President Donald Trump has made a calculated pivot to embrace Bitcoin and crypto, sensing a strategic advantage against incumbent Joe Biden in the 2024 election. While Biden has projected hostility toward Bitcoin, Trump directly appeals to the growing voter bloc of Bitcoin supporters.
In recent months, Trump began accepting Bitcoin donations, became the first-ever U.S. president to accept Bitcoin lightning payments and promised pro-crypto policies if returned to the White House. This marks a notable shift for Trump, who was previously indifferent toward Bitcoin and crypto.
BREAKING: ?? Donald Trump becomes first American President to accept #Bitcoin Lightning payments for campaign donations ⚡️ pic.twitter.com/3lERakV64p
— Bitcoin Magazine (@BitcoinMagazine) June 2, 2024
However, with over 50 million Americans now owning Bitcoin and other digital assets, Trump sees a ripe opportunity to peel away these voters from Biden’s coalition.
At campaign rallies and repeatedly on social media, Trump has attacked Biden’s antagonistic stance toward crypto. He has accused Biden of trying to “kill” the nascent Bitcoin and crypto industry and halt American innovation in the space.
Trump said he is “very positive and open-minded to crypto” and that, as president, he would ensure the U.S. leads the world in adopting this new technology. He added, “I will support the right to self-custody to the nation’s 50 million crypto holders.”
In contrast, Biden has advanced concrete anti-crypto measures. He vetoed a bipartisan bill that would limit restrictive SEC oversight of cryptocurrencies, published a report starkly criticizing Bitcoin’s energy use, and promoted developing a central bank digital currency instead of embracing decentralized cryptocurrencies like Bitcoin. His Treasury Department has also laid out an agenda to impose stricter regulations that would stifle crypto innovation.
Biden seems to have failed to recognize Bitcoin’s surging populist appeal among millions of ordinary voters. With polls showing that up to a third of voters weigh candidates’ crypto policies, Trump is strategically tapping into this large constituency that Biden has snubbed.
At recent libertarian-leaning gatherings, Trump has railed against central bank digital currencies, vowing as president he would never allow the Federal Reserve to “rob your money” through such a system. He also made headlines by promising to pardon Silk Road founder Ross Ulbricht, delighting many Bitcoin enthusiasts.
Trump understands that hostility toward Bitcoin could further push voters toward libertarian-minded candidates extremely hesitant to back expanding government regulations. Unlike past presidents who feared Bitcoin, Trump sees that vocally supporting Bitcoin garners populist appeal with his base.
While such a pivot may be politically opportunistic, Trump’s embrace illustrates that Bitcoin’s political influence is rapidly rising. Bitcoin’s inherent game theory means politicians must either attack it or fully embrace it—and openly snubbing Bitcoin’s growing base of millions of voters is now potential political suicide. As Mark Cuban recently said, the anti-crypto stance could cost Biden the Presidency.
NEW: ?? Billionaire Mark Cuban says anti-crypto stance could cost Biden the Presidency.
The 1st #Bitcoin Election ? pic.twitter.com/nOpzmpHFA9
— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
Whether genuinely supportive or not, Trump’s political calculus clearly understands this new reality—that Bitcoin is now a potential make-or-break issue that could swing close national elections.