- The GOP has adopted a pro-crypto platform to counter Biden’s strict crypto rules.
- Trump exceeded Polymarket forecasts with 62%, ahead of Biden’s 21%.
In response to President Joe Biden’s strict measures against cryptocurrency, the Republican Party, under former President Donald Trump, has done so has adopted a draft platform supporting innovation in digital assets.
The Republican Party’s move into crypto
This platform, approved on July 8, aimed to outline the priorities of the entire party and Republican politicians regarding the increasing interest in digital assets as they prepare for the upcoming November elections.
One step further: the Republican National Committee has also adopted the 2024 Republican Party platform, which could further boost Trump’s chances.
According to the document
“Republicans will end Democrats’ illegal and unAmerican Crypto crackdown and oppose the creation of a Central Bank digital currency.”
The document has been further elaborated,
“We will defend the right to mine Bitcoin, and ensure that every American has the right to self-custody of their digital assets and can transact without government oversight and control.”
The reason behind Trump’s shift to crypto
This marks Trump’s most significant move in light of the growing influence of crypto voters this election season.
This is evident from a June opinion poll conducted by the National Crypto Council in the US, an overwhelming 83% of crypto voters preferred candidates who…
“Want to write clear rules for cryptocurrency so that investors can continue to have choices and the industry can continue to grow and create jobs.”
Therefore, this initiative is destined to attract more crypto users, especially in light of the recent investigation into crypto companies by the Securities and Exchange Commission (SEC) under the Biden administration.
Additionally, the Republican Party also plans to shield crypto proponents from central bank digital currencies (CBDCs), or “digital dollars,” due to concerns about potential surveillance.
This move is notable given Trump’s previous rejection of Bitcoin [BTC] and other cryptocurrencies as non-monetary and excessively volatile in 2019.
Is it likely that Trump will win the election?
Despite Trump’s sudden change in attitude towards crypto raising some speculation, the crypto community appears to favor Trump over Biden.
Felipean X user (formerly Twitter), summed it up well when he put it:
“The GOP officially announces its position on #Bitcoin…. you are not optimistic enough about a Trump victory in November.”
Polymarkt’s The forecast market data further confirmed this sentiment, showing Trump in the lead with 62%, compared to Biden who is at 21%.
Source: Polymarkt
It is important to note that Biden had briefly fallen to third place amid rumors that Kamala Harris would take his position.
However, the latest update shows that Biden is back in second place, while Trump leads the pack and his position remains unchanged.