- Biden shifts towards a pro-Bitcoin stance, aiming to win 25% of Americans who own Bitcoin in the 2024 elections.
- Trump advocates for U.S. Bitcoin mining dominance, pledging to end Biden’s ‘war on crypto’.
- Both candidates are now accepting crypto donations, making Bitcoin a central issue in 2024 election campaigns.
President Joe Biden appears to be adjusting his stance on Bitcoin and cryptocurrencies, aiming to surpass former President Donald Trump in support for digital assets. This comes at a critical time, with 25% of Americans now owning Bitcoin, making it a crucial swing vote in the upcoming elections.
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Biden’s New Approach to Bitcoin
The Biden administration has recently announced participation in a Bitcoin and crypto roundtable set to take place in Washington, D.C., in July. This marks a notable shift from earlier positions held by the President.
In May 2023, Biden had compared crypto traders to ‘wealthy tax evaders’, and his administration had published a report critical of Bitcoin and Proof of Work mining while promoting a Central Bank Digital Currency (CBDC).
Furthermore, a proposed 30% tax on electricity used for Bitcoin mining has sparked significant debate, with arguments that it hinders the transition to a low-emission energy future.
Trump’s Crypto Vision
Former President Donald Trump has reiterated his commitment to ending what he describes as Biden’s “war on crypto.” Trump has articulated a vision for the U.S. to become a leader in Bitcoin mining, emphasizing its potential benefits for the nation’s energy sector.
He has vowed to ensure that “the future of crypto and the future of Bitcoin will be made in America,” advocating for the country to become “energy dominant.” In June, Trump posted on social media advocating for all remaining Bitcoin to be mined in the USA, underlining his pro-crypto stance.
Election Implications
The issue of Bitcoin has officially entered the election discourse, with both candidates making clear their positions. Earlier this week, it was reported that the Biden Administration is in talks to accept crypto donations through Coinbase Commerce, following in Trump’s footsteps who has also started accepting donations through the same platform. Trump has labelled himself as the “crypto president,” further intensifying the competition for the support of the cryptocurrency community.
A Swing Vote
With a quarter of Americans now invested in Bitcoin, their vote is becoming increasingly influential. The evolving positions of both Biden and Trump on cryptocurrencies reflect the growing importance of digital assets in American political and economic discussions.
As both candidates vie for the support of Bitcoin enthusiasts, the 2024 election could see cryptocurrency becoming a pivotal issue, potentially swaying the outcome based on their policies and promises.
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