The U.S. presidential election is a “Bitcoin love call election”
2024 U.S. President Joe Biden (left), the candidate for the 2024 U.S. presidential election, and former President Donald Trump. Provided by Newsis
, “[Financial News] President Joe Biden and former President Donald Trump, who are facing a revenge match in the 2024 U.S. presidential election, are sending love calls to cryptocurrency investors. Both candidates are seen strategizing to address their vulnerabilities. Trump, who has been supportive of cryptocurrencies, has positioned himself as a ‘protector,’ while Biden is reportedly exploring ways to receive campaign donations through cryptocurrencies.”,
, ‘According to foreign reports on the 14th, former President Trump stated through a social media post, “Bitcoin mining is the last line of defense against central bank digital currencies. I want to make all remaining Bitcoins ‘Made in America’.” ‘,
, ‘He criticized, “If President Biden hates Bitcoin and helps China, Russia, and radical leftist communists, (mining Bitcoin) will help us control the energy sector. Vote for me.” ‘,
, ‘Earlier on the 6th, at a fundraising event in San Francisco, he also stated, “I will become the President of virtual assets” and “I consider virtual assets important and actively support this industry.” Many industry leaders, including executives from the cryptocurrency exchange Coinbase, attended the event. Trump successfully raised $12 million to support his campaign that day. ‘,
, ‘Some virtual assets, including Bitcoin, consume significant electricity during mining. As a result, the Democratic Party is calling for stricter regulations due to the negative impact on climate change. However, Trump, who sees climate change as a “scam by the progressive camp,” is undeterred. Instead, he believes that by growing the cryptocurrency industry in the United States, it can preempt the future of Bitcoin going to China or Russia and increase shale oil and gas development for mining power supply, a “win-win” situation. ‘,
, ‘Trump’s actions also imply a desire to target Silicon Valley, a Democratic Party stronghold. By hosting a fundraising event in San Francisco, a hub of the world’s information technology (IT) industry and a strong Democratic area, he may be seen as questioning the cryptocurrency industry established there and asking, “How long will you continue to support President Biden and the Democratic Party, who do not like you?” ‘,
, “Biden’s presidential campaign is reportedly exploring the option of receiving campaign donations through cryptocurrencies via Coinbase Commerce. The Block, a cryptocurrency-focused media outlet, reported that ‘Biden’s camp is closely discussing this with members of the cryptocurrency industry. Former President Donald Trump has also used Coinbase Commerce to add cryptocurrencies to his campaign donation options. ‘,
, ‘According to sources, ‘Biden’s camp’s decision is part of an effort to gain the support of cryptocurrency voters.’ Another source explained, ‘The Biden camp is keenly aware of the issue of cryptocurrencies and wants to convey that they are not enemies of cryptocurrencies.’ In response to the industry’s strong backlash against congressional efforts to nullify accounting guidelines (SAB 121) regarding financial companies’ cryptocurrency custody obligations, it appears that the Biden camp has shifted its stance. Both inside and outside the camp, voices are warning that ‘if they remain silent on the issue of cryptocurrencies, they may lose the election.’ ‘,
, ‘Meanwhile, global investment bank Standard Chartered (SC) has forecasted that ‘if Trump is elected, the current Bitcoin price, which is around $70,000, will surpass $150,000 by the end of the year.’ ‘,
, ‘On that day, The Economist reported, with the help of Andrew Gelman, director of the Applied Statistics Center at Columbia University, that at the current stage, former President Trump has a 66% chance of winning the U.S. election. President Biden’s re-election probability stood at 33%.”‘]