Presidential candidate Donald Trump recently expressed his backing for crypto, indicating that he would cease hostility towards crypto in the US if he were to be re-elected.
“If we’re going to embrace it, we have to let them be.” He also told the audience that if they like crypto, “you better vote for Trump.”
Previously, Trump openly criticized Bitcoin and other cryptocurrencies. In July 2019, he described them as “not money” and condemned their volatility and absence of intrinsic value. Additionally, he contended that these assets could facilitate illegal activities such as drug trafficking.
Crypto’s Role in Shaping Voter Preferences
According to Coinbase, about 20% of American adults, or over 50m individuals, claim to hold crypto. Markus Levin, co-founder of XYO Network, said that this substantial figure has undoubtedly captured the attention of the candidates.
“To embrace crypto and solid crypto regulation is a good election strategy and clever policy more generally,” he said. “Absolutely, a sizable number of people in the crypto community will vote for Trump based on his seemingly positive approach towards the industry.”
Meanwhile, Jonathan Thomas, CEO of prime brokerage Blueberry, asserted that Trump’s crypto-friendly stance will influence voters prioritizing crypto as a single-issue matter.
“This is an aspect that some people hold dear to their hearts, and will vote for which candidate supports their bias,” he said. His crypto-friendly talk will resonate with crypto enthusiasts, but only if it doesn’t clash with other issues they care about even more, he added.
Skepticism Surrounding Donald Trump’s Crypto Advocacy
NFT enthusiast Thorne Melcher labeled Trump’s recent endorsement as “flimsy.” She noted it marks a significant departure from his previous negative remarks.
“Given crypto’s potential to facilitate the purchase of trans hormone replacement therapy, abortions, and drugs circumventing politics pushed by conservatives, it only feels like a matter of time before they involve it in their authoritarian crackdowns,” she said.
However, she noted that this doesn’t imply that Biden is favorable towards cryptocurrency. Yet, supporting Trump solely for the sake of crypto doesn’t seem to offer substantial benefits, and Trump himself is unlikely to gain much electoral support solely by endorsing it.
Trump’s Strategy to Woo Crypto Voters Away from Biden
Once a crypto skeptic, Trump has now become a full-fledged NFT enthusiast. He actively participates in the market, even selling over $1m worth of NFTs, some featuring his mugshot.
According to Stephanie Vaughan, co-founder of DeFi firm Veda, it’s evident that many individuals within the crypto community are inclined to support Trump or refrain from supporting Biden.
“I think that during the last election, there were probably a lot of crypto-focused voters who voted for Biden. Because, at that time, it wasn’t clear that he would take such a hardline approach against the industry,” she said.
“It’s clear now, however, that regulation by enforcement is the stance taken by the Biden Administration. And this is totally unworkable for a very large number of people who work in the industry or who are generally favorable towards it.”
She said that Trump acknowledges crypto’s emergence as a significant factor for a considerable portion of voters in the upcoming election. Consequently, he’s making concerted efforts to attract them away from Biden.