How Cryptocurrencies Impact the US Presidential Election

In the 2024 U.S. presidential election, cryptocurrency has become a pivotal topic of discussion and a significant bargaining chip for voters. The attitudes and policy proposals of the two major candidates, Trump and Biden, towards cryptocurrency will not only directly affect their voter base but may also have a profound impact on the entire cryptocurrency market.

People of color and young voters were instrumental in Biden's 2020 election victory. Recent polls indicate that these demographics have a higher rate of cryptocurrency ownership compared to other groups. Winning their support has thus become a critical battleground between Trump and Biden. For many voters, cryptocurrency represents more than just an investment tool; it symbolizes freedom and technological innovation. Particularly among tech-savvy youth, there is broad support for cryptocurrencies. Therefore, both Trump and Biden are integrating cryptocurrency policy proposals into their campaign strategies to court these voters.

 

Leading up to the 2024 election, prominent cryptocurrency firms like Coinbase and Ripple, alongside venture capital firms supportive of cryptocurrencies such as a16z, have announced investments in cryptocurrency super PACs. This move aims to wield financial influence to advocate for the interests of the crypto industry, underscoring the increasing role of financial power in shaping political discourse around cryptocurrencies.

As the campaign unfolds, the positions taken by Trump and Biden on cryptocurrency regulation, innovation, and taxation will be closely scrutinized. Their policies not only aim to secure votes but also seek to define the future landscape for digital assets in the United States, impacting investors, technology enthusiasts, and the broader financial sector alike. Thus, the 2024 election represents a critical juncture where politics and cryptocurrency intersect in shaping U.S. public policy.

Changes In Trump's Attitude Towards Cryptocurrencies?

During the Trump administration, the U.S. stance on cryptocurrencies underwent significant changes. Initially, Trump was skeptical and negative about cryptocurrencies, believing they had no intrinsic value and were easily used for illegal activities. In 2019, he publicly criticized Bitcoin and other cryptocurrencies on Twitter, causing market concerns.

Over time, Trump’s attitude shifted. In December 2018, he appointed Bitcoin supporter Mick Mulvaney as White House Chief of Staff. By the 2024 election, Trump openly supported cryptocurrencies and promised to promote their development in the U.S. if re-elected. He also accepted cryptocurrency donations for his campaign.

However, on June 4, Trump was convicted of 34 felony counts related to falsifying business records, making him the first former president to be convicted in U.S. history. This verdict adds an unpredictable variable to the 2024 presidential election.

Changes In Biden's Attitude Towards Cryptocurrencies?

Since taking office, the Biden administration has maintained a cautious approach towards cryptocurrencies, focusing primarily on enhancing supervision and issuing regulatory measures. Initially, they bolstered market oversight through agencies like the Treasury Department and the Securities and Exchange Commission (SEC) to ensure consumer safety and market stability.

As the election nears, there has been a gradual adjustment in Biden's policy stance. His campaign team has begun consulting with cryptocurrency experts, including those previously disregarded, seeking guidance on crypto policy. Notably, on May 23, the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT21), aimed at transferring regulatory authority over digital currencies from the SEC to the more industry-friendly Commodity Futures Trading Commission (CFTC). The bill also aims to clarify standards defining crypto tokens as securities or commodities. Biden has pledged not to veto FIT21 if it passes.

In addition, another U.S. presidential candidate, Robert F. Kennedy Jr., has voiced strong support for encryption technology, stating that "cryptocurrency is a symbol of freedom and transparency." During his campaign, he purchased bitcoins and gifted them to his children, demonstrating his advocacy for cryptocurrency as a transactional currency.

Which Tokens Will The U.S. Election Boost?

In this U.S. presidential election, cryptocurrencies associated with candidates have become central to the market, reflecting investors' expectations and confidence in the candidates' policies, and are receiving strong boost. These tokens serve not only as speculative assets but also as a significant means of expressing political viewpoints and cultural identity.

MAGA ($MAGA), named after Trump's campaign slogan, "Make America Great Again," has garnered significant attention and shown impressive market performance since early 2024.

Doland Tremp ($TREMP), cleverly playing on Trump's name, has also attracted widespread interest and provides investors with an opportunity to express political views.

Boden ($BODEN), named after Joe Biden, has attracted attention and maintained stable market performance, supported by Biden's cryptocurrency policies.

SAVE AMERICA ($DJT) is a cryptocurrency issued on the Solana blockchain, specifically tied to supporting and contributing to former President Donald Trump's election campaign.

Which Is The Best Political Meme Token Wallet?

Bitget Wallet stands out as the optimal choice for handling Political Meme Tokens. With its robust multi-chain ecosystem, Bitget supports seamless trading across various cryptocurrencies, including meme tokens associated with political themes. Its advanced features like intelligent DEX liquidity aggregation, instant token exchange, and secure trading environment make Bitget Wallet ideal for enthusiasts and investors looking to navigate and trade political meme tokens efficiently and securely.