Is President Biden Hostile towards Bitcoin Marathon Digital CEO Speaks Out

The 2024 election is being referred to as the “Bitcoin election,” influenced by the growing number of cryptocurrency users in the United States. Donald Trump has received support from cryptocurrency, including donations from the Winklevoss twins, while Biden faces criticism.
As the United States steadily embraces cryptocurrency, more and more citizens are seeking leaders who support this emerging industry. According to Statista, the number of cryptocurrency users in the United States has increased from 4.94 million in 2017 to 87.77 million in 2024.
This sharp rise has not only reshaped the economic landscape but also affected the upcoming election cycle.
In fact, a recent Harris Poll survey conducted on behalf of Grayscale has referred to the 2024 presidential election as the “Bitcoin election,” highlighting how digital assets are influencing the political agenda.
Trump and Biden
Although cryptocurrencies play an important role in the upcoming election, the two presidential candidates have differences in their views on cryptocurrencies. While former President Donald Trump has publicly supported cryptocurrencies, President Joe Biden appears to be against them.
Fred Thiel, CEO of Marathon Digital Holdings, stated in a recent interview with Yahoo Finance that “former President Trump has clearly positioned himself as a candidate in support of Bitcoin. He believes that all Bitcoin should be mined in the United States and has been very open in his relationship with Bitcoin miners and people in the field.” When commenting on the Biden administration, he pointed out, “The Biden administration has been very hostile to Bitcoin through its various agencies, whether it is the banking industry or the so-called ‘Choke Point 2.0 action,’ whether it is the U.S. Securities and Exchange Commission.”
In the conversation, he further emphasized the various ways in which the Biden administration is trying to curb the cryptocurrency industry.
Echoing Thiel’s views, billionaire entrepreneur Mark Cuban has also expressed concerns about President Biden’s re-election prospects. He criticized Securities and Exchange Commission chairman Gary Gensler, warning that regulatory barriers for U.S. cryptocurrency companies could harm Biden’s re-election chances.
Executives supporting Trump
On the other hand, many influential figures are supporting Trump’s stance on cryptocurrency. The founders of the cryptocurrency exchange Gemini, the Winklevoss twins, each donated $1 million worth of Bitcoin to the former president’s campaign. This highlights Trump’s growing influence among cryptocurrency enthusiasts and indicates that his stance may be a deciding factor in the upcoming election, posing a significant challenge to Biden’s re-election campaign.
Impact on the meme coin market
Unsurprisingly, the political struggle between Trump and Biden is also reflected in the meme coin market. According to CoinGecko, the meme coin Doland Tremp (Tremp), inspired by Donald Trump, surged by 20.2%, while the coin Jeo Boden (Boden), inspired by Joe Biden, dropped by 3.3% at the time of writing.