- The 2024 elections, also known as the ‘Bitcoin elections’, are heavily influenced by the rising US crypto users.
- Trump receives crypto support, including donations from the Winklevoss twins, while Biden faces criticism.
As the United States steadily embraces cryptocurrencies, its citizens are increasingly looking for leaders to support this emerging sector. According to Statisticalthe number of crypto users in the US has skyrocketed from 4.94 million in 2017 to 87.77 million in 2024.
Source: Statista
This wave is not only changing the economic landscape, but also influencing the upcoming election cycle.
In fact, a recent one questionnaire conducted by Harris Poll on behalf of Grayscale has labeled the 2024 presidential election as the “Bitcoin election,” underscoring how digital assets are influencing political agendas.
Trump vs. Biden
Despite the important role of crypto in the upcoming elections, the two presidential candidates are divided on their approach to crypto.
While former President Donald Trump has publicly favored crypto in several cases, President Joe Biden appears to have an anti-crypto stance.
Shedding the same light, CEO of Marathon Digital Holdings Fred Thiel said in a recent conversation with Yahoo Finance:
“Former President Trump has clearly positioned himself as the pro-bitcoin candidate. He believes that all bitcoin should be mined in the US and has been very open in his relationships with bitcoin miners and people in the space.
While commenting on the Biden administration he noted:
“The Biden administration is very hostile to bitcoin, through its various agencies, whether it is banking or the so-called ‘Operation Choke Point 2.0’, whether it is the SEC, etc.”
Later in the conversation, he highlighted several ways the Biden administration is trying to curb the crypto industry.
Echoing Thiel’s sentiments, billionaire entrepreneur Mark Cuban also shared his concerns about President Biden’s election prospects.
He criticized SEC Chairman Gary Gensler and warned that regulatory hurdles for U.S. crypto companies could hurt Biden’s re-election chances.
Executives favor Trump
On the other hand, many influential personalities side with Trump’s pro-crypto stance.
The Winklevoss twins, founders of the cryptocurrency exchange Gemini, have each donated $1 million worth of Bitcoin to the former president’s campaign.
This highlights Trump’s growing influence among crypto enthusiasts and suggests that his stance could be a deciding factor in the upcoming election, which could pose a substantial challenge to Biden’s bid for re-election.
Impact on the memecoin market
Naturally, the political battle between Trump and Biden was also reflected in the memecoin market.
According to CoinGecko, the Donald Trump-inspired memecoin Doland Tremp [TREMP] saw a significant increase of 20.2%, while the Joe Biden-inspired coin Jeo Boden [BODEN]was down 3.3% at the time of writing.