The battle over crypto voters in the U.S. is heating up. David Bailey, CEO of Bitcoin Magazine which is organizing the conference, tweeted that Kamala Harris will not be attending the Bitcoin 2024 Conference.
The Bitcoin Conference will take place from Thursday, July 25 to Saturday, July 27, 2018.
Donald Trump is expected at the conference. Some have suggested that he could announce his intention to list Bitcoin as an U.S. Reserve Currency.
According to A.P., after President Joe Biden decided to withdraw from the Presidential race, Harris received the support of Democratic delegate to lead the Democratic Party. survey:
source: A.P.
If Harris had attended the Bitcoin conference, the battle for the votes from crypto enthusiasts in the United States would have been fierce. Trump will be the highlight for Bitcoin investors.
Crypto Politics
Trump’s pro-crypto stance was a response to the U.S. Administration’s hard stance on cryptocurrencies, which angered the U.S. Crypto community.
The number of crypto holders in the United States is increasing. According to Triple A’s research, by 2022 there will be around 53 million cryptocurrency owners in the United States.
It is for this reason that crypto has become the focal point of the upcoming election.
Triple A
Trump, in an effort to appeal further to the crypto community, said at the Libertarian National Convention, held in Washington, D.C., that he would commute Ross Ulbricht’s sentence, the founder and owner of Silk Road, which is a darknet marketplace.
“If you vote me on Day 1, I’ll commutate the sentence of Ross Ulbricht into a sentence for time served.
“He’s served 11 years, we’re going to get him home.”
To promote his crypto-friendly attitude. Trump announced that he will accept crypto donations for his campaign.
According to WSJ, Cameron Winklevoss and Tyler Winklevoss donated $1.6M in Bitcoin and the founder of the Kraken cryptocurrency trading exchange donated $845k in Ethereum.
It appears that the leaders of the crypto industry have endorsed Trump. But will he deliver on his promises? Not everyone is in agreement.
Crypto-voters could lose all leverage
Arthur Hayes (co-founder of BitMEX) warned that Trump views crypto as a tool for politics. Once the elections are finished, the crypto community may lose all of its leverage.
Hayes suggests that the current U.S. government be pressured to pass legislation prior to the elections. The crypto community can unite and vote as a single bloc.
PolitiFact claims that Trump has broken 55 campaign promises and compromised on 23 others.
Source: PolitiFact
Arthur Hayes might not be wrong. Trump, however, appears to have done extensive research on cryptocurrencies.
He will try to deliver at the Bitcoin Conference, which could trigger volatility in the crypto market (as he may fall short of expectations).
Mark Cuban hinted, despite her not attending the conference that her approach to cryptography would be different than Biden’s. Cuban stated the following in an interview with Politico:
“The feedback I am getting, although not confirmed by her, is that she’ll be much more open to business and artificial intelligence. She will also be more open to cryptography, government as a services, and government-as-a-service.
“Changing the policy changes the message, and lets everyone know that she is in control and open for business, literally.”
Harris’ team is also reported to have contacted key figures in crypto industry for her policy. Harris has about four weeks to present Harris’ agenda at the Democratic National Convention.
We may still face significant volatility in US markets even though we missed the Bitcoin conference. Crypto is taking center stage in the Presidential race.
This site is intended for entertainment only and does NOT offer financial advice.
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