The US Presidential election of 2024 has not yet taken place, but the candidates have gradually warmed up. The crypto community is interested in the positions of the candidates on the market to be able to give votes to the most deserving person.
At the end of 2024, the United States will enter an important election that takes place every four years. Candidates for the Presidential seat are gradually warming up in this race, seeking a competitive advantage to attract a large number of votes for themselves. The crypto market also seems to be in the “promising” categories of future presidential candidates.
The position of President of the world’s largest economy will certainly affect the financial market in general and crypto in particular. When it comes to the issue of “rice and money”, anyone in the world must look forward to each election event even before this event has started.
Candidates’ stance on crypto
Candidates who are not very sympathetic to crypto
Candidates who are not very sympathetic to crypto
During the past time, the community has gradually gotten used to the position of the incumbent government, when the accusations are constantly aimed at crypto and Joe Biden does not seem to be interested in this industry. “There is no fundamental value” – The quote quoted in President Biden’s 2023 Economic Report has partly expressed his view on the crypto market.
Mr. Biden said that crypto assets created a tax loophole. Even the incumbent President of the United States once opposed discussing the public debt ceiling with the Republican Party, saying that this issue would protect “rich tax fraudsters and investors who trade crypto”. Biden has officially entered the re-election race and is a potential candidate to represent the Democratic Party.
On the other side of the front line, former President Donald Trump is also not very sympathetic to crypto when he once said: “Bitcoin looks like a scam”. In particular, while in office, he once tweeted that he was “not a fan of Bitcoin and other crypto assets”. Even so, Donald Trump once considered cutting capital gains tax in favor of crypto investors.
Candidates who want to own crypto investor votes
In contrast to the potential bipartisan candidate, the rest seem to want to own some of the votes from crypto investors. Because if crypto investors become a political force, they are also numerous and powerful. During the Securities and Exchange Commission (SEC) confrontation with Coinbase, Brian Armstrong once claimed to rally about 50 million US citizens using crypto into a political force.
We’ll start rolling out content where people can contact their parliamentarians. Donate to pro-crypto candidates, show up at town halls, their voices need to be heard
Brian Armstrong, CEO of Coinbase
With about 20% of Americans owning crypto, these citizens would be very interested in whether the candidate favors the type of asset they hold. As a result, candidates who are openly pro-crypto have taken a stand and enlisted the support of investors. Wearing a Bitcoin logo shirt, Republican candidate Vivek Ramaswamy accepts crypto-related donations.
Another Republican candidate, Florida Governor Ron DeSantis, expressed his pro-crypto stance. According to the 2022–23 budget proposal for the state of Florida, he petitioned the government to allow businesses to pay with crypto. However, the Governor of Florida is not in favor of CBDC either inside or outside the US. Mr. Desantis once opposed the Federal Reserve’s 24/7 FedNow, arguing that this payment system would become the forerunner of CBDCs.
You have the right to do anything with Bitcoin. The only reason people in Washington don’t like it is because they have no control over them
Ron DeSantis, Governor of Florida
On the Democratic side, we have Robert F. Kennedy Jr., who sees Bitcoin as a “symbol of democracy and freedom.” In his tweet, he sees crypto assets as an engine for innovation and thinks the incumbent government has taken the wrong steps to hinder the industry. Robert F. Kennedy Jr also bluntly criticized Biden when he said that the current president’s proposal to levy a 30% tax on crypto miners is a bad idea.
In addition, we still have candidates who do not express their views clearly on crypto like Marianne Williamson or Mr. Tim Scott. However, one of them still has a positive move towards crypto. For example, Ms. Williamson expressed frustration when the Canadian government blocked crypto wallets of truck driver protesters in 2022.
Will DeSantis or Kennedy Jr be better for Bitcoin?
Among the aforementioned crypto figures, the community seems to favor two candidates DeSantis and Kennedy Jr. But there will only be one President in the US, if chosen between the two, who will become the ruler to help Bitcoin and crypto in general develop the most comprehensively?
Mr. Kennedy Jr – Democratic Party Candidate
Mr. Kennedy Jr – One of the Democratic candidates who expressed the most positive attitude towards crypto. He even spoke at the Bitcoin Miami event held every year to enlist the support of the crypto-loving community. Thereby, demonstrating the close connection between him and the crypto community.
Through the tweet shared above, Mr. Kennedy Jr.’s stance on crypto is very clear and straightforward. This is essential for the community to look at and consider whether to entrust its important vote to Mr. Kennedy Jr.
Can Robert F. Kennedy Jr represent the Democratic Party to lead the crypto market? Source: CNN
His stance partly reflects the growing importance of crypto in the political arena. At the same time, it shows that it is time for the crypto market in the US to have political allies, because this is an essential need to protect a potential and growing industry.
According to the most recent Interactive Polls statistics, candidate Kennedy Jr is at the top in terms of net support. However, it is still open to the potential that he will become the candidate to represent the Democratic Party for the White House seat.
Mr. DeSantis – Republican Candidate
Governor Desantis – A person who has always promoted crypto-friendly policies in Florida, when he signed a law that defines cryptocurrencies and allows their trading in the state without a license. During this official enlistment of the President, Mr. DeSantis vowed to protect Bitcoin to the end.
His anti-CBDC policy in Florida is also appreciated by the community. Thereby, demonstrating understanding the basic philosophy of crypto as a tool to fight for economic sovereignty.
During an exchange on Twitter Space with billionaire Elon Musk, the Florida Governor expressed concern about the legal battle taking place between the SEC and crypto companies. Mr. DeSantis said that Congress “never solved” the issue of crypto and hinted that the SEC is gradually turning this market into a place where “people can’t operate and trade”. Through his view, it is possible that crypto will have clearer regulation if the governor of Florida becomes President.
Florida Governor Ron DeSantis – Crypto-friendly political figure. Source: ABC News
Mr. DeSantis added that if Joe Biden is re-elected for another four years, governance under the incumbent president’s administration “will probably kill crypto”. The Florida Governor’s stance is clear, many crypto investors in the US seem to want him to represent the Republican Party to run for the presidency. While the pro-crypto candidate on the opposite side, Robert F. Kennedy Jr. is unlikely to do this.
This new industry requires leaders to pay closer attention, as needs such as identifying the potential and driving the development of crypto become increasingly apparent. Candidates like Mr. DeSantis could spark a wave of innovation and boost the economy, cementing America’s lead in the market.
Regardless of political views, candidates DeSantis and Kennedy Jr both have a positive view of crypto. As the race for the presidency draws closer, it is certain that the role of crypto will increasingly influence the background of candidates. At that time, American citizens will need to consider the truth before voting for any candidate so that the crypto market can develop to their potential.