President Biden Announces Plans to Support Crypto

America apparently doesn’t have any other men over the age of 70 to put in a presidential race, as it was announced earlier this year that the 2024 presidential election would feature a return of both of the 2020 candidates, Donald Trump and Joe Biden.

Unfortunately, because this is a re-hashing of a previous race and both men have been president before, experts predict that it will be a close race. As such, both parties have begun re-evaluating their cryptocurrency stances in hope to boost the votes for their party.

As such, Biden’s campaign has recently announced they will be taking a pro-cryptocurrency stance. Read on to discover the full story below.

Do Biden and Trump Support Cryptocurrency?

Previously, both the Biden and Trump administrations took anti-cryptocurrency stances. In fact, most recently, Biden’s administration planned to veto a pro-cryptocurrency bill from becoming a law. However, before this was final, it seems that the positions have switched.

As we have mentioned many times before, the acceptance and approval of cryptocurrency comes down to a game theory problem. If you don’t support it, you will be missing out on the benefits of supporting it, and it is likely that someone else will support them and gain the benefits in your place.

Basically, both Trump and Biden were against crypto in the 2020 election, however, Trump’s campaign, desperate for whatever votes are available, recently announced that he would be taking a pro cryptocurrency stance, specifically against Biden’s anti-crypto stance.

Shortly after this happened, Biden lost some votes in the preliminary polls as many cryptocurrency enthusiasts considered voting for Trump. That’s when Biden’s administration realized that this issue could lose them the election and they too changed their stance.

Therefore, while neither of these candidates understands cryptocurrency, they now both state that they will take a pro-cryptocurrency stance if elected.

Related: Joe Biden’s Crypto Tax: What Does it Mean For Crypto?

Does it Matter If Your Presidential Candidate Supports Cryptocurrency?

Currently, many cryptocurrency companies, such as Coinbase and Robinhood, are facing extreme scrutiny as they find the laws about cryptocurrency becoming stricter. Despite the approval of the Bitcoin ETFs in January 2024, there are many more anti-crypto bills on the table and those in the industry are starting to become concerned.

It’s important to remember that mane of the large companies in crypto employ lots of people, software developers, marketers, and even copywriters, who work on making written content and white papers—in fact it is currently estimated that 190,000 people work in the cryptocurrency industry.

While 190,000 people might not seem like it would affect an election, it’s critical to consider that many of these people don’t just control one vote. Many of these people have partners and family members who want to see them succeed and will vote for a pro-crypto candidate on behalf of their loved ones. This number also doesn’t include the number of investors (and institutional investors) who are heavily involved in the cryptocurrency market. Currently, it is estimated that there are 420 million cryptocurrency users around the world, and in America alone, 21% of the population holds some form of crypto.

Take Elon Musk, for example. He doesn’t work in crypto but rather in technology. However, he invests heavily in space and is, therefore, more likely to vote for a pro-crypto candidate. He also has many followers who will likely listen to whatever advice he gives about the presidential candidates.

Thus, whether you believe it or not, a candidate supporting cryptocurrency is extremely important as there are hundreds of thousands of jobs on the line, and millions upon millions of money.  And we aren’t the only ones who think so, clearly, as the switching of positions by the candidates shows.

Related: Donald Trump Makes a Stance on CBDCs

Will Trump or Biden Win the 2024 Election?

It’s honestly impossible to predict who will win the upcoming election. While cryptocurrency is a hot topic, there are honestly so many other hot topics out there that there is no way to predict how the vote will swing. American politics has become more and more polarized over the last few years, and the occurrence of large events around the world has impacted several industries.

We aren’t the only ones unsure of how this election will go, as many campaigns are trying to take more neutral stances in order to have their candidate win. Whether or not it will actually help, only time will tell.

Is it Important to Vote for a Pro-Crypto Candidate?

Honestly, the world of cryptocurrency is becoming increasingly difficult to navigate and we estimate that will continue unless someone truly pro-crypto get elected. Neither Trump nor Biden truly understands the impact and capabilities of blockchain, and we suspect that either candidate will do a poor job of developing the space—though we are glad that both candidates have mentioned they will support more positive crypto regulations.

Of course, these are just campaign promises, so you can only take them at face value.

Either way, we hope that this is the last year that we will see either candidate on our ballots. We hope that Americans will wake up and demand better and younger politicians. Hopefully someone who is young enough to truly understand the capabilities of blockchain. But this is probably just a dream, so for now, we will keep on dreaming.

In the meantime, remember that you can always vote for pro-crypto candidates in other elections. Take a look at your local congressmen and senator elections and vote for candidates who will support crypto. Many of these candidates are easier to access than the president, and you can often meet with them directly to express your concerns.

Overall, the politics in the United States right now are pretty bad for cryptocurrency, no matter what candidate wins in November. We just hope that both will allow more positive cryptocurrency regulations and that we will have better options come 2028.

Related: What is the RESTRICT Act?