As the 2024 US presidential election heats up, a key question looms over the upcoming debates: will cryptocurrencies, especially Bitcoin, become a major campaign issue? Despite the growing influence and significant political contributions of the cryptocurrency industry, this topic has not yet prominently emerged in the campaign activities.
A recent poll conducted by Michael Saylor of MicroStrategy on X (formerly known as Twitter) revealed that 69.3% of respondents believed that Bitcoin would be mentioned, highlighting the increasing interest and influence of digital currencies in political discourse.
While many cryptocurrency enthusiasts expected to discuss their favored assets, the topic was omitted in the previous debate on June 27, despite intense lobbying efforts in the cryptocurrency field. The main topics of the debate included economic policies, abortion, immigration, and foreign policy.
Despite the substantial political contributions made by the cryptocurrency industry, it still went unmentioned. Although three super political action committees supported by cryptocurrencies raised and spent millions of dollars to influence the elections, this lack of discussion still occurred.
Fairshake PAC raised $177.8 million and spent $70.8 million, primarily on attack ads against congressional candidates. The other two political action committees, Protect Progress and Protect US Jobs, collectively spent $22.8 million. Despite their efforts, cryptocurrency did not appear in the debates.
If elected, Trump promised to end what he called Biden’s “war on cryptocurrency.” He even met with Bitcoin miners, expressing his desire for cryptocurrency to be “made in America.” However, some industry insiders believe that Biden is becoming increasingly favorable towards cryptocurrencies, despite the Securities and Exchange Commission taking enforcement actions during his tenure.
Cryptocurrency is not the most pressing issue for the majority of American voters. Gallup polls show that the economy, inflation, government dysfunction, and immigration are more urgent concerns. Therefore, this may explain the lack of focus on cryptocurrencies in the debates.
It is worth noting that independent candidate Robert F. Kennedy, who supports cryptocurrencies, was excluded from CNN’s debates. He claimed that the network manipulated the rules against him and hosted an alternative debate on X. Kennedy proposed using artificial intelligence and blockchain to reduce government waste, reaffirming his commitment to innovative solutions.
Trump and Biden are scheduled to face off again on September 10. Whether cryptocurrencies will become a discussion topic in the campaign activities remains unknown. The elections on November 5 will determine the President, Vice President, 435 seats in the House of Representatives, and 34 seats in the Senate, making it a significant event.