypto donations, pledging to form an enormous strategic national Bitcoin stockpile (the US government presently owns about 210,000 BTC), and promising to fire the Securities and Exchange Commission (SEC) chief Gary Gensler.
Political pundits believe Trump is nudging the Republicans to take the lead on crypto. House and Senate GOP lawmakers have adopted positions favorable to Bitcoin. In July, the lower chamber voted 228–184 to overturn President Joe Biden's veto of a resolution that would have nixed a controversial SEC crypto accounting bulletin (SAB 121). The legislative pursuit failed to obtain the two-thirds majority needed to override the president because many Democrats still believe the Wall Street watchdog's regulatory crackdown on crypto is necessary.
However, potentially seeing the writing on the wall, a chorus of Democratic lawmakers is urging the party brass to alter its position on Bitcoin. Rep. Wiley Nickel (D-NC) accused Gensler of transforming crypto "into a political football" that is forcing Biden "to unnecessarily choose sides on an issue that matters to many Americans."
Indeed, Biden’s endorsement of the regulatory push against crypto is unlikely to be supported by Bitcoin or Dogecoin aficionados. As a result, the presumptive Democratic nominee might be considering a rethink on digital assets, particularly as she attempts to appeal to the younger generation of voters and chip away at her challenger’s polling edge. The Financial Times reported that Vice President Kamala Harris and her advisers are reaching out to top crypto companies and prominent individuals to improve ties between the Democratic Party and the industry.
This comes as a July 26 letter penned by more than a dozen House members, such as Nickel and Rep. Ro Khanna (D-CA), and another 12 candidates encouraged Democrat leaders to adopt a "forward-looking approach" to digital assets and blockchain.
“There is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies. We believe this previous hostility does not reflect our Party’s progressive, forward-looking, and inclusive values. A refreshed ticket leader represents an opportunity to change that perception.
“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the US's position as the leader in the global digital economy.”
And then there is independent presidential candidate Robert F. Kennedy Jr. He, too, has tried to influence the pro-crypto crowd. The third-party White House hopeful proposed launching a reserve of four million Bitcoins, effectively mandating the federal government to acquire 500 Bitcoins per day. He called it a "Bitcoin Fort Knox." Additionally, Kennedy said he would champion a greenback backed by hard assets and order the Internal Revenue Service to treat all transactions between the US dollar and Bitcoin as non-taxable and non-reportable.
What a Difference a Decade Can Make
Did anyone think a decade ago that Bitcoin and the crypto sector would be considered legitimate by presidents, mainstream candidates, and lawmakers? Years ago, many Republicans and Democrats had never heard of crypto or thought Bitcoin and its peers were merely tools for illicit activities. Fast forward to the present, and the $2.4 trillion industry is grabbing the attention of both sides of the aisle, the mainstream media, Wall Street, and grandmothers fiddling around on the Robinhood trading platform. Whether voters will think about crypto venturing inside the ballot box remains to be seen.
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