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The current election campaign is filled with a lot of cryptocurrency money and rhetoric, but it is not clear whether either candidate really cares about this issue.
Many reports indicate that November 5 may witness the first “digital currency elections” in the United States, especially with hundreds of millions of dollars flowing to political action committees, known for their pro-digital currencies positions.
Kamala Harris has already spoken about encouraging “innovative technologies,” while Donald Trump, her rival in the presidential race, now believes that Bitcoin is not a “scam,” as he launched a series of projects related to digital currencies, pledging to make America the “cryptocurrency capital of the world.” .
Last week, the executive director of the lobby group “Stand with Crypto,” which was founded and funded by “Coinbase,” the largest digital currency exchange in America, said: “The electorate interested in digital currencies has become a reality, and they belong to both parties and are ready to participate in the session.” current election. The group gives politicians grades according to their position on digital currencies, and Trump – unusually – received a full grade (A).
But to be honest from the start, the concept of a cryptocurrency voter does not exist in an objective sense. With the exception of a small group of people (mostly men) whose livelihoods depend on this “digital bubble,” most Americans have larger issues on their minds, such as food prices, health care, the labor market, or perhaps the general state of their country.
Therefore, the idea that there is a “base” of cryptocurrency voters to be appeased, whose primary issue is ensuring that exchanges and operating companies are not subject to strict regulation, is unrealistic. However, this is the proposition promoted by the industry, accompanied by some statistics that have been interpreted differently.
The “Stand With Crypto” group claims, “Cryptocurrencies are a national priority… with 52 million American citizens invested in digital currencies, and they are seeking to make their voices heard during the upcoming elections” (even the claim of 52 million is controversial). “Nearly 9 out of 10 Americans believe the financial system needs modernization,” she said. However, US policymakers seem content to continue the status quo, rather than fulfill their responsibilities.”
This likely means ensuring that people like billionaire Brian Armstrong, CEO of the Coinbase exchange, continue to grow their wealth. Because if the focus is really on cryptocurrency holders, they are doing well (or at least the lucky ones who chose an exchange that didn’t steal their money).
Although Trump claims that the Biden-Harris administration is “completely hostile” to digital currencies, and that it is “unbelievably hostile,” the price of Bitcoin has risen more than four times since the 2020 elections, and reached its highest level ever, earlier this year. . The estimated total value of the digital currency market has increased approximately 6-fold. If we’re talking about American jobs, industry data indicates that nearly a third of the global workforce in the cryptocurrency sector is in the United States.
Most importantly, cryptocurrencies represent nearly half of all corporate spending on elections so far, with the pro-cryptocurrency political action committee VerChic alone raising more than $200 million.
While it’s clear that the current election campaign is abuzz with cryptocurrency funding, do any of the presidential candidates really care? Let’s take a look at Harris’s statements. She did not make any statement until recently, but last week, during a fundraising event on Wall Street, she finally stated that she “will encourage innovative technologies, such as artificial intelligence and digital assets, while at the same time ensuring the protection of… Our consumers and investors.
There was such an enthusiastic response to this sudden shift that “Stand with Crypto” rated Harris with a “B” for being “somewhat pro-cryptocurrencies,” before lowering this rating after facing backlash.
In my own opinion, “Harris does not care about cryptocurrencies. She made no promises at all, and her statements were intended to avoid antagonizing the technology world by appearing tough, while keeping those who favor stricter regulations on her side.”
As for Trump, he sold four sets of non-fungible tokens (NFTs), and generously offered Americans “the opportunity to support the campaign using digital currencies.” But if you think his interest goes beyond his own interests, you should be prepared to be disappointed.
Although Coinbase’s chief policy officer praised Trump for his “concrete positions and vision,” he does not appear to be taking the issue seriously. “Have fun with Bitcoin and cryptocurrencies, and all the other things you play with,” he said during the Bitcoin 2024 conference in July.
Additionally, Trump lacks deep understanding, and to be fair, he admits it. When launching his and his children’s latest project in the field of cryptocurrencies, “World Liberty Financial,” he likened digital currencies to learning the Chinese language. The company’s goals are still unclear.
At least, the project’s “DeFi visionary” seems to understand. “Barron is very knowledgeable about these matters,” the former president said of his 18-year-old son, adding, “He talks about his wallet…and he has “Four wallets or so, but he knows these things.” In general, you have to remember that November 5th can be a day of a lot of deception.
