"Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death," he wrote in a post on Truth Social .
The comparison to his Democratic rival may be emblematic of one reason crypto has become such a hot election issue — and a heightened focus for both parties.
"By all accounts, it's expected to be a very tight election," Alan Konevsky, Executive Vice President and Chief Legal and Corporate Affairs Officer at tZERO, told Business Insider: "Where there's fierce competition for campaign cash, and where crypto and the crypto lobby has shown itself to be an important force from that perspective as well."
The numbers back the point. According to a May report from Public Citizen , the cryptocurrency sector is becoming a titan of political funding that's hard to ignore. Through the 2024 election cycle, crypto-backed super PACs raised over $102 million, the third-most among all super PACs.
Trump's pledges to support US crypto miners or loosen regulatory overhangs are granting him access to fresh funds from the industry. For instance, one crypto executive told CNBC the space was now committed to donating $100 million to his campaign .
"As an industry we are committed to raising over $100 million and turning out more than 5,000,000 voters for the Trump reelection effort," BTC Inc. CEO David Bailey said.
On the other hand, crypto's rise in the electoral contest also stems from how important the topic has become to the American public, something that may have been underestimated before, Konevsky noted.
For instance, about half of young voters surveyed by Grayscale said they will consider a candidate's crypto position before voting.
The increasingly bipartisan nature of crypto is also influencing President Biden's platform. He, too, has opened to crypto donations, and his administration has adjusted regulators' approach to the industry.
But for the near-term, the market appears more confident in Trump to help the sector.
In late June, Bernstein highlighted that if Republicans look more likely to win November's election, Trump's promises of better regulation will help bitcoin rise through the fourth quarter.
"If the election sentiment shifts more Republican, crypto would end up as the primary 'Trump trade' and hopes of a favorable regulatory regime would change the 'use-case' narrative around blockchains such as ETH," analysts wrote.
It's also important to watch how regulatory and court appointees may change under a different administration, Konevsky noted. Aside from questions of who leads market watchdogs like the Securities and Exchange Commission, crypto lawsuits have placed judges front-and-center as the decision-makers on questions related to the market.
Get updates delivered to you daily. Free and customizable.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.
Comments / 0