News

How Biden’s Stance on Cryptocurrency Could Boost Trump’s Chances in 2024

The landscape of the 2024 US presidential election might be influenced by cryptocurrencies, marking a potential first in American politics. President Biden’s administration’s firm position on crypto, reaching its zenith this year, could inadvertently favor Trump.

Mark Cuban, renowned entrepreneur, investor, and crypto enthusiast, sounds the alarm: “Crypto holders will make their voices heard in this election.” While cryptocurrencies might not dominate the election discourse, they could wield significant influence, potentially tipping the scales.

However, this tipping point may not favor Biden but rather his adversary, Donald Trump. The current administration’s stringent stance on cryptocurrencies, appearing overly severe and peaking during an election year, might alienate crypto supporters.

SEC Commissioner Gary Gensler, a Biden appointee, has a reputation as a staunch crypto critic. Despite overseeing the approval of a Bitcoin ETF, he’s signaled opposition to an Ethereum ETF, citing concerns over its security status. Such actions risk disillusioning the Ethereum community, typically more progressive and potentially swaying towards Trump.

In contrast, Gensler’s SEC counterpart, Hester “Crypto Mom” Peirce, appointed under Trump, enjoys a reputation for being crypto-friendly. A resurgence of her influence, likely under a Trump administration, could buoy the crypto market.

Complicating matters are ongoing legal battles where authorities seek to hold software developers accountable for crypto-related matters, challenging fundamental regulatory norms within the crypto sphere.

Additionally, Biden’s recent announcement to block a congressional bill granting regulated financial institutions easier access to store crypto assets could further alienate crypto supporters. This move contrasts sharply with Europe’s approach, potentially driving voters away from Biden.

Cryptocurrencies may not dominate American discourse, but they’re undeniably prevalent. Surveys indicate that 15-20% of eligible Americans hold cryptocurrencies, with institutions and pension funds increasingly investing in this space.

Senator Elizabeth Warren’s pledge to assemble an “anti-crypto army” risks alienating a significant portion of the electorate without tangible electoral gains. This hardline stance could drive undecided voters, particularly liberal crypto holders, towards Trump.

While Trump isn’t known for his affinity towards Bitcoin and crypto, he opportunistically capitalizes on Biden’s misstep, positioning himself as the candidate aligned with crypto interests. This strategic maneuvering could sway voters disillusioned with Biden’s stance.

In conclusion, Biden’s mishandling of the crypto issue might inadvertently bolster Trump’s electoral prospects. For voters for whom cryptocurrencies are pivotal, the decision seems clear.

Etan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

Recent Posts

Predipie: Revolutionizing Football Prediction Games on the TON Network

Dubai, UAE – 12/19/2024 – Predipie is a pioneering project situated at the exciting intersection…

2 days ago

Reploy AI Announces the Release of Reploy 7b and Its $RAI Presale

Reploy AI, a crypto project that promises to transform the Web3 development workflow with AI-powered…

1 week ago

Prebit: Fastest Perpetual DEX on Binance Smart Chain Unveils Groundbreaking Trading Features, Reaches 100,000 Users

Prebit is the pioneering Perpetual DEX on Binance Smart Chain, setting unprecedented records on the…

2 weeks ago

3 Altcoins to Buy in December 2024 That Could Deliver 20,000x Gains Like Dogecoin and Cardano

The crypto world is buzzing with opportunities this December, and three altcoins to buy are…

2 weeks ago

Ripple Whales Move XRP Gains into an Emerging AI Altcoin Set to Rise from $0.05 to $1 by 2025

After enjoying substantial gains with its recent rally, XRP whales are reportedly moving their profits…

3 weeks ago

XRP Price Forecast: Key Levels To Watch Resistance Moves Closer And ETFSwap (ETFS) Makes Play For 33,000% Returns This Bull Market

As the crypto bull market gains traction, the XRP price tests key resistance levels that…

1 month ago