Crypto has emerged as a contentious issue in the 2024 US presidential election, with both the Biden administration and former President Donald Trump vying for support from the crypto industry. The Biden team has been engaging with crypto industry stakeholders, while the Democratic Party has shown hostility towards the industry.
Trump's unexpected attendance at the Bitcoin Conference indicates a pro-crypto stance. With approximately 20% of the US population owning cryptocurrency, both parties recognize the importance of crypto and are expected to adopt fair policies and regulations.
President Biden is urged to support crypto regulations to attract more youth votes. Trump's pro-crypto position puts pressure on Biden to adapt.
The political debate on crypto reflects its growing significance, with politicians like Elizabeth Warren facing criticism for their anti-crypto stance. The failed assassination attempt on Trump boosted his odds of regaining the presidency, which is seen as bullish for crypto.
Crypto gamblers are betting on Biden exiting the presidential race, while Trump vows to end the 'war on crypto'. The perfect storm of support from Washington, Wall Street, and the prospect of Fed rate cuts is driving momentum in the crypto market.
Biden officials' discussions with Bitcoin advocates raise skepticism about the government's true intentions. The understanding and support for crypto, including from figures like Trump, highlight its transition from niche to mainstream.
