Cryptocurrency has firmly established itself in America's financial landscape and has become a notable topic in the context of the 2024 presidential election. The recent decline in Bitcoin's price has sparked questions, observations, and concerns within the crypto community. The largest digital asset had been trading below the $69,000 level for over two weeks before experiencing further declines.
According to Axios, Trump is in talks with an eye on speaking at the Bitcoin 2024 convention, which is expected to take place from July 25th – 27th, 2024, in Nashville, Tennessee. Trump has made Bitcoin an issue on the campaign trail. His address at the Bitcoin convention could potentially strengthen his position against Democrat Joe Biden, given that much of the election has centered around which administration would be more supportive of cryptocurrencies. Cryptocurrency is one of several issues that Trump has changed his position on this campaign cycle in an effort to attract more supporters. “President Donald J. Trump is the pro-bitcoin, pro-crypto and pro-business choice,” wrote Tyler Winklevoss, co-founder of the crypto exchange Gemini, on X Thursday, announcing that he donated $1 million in bitcoin BTCUSD, +1.99% to Trump’s campaign — an amount that was matched by his twin brother and business partner, Cameron Winklevoss. Concurrently, with Bitcoin's price drop continuing to spread FUD, the fight for the pro-crypto government also continued spreading hope among the crypto industry. Trump has garnered massive support from the crypto industry over the last three months, following his pro-crypto stance, which includes accepting donations in Bitcoin and launching his meme token. Recently, Trump stated that he "will end Joe Biden's war on crypto" and intends to make the United States the leading country in Bitcoin and innovation. "We will ensure that the future of crypto and the future of Bitcoin will be made in America," Trump said in a previous speech.
The Biden administration has re-hired former crypto adviser Carole House, according to a statement from House on June 24. She endorses crypto and regulations. In a June 4 interview with Consensus 2024, House asserted that legal and illegal applications of crypto grow in tandem. News of House’s hiring comes alongside other developments around crypto in the Biden administration. Recent reports suggest the administration aims to develop outreach efforts with the help of the crypto sector and may soon accept crypto donations. Officials from the Senate, House, and the Biden administration, alongside American businessman Mark Cuban, are expected to engage in discussions. The agenda will likely cover topics such as regulatory frameworks, the economic impact of cryptocurrency assets, and strategies to foster innovation while ensuring consumer protection. The Biden administration's participation underscores a recognition of the urgent need for clear and comprehensive regulations in the crypto space. This initiative is timely amidst rapid technological advancements and heightened volatility in crypto markets, emphasizing the crucial dialogue on regulatory stability. The Biden administration's involvement marks a significant development for the crypto community, especially given President Joe Biden's historical reservations about digital assets. Over the past four years, the administration has maintained a cautious stance towards Bitcoin and the broader digital asset industry.
The CEO of Marathon Digital Holdings (Nasdaq: MARA), Fred Thiel, shared his insights on bitcoin and the potential impact of the upcoming presidential election on the crypto industry in an interview with Yahoo Finance on Monday. Thiel also discussed which candidate, Donald Trump or Joe Biden, might be more favorable for the crypto industry’s future. According to anonymous sources, the discussion is the latest attempt by the Biden administration to investigate strategies for winning over voters who are interested in crypto ahead of the upcoming elections. With digital assets becoming a major topic in this year’s elections, it appears that both candidates are fighting for the support of the expanding industry.
According to Allied Market Research, the value of the cryptocurrency market is predicted to treble by 2030, reaching a value of almost US$5bn. The main drivers will be remittances and global payments, Allied says. Analysts project that the global cryptocurrency market will expand more than threefold by 2030, indicating a significant trend. Once confined to a niche community of anti-establishment investors, cryptocurrency is rapidly gaining mainstream recognition and adoption.
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