Last night, the first debate for the 2024 U.S. presidential election took place between Joe Biden and Donald Trump. News outlets reported a “stumbling” performance from the incumbent President, matched with many falsehoods from his challenger.
As the debate neared, there was speculation that crypto would be on the agenda—but that wasn’t ultimately the case.
Michael Saylor, founder of the pro-Bitcoin firm MicroStrategy, tweeted a poll in which 69% of people who voted—admittedly drawn from a pool of his largely Bitcoin-inclined followers—thought that BTC would be discussed.
Will #Bitcoin be a topic in tonight’s Presidential Debate?
— Michael Saylor⚡️ (@saylor) June 27, 2024
Clearly, the crypto community was excited, with blockchain advocacy group Stand With Crypto even sending out pizzas to groups gathering to watch the debate.
Thanks to @standwithcrypto for feeding us 🍕 for the Trump v Biden debate
We’re still waiting to hear the candidates talk about blockchain or crypto, but the @CryptoradoCom have our hopes high 🤞🏻 pic.twitter.com/DDLooOkqgn
— dylan🛡️ (@GrabowskiDylan) June 28, 2024
Meanwhile, Crypto Twitter’s degen community geared up to trade meme coins during the debate.
“If y’all don’t send me the tickers from this debate [tonight], I’m auto-assuming we aren’t homies,” meme coin trader SolJakey said on Twitter, before posting a photo of him watching the debate in a Tesla with DEX Screener open.
We locked in. pic.twitter.com/iitOIJzrsl
— Jakey (@SolJakey) June 28, 2024
The debate kicked off and the two presidential candidates wound up discussing their respective golf games after being asked about the quality of childcare in the United States. Pseudonymous crypto influencer Ansem saw the humorous side of it, while others found it frustrating that the pair were talking about trivial topics and avoiding the bigger issues.
“What will you do to make child care more affordable?”
*candidates proceed to argue about who’s best at golf*
— Alex Svanevik 🐧 (@ASvanevik) June 28, 2024
As the debate continued, Biden’s performance was called into question.
pic.twitter.com/Rb9ntEI1Ol
— Bold (@boldleonidas) June 28, 2024
And soon enough, the Solana-based Biden meme coin, Jeo Boden, started to fall.
😭 pic.twitter.com/SoHbXnTETz
— borovik (@3orovik) June 28, 2024
But some believed that investors had misunderstood the meme. It wasn’t so much that Biden would be a good debater, it’s that he would produce funny moments.
the fact that boden sells off when biden does badly only highlights that people don’t understand the meme is making fun of him
— Dyme (@CryptoParadyme) June 28, 2024
Equally, the inverse was true. As Biden’s woes mounted, Crypto Twitter showed support for Trump-related meme coins.
Bidding more $TRUMP & $TREMP
pic.twitter.com/QadDsElT8B— POΞ (@Poe_Ether) June 28, 2024
One investor said he started feeling bad for Biden, but couldn’t forget how anti-crypto the SEC has been under his rule.
I do feel really bad for Biden having to debate right now, he should be able to retire.
I’ll always remember the absolute fear Crypto builders lived in during his SEC’s rule though
Technology builders at the bleeding edge had to hide. I won’t forget that.
— Tommy (@Shaughnessy119) June 28, 2024
Around this time, Crypto Twitter started speculating that Biden would be replaced.
“The Democrats MUST run a different candidate than President Joe Biden,” Mike Dudas, founder of crypto venture fund 6th Man Ventures said on Twitter. “This is truly a national emergency.”
The Democrats MUST run a different candidate than President Joe Biden.
This is truly a national emergency.
— Mike Dudas (@mdudas) June 28, 2024
Ryan Selkis, the pro-Trump founder and CEO of Messari, echoed that vibe, calling it a “national security issue” and calling for the 25th amendment to be used to remove Biden due to a declaration of inability to perform the job.
THERE IS AN IMMEDIATE NATIONAL SECURITY ISSUE EXPOSED TONIGHT.
25TH AMENDMENT NOW!!!
I don’t like @KamalaHarris, but I support her unconditionally for the next six months as an American. Please fix this.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) June 28, 2024
When the debate finished, Crypto Twitter seemed surprised that its favorite industry hadn’t been mentioned. It appeared at time that crypto would become a key battleground for the campaigns. But some speculated that maybe the issue isn’t as big as the crypto community believed it was.
if you’re surprised that they didn’t mention crypto in the debate, perhaps consider it’s not as big of a deal as you think for most other people.
— toast (@intocryptoast) June 28, 2024
Who won the debate? Many crypto degens bet with their money on Trump, though he is clearly the more pro-crypto of the candidates. Trump’s chances of victory surged on Polymarket as the debate finished, with degens wagering $7 million on Joe Biden dropping out of the race.
🚨 NEW POST DEBATE ODDS HAVE TRUMP CHANCES OF WINNING SKYROCKETING
Pre-debate
🟥 Trump: 59% (+25)
🟦 Biden: 34%
🟦 Newsom: 3%POST-DEBATE
🟥 Trump: 65% (+42)
🟦 Biden: 23%
🟦 Newsom: 6%The Dems are in a BAD spot.
(via @Polymarket pic.twitter.com/X36fg7cZNM
— Nick Sortor (@nicksortor) June 28, 2024
Edited by Stacy Elliott and Andrew Hayward