Clash of Presidential Contenders: Bitcoin Gains Prominence as 2024 US Election Approaches

With the 2024 U.S. presidential election drawing close to, the passion of bitcoin and cryptocurrency advocates has intensified, as two candidates have emerged within the race who brazenly categorical their assist for bitcoin and willingly settle for the dominant digital asset for marketing campaign contributions. Initially, it was Democrat Robert F. Kennedy Jr. who vocalized his stance on cryptocurrencies. However, not lengthy after Kennedy’s announcement, Republican presidential contender Vivek Ramaswamy adopted go well with by declaring that his marketing campaign is now embracing bitcoin as properly.

Biden and Trump’s Animosity Towards Bitcoin

In simply over a yr, the American populace will solid their votes for the following chief of the United States on Tuesday, November 5, 2024. As the nation awaits this event, it has grow to be obvious {that a} acquainted rivalry might as soon as once more take middle stage. Both the present U.S. president, Joe Biden, and the previous forty fifth president, Donald Trump, have thrown their hats into the political ring, sparking widespread curiosity and skepticism among the many public. The query on everybody’s lips is: What has propelled these two figures to lock horns as soon as extra within the pursuit of energy?

“There’s no method the following election will really boil right down to Biden vs. Trump is there? I imply…critically?” John Lennon’s son Sean Ono Lennon tweeted on the finish of April.

Crypto lovers are properly conscious of the place each Biden and Trump stand in relation to the world of digital currencies. These two politicians have made their disdain for bitcoin and decentralized crypto ventures abundantly clear. The incumbent president, Biden, has been vocal about his intentions to impose taxes on crypto traders and miners, as evidenced by the great steerage printed by the White House on the matter. In January, Biden’s administration unveiled an in depth “roadmap to mitigate cryptocurrencies’ dangers,” advocating for enhanced regulatory measures. Moreover, throughout this yr’s G7 Summit, President Biden addressed issues surrounding the debt ceiling, highlighting the involvement of crypto merchants.

In a video printed by Sky News, Biden’s resolute stance is showcased as he adamantly expresses his refusal to barter sure agreements with Republicans when he said:

I’m not going to comply with a deal that protects rich tax cheats and crypto merchants whereas placing meals assistants in danger.

Bitcoin has discovered itself on the receiving end of Donald Trump’s scorn as properly, with the previous president brazenly expressing his skepticism, even going as far as to label it a possible “rip-off.” In June 2021, Trump additional articulated his disapproval, highlighting his concern about bitcoin rising as a formidable competitor to the U.S. greenback. He made his stance unequivocally clear, stating his unwavering want for the greenback to retain its standing as the worldwide forex. However, regardless of his reservations about cryptocurrencies, Trump has proven a realistic facet by leveraging blockchain know-how to his benefit. Notably, he successfully bought two sets of non-fungible token (NFT) collections minted on the Polygon community.

2 U.S. Presidential Candidates Who Support Bitcoin

In a latest improvement, Robert F. Kennedy Jr., a Democratic candidate vying to succeed Joe Biden, made headlines by declaring his marketing campaign’s acceptance of bitcoin donations. Kennedy stands other than lots of his Democratic friends, as he champions the notion of utilizing the free market to deal with local weather change and has expressed his opposition to central financial institution digital currencies (CBDCs).

During the Bitcoin 2023 occasion held final week, Kennedy boldly asserted, “As president, I’ll be sure that your proper to carry and use bitcoin is inviolable.” Notably, Kennedy’s choice to embrace bitcoin for marketing campaign contributions was swiftly adopted by one other presidential contender.

In an replace on Saturday, Vivek Ramaswamy, a Republican candidate took to Twitter to disclose an announcement from his marketing campaign. Ramaswamy declared, “Just introduced we’re formally accepting bitcoin donations. Give $1. Let’s make the 2024 election a referendum on fiat forex.” Ramaswamy, a 37-year-old entrepreneur and writer, launched his bid for the presidency on February 21, 2023, as a Republican contender. Hailing from Birmingham, Alabama, his marketing campaign resonates with the slogan, “A New American Dream.”

During an exclusive interview with CBS News, Ramaswamy acknowledged:

The thriving Bitcoin universe ought to really higher empower me to do what I wish to do because the U.S. president, which is to stabilize the U.S. greenback as a unit of measurement and put the Federal Reserve again as a substitute with that as its single mandate.

In stark distinction to Biden and Trump, Ramaswamy units himself aside with a distinct vision of decreasing authorities affect and addressing the longstanding difficulty of nationwide debt. This previous Saturday, as he unveiled his marketing campaign’s pivotal choice, Ramaswamy offered supporters with two avenues for contributing: a dedicated donation page powered by Bitpay, welcoming bitcoin contributions, and another page hosted on opennode.com. It’s value noting that every one the outstanding aforementioned political figures – Biden, Trump, Kennedy, and Ramaswamy – have formally thrown their hats into the presidential race. However, they received’t be the one contenders searching for the coveted workplace in 2024.

Joining the fray is Nikki Haley, a Republican candidate whose stance on bitcoin (BTC) stays unknown. Although Marianne Williamson, a Democrat, can also be within the operating for the presidency, her efficiency through the 2020 Democratic nomination was lackluster. On the opposite hand, governor Ron DeSantis of Florida, whereas but to formally announce his intentions for the 2024 race, is broadly suspected to throw his hat into the ring as a contender for Biden’s seat.

DeSantis has garnered attention for his favorable remarks about bitcoin, highlighting the present administration’s aversion to cryptocurrencies attributable to their inherent resistance to regulate. Showcasing his dedication, DeSantis spearheaded legislation that resulted in Florida changing into the pioneering state to ban central financial institution digital currencies (CBDCs), setting an influential precedent that different Republican-led states are eagerly making an attempt to emulate.

What are your ideas on the rising acceptance of bitcoin by presidential candidates within the 2024 election? Do you imagine cryptocurrency will play a big function in shaping the way forward for political campaigns? Share your insights and be part of the dialogue within the feedback part beneath.