The approaching presidential election in the United States in 2024 promises to be intriguing and contested as more well-known candidates announce their participation in the election.
Both the Democratic and Republican parties have amassed serious figures who put the economic well-being of Americans, the improvement of the national health sector, US immigration policies and other aspects at the center of their campaigns.
Some of the candidates also touched on cryptocurrencies, promising to let the industry thrive if they become America’s next political leaders. In the lines that follow, we will detail those who have declared themselves in favor of the asset class and those who oppose it.
The Dems Pro-Crypto Team
The Democrats have a strong cryptocurrency advocate in the face of Robert F. Kennedy. Former President John F. Kennedy’s nephew, who recently said Bitcoin caught his attention in early 2022, has pledged to implement several pro-BTC laws if he wins the year’s election next.
On the one hand, he promised to protect the rights of Americans to own and use the primary digital asset. He also pledged to introduce legislation that supports the advancement of Bitcoin and gives people control over their passwords, wallets, and nodes. He added that his eventual administration will be apply only control necessary for the sector to prevent money laundering.
One of the most groundbreaking promises from Kennedy (who has personally invested some of his wealth in BTC) is to back the US dollar with “real finite assets” including gold, silver, platinum, and bitcoin.
“My plan would be to start very, very small: maybe 1% of treasuries issued would be backed by hard currencies: by gold, silver, platinum or bitcoin, then depending on the outcome , we would increase that every year,” the candidate explained.
The American author and lecturer – Marianne Williamson – is also a presidential candidate as part of the Democratic Party. Unlike Kennedy, however, she hasn’t been as vocal when it comes to cryptocurrencies. However, she raised her eyebrows during last year’s infamous Canadian truckers’ strike when local authorities froze accounts that facilitated crypto donations to protesters.
“Canada, how are you…? ” She interrogates at the time.
More Examples Among Republicans
The biggest crypto fans within the other major party in the US are Ron DeSantis (Governor of Florida) and Francis Suarez (Mayor of Miami).
the old promised that one of his main duties as president (if elected) will be to end the current US government’s war on Bitcoin. He also opposed the possible launch of a central bank digital currency (CBDC), saying he would throw it in the “trash can” immediately after becoming the next political leader of the United States.
Suarez appears to be an even bigger supporter of BTC than the Governor of Florida. He presented several initiatives surrounding the leading digital asset in Miami and became the first American politician to receive his salary in bitcoin instead of fiat. However, he has yet to make any crypto promises if he should emerge victorious next year.
An interesting fact related to him is that his campaign was recently boosted with $500,000 by a mysterious donor. According for Miami Herald, that person was Ivan Soto-Wrigth – CEO of crypto platform MoonPay. The campaign’s legal center filed a lawsuit, insisting the contribution violated federal laws since it was originally masked through a third party.
American entrepreneur Vivek Ramaswamy is also a candidate among Republicans who is a fan of BTC. However, he opposite Kennedy’s recent plan to support the greenback with Bitcoin, arguing that precious metals would do a better job at the moment.
Trump leads the anti-crypto club
Speaking of presidential candidates who have a hostile stance on the cryptocurrency industry, Donald Trump cannot be overlooked. The billionaire who served as America’s 45th president has opined over the years that the asset class is “potentially a doomsday” and could hurt the US dollar. He also hinted that Bitcoin might be a scam, urging people to focus on the greenback instead:
“The currency of this world should be the dollar. And I don’t think we should have all the bitcoins in the world there. I think they should regulate them very, very high. It takes away the advantage of the dollar and the importance of the dollar.
On another occasion, the business tycoon raised concerns that the rapid expansion of the cryptocurrency industry could be “a very dangerous thing”.
Trump may have been critical of Bitcoin and altcoins, but his wife, Melania Trump, jumped on the bandwagon in release an NFT platform on the Solana blockchain.
The former president followed his wife’s example and spear a digital collection depicting him in various outfits, such as wearing a Superman cape, holding a gun, being dressed as a pilot, and more. It is worth mentioning that the Donald Trump Digital Trading Card collection saw heightened interest in the hours following his arrest in April this year.
While the current President of the United States – Joe Biden – has not been as radical as his rival, Trump, he may also find a place among crypto naysayers. He included the asset class in its economic report earlier this year, claiming that digital currencies are “primarily speculative investment vehicles” that do not perform all the functions of money.
The Biden administration has also suggested that Bitcoin mining harms the environment and brings no substantial economic benefit to the country. As such, he pushed Congress will pass a 30% climate change tax on cryptocurrency miners starting next fiscal year (starting October 1).
We have yet to see if, on November 5, 2024, America will have a crypto supporter as the 47th president or if the place will be taken by someone who most likely will not allow the local industry to thrive.
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