Biden Softening On Crypto For What's Now Called 'First Bitcoin Election'

US President Joe Biden’s re-election campaign has reportedly began reaching out to key players within the crypto industry. This engagement involves seeking guidance from notable figures within the crypto sector on matters relating to community and policy.

Similar to Trump, this marks a significant change in tone from the Biden administration’s earlier approach to digital assets and shows a new willingness to understand digital assets and their communities.

JUST IN: 🇺🇸 President Joe Biden’s campaign started reaching out to the #Bitcoin and crypto industry: Reports

The first Bitcoin election 🙌 pic.twitter.com/PlUpoVGz3b

— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024

Biden Taking A Leaf From Trump Campaign Playbook?

The Biden campaign’s new approach comes after former President Donald Trump recently announced that his campaign will be accepting donations via multiple cryptocurrencies.

At the 2024 Libertarian National Convention, Trump also made pro-crypto comments while also speaking out against Central Bank Digital Currencies (CBDCs). This development highlights the increasing importance of digital assets in the political landscape, with both major candidates as well as Independent candidate Robert F Kennedy Jr all vying for votes from the crypto community.

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Trump is well positioned as the pro-crypto candidate, going back on his earlier skepticism towards digital currencies. Back in 2021, he called Bitcoin “a scam against the dollar”.

The Trump campaign’s recent acceptance of crypto for donations is part of its wider plan to build a crypto following, with a reported 40% of American adults owning cryptocurrencies. This pro-crypto narrative from Trump has been built around being a stand against perceived government control over financial decisions.

Reaction To Biden Pandering To Crypto Crowd

There has been a mixed reaction to the Biden campaign’s sudden u-turn on digital assets. Some see it as a positive step towards understanding and integrating digital assets into the broader financial system. Others aren’t convinced, seeing it as a late attempt to gain favor with pro-crypto voters after witnessing Trump’s early success.

A recent survey by Public Opinion Strategies commissioned by the crypto company Paradigm, found that crypto owners favor Trump over Biden in the upcoming election. 48% of participants voted for Trump 48% while 39% favouring Biden. The poll sought opinions from 1,000 online voters with 7% of them saying they own more than $1,000 worth of cryptocurrencies.

Time will tell if Biden’s softening towards crypto will have a positive affect on his bid to be re-elected president for a second term in the upcoming election.

#Bitcoin game theory playing out in the 2024 Election.

It will benefit candidates to be FOR #Bitcoin and only hurt them to be against it.

Bullish. pic.twitter.com/lgFqtiN1uy

— Natalie Brunell ⚡️ (@natbrunell) May 26, 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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