How Do 2024 Presidential Candidates Look at Crypto?

The approaching presidential vote in the United States in 2024 promises to be intriguing and contested as more and more well-known candidates announce their participation in the election.

Both the Democratic and the Republican parties have amassed serious figures who put the economic welfare of Americans, the improvement of the domestic health sector, the US immigration policies, and other aspects at the center of their campaigns.

Some of the candidates have also touched upon cryptocurrencies, promising to let the industry thrive should they become America’s next political leaders. In the following lines, we will take a closer look at those who have declared their support for the asset class and those who are against it.

The Pro-Crypto Team of the Dems

The Democrats have an outspoken cryptocurrency advocate in the face of Robert F. Kennedy. The nephew of former President John F. Kennedy, who recently said that Bitcoin captured his attention at the beginning of 2022, vowed to implement several pro-BTC laws should he win next year’s elections. 

For one, he promised to protect the rights of Americans to hold and use the primary digital asset. He also vowed to introduce legislation that supports the advancement of Bitcoin and enables people to control their passwords, wallets, and nodes. He added that his eventual administration will apply only necessary control to the sector to prevent money laundering.

One of Kennedy’s most groundbreaking promises (who has personally invested some of his wealth in BTC) is to back the US dollar with “real finite assets,” including gold, silver, platinum, and bitcoin. 

“My plan would be to start very, very small: perhaps 1% of issued T-bills would be backed by hard currency: by gold, silver, platinum, or bitcoin, and then depending on the outcome, we would increase that annually,” the candidate explained.

The American author and speaker – Marianne Williamson – is also a nominee running for President as part of the Democratic party. Unlike Kennedy, though, she has not been that vocal regarding cryptocurrencies. However, she raised eyebrows during the infamous strike of Canadian truckers last year when the local authorities froze accounts that facilitated crypto donations to the protestors.

“Canada, are you okay…?” she questioned at the time.

More Examples Among the Republicans

The biggest crypto fans within the other big party in the United States include Ron DeSantis (Florida’s Governor) and Francis Suarez (Miami’s mayor).

The former pledged that one of his main duties as President (should he get elected) will be to end the war on Bitcoin waged by America’s current government. He also opposed the possible launch of a central bank digital currency (CBDC), asserting that he would throw that product into the “trash can” immediately after becoming USA’s next political leader. 

Suarez appears to be an even bigger supporter of BTC than Florida’s Governor. He introduced multiple initiatives surrounding the primary digital asset in Miami and became the first American politician to receive his salary in bitcoin instead of fiat. However, he has not yet given any crypto promises should he emerge victorious next year.

One interesting fact connected to him is that his campaign was recently stimulated with $500,000 by a mysterious donor. According to Miami Herald, that person was Ivan Soto-Wrigth – CEO of the crypto platform MoonPay. The Campaign Legal Center filed a complaint, insisting that the contribution violated federal laws since it was initially masked via a third party. 

The American entrepreneur Vivek Ramaswamy is also a candidate among the Republicans who is a BTC fan. However, he opposed Kennedy’s recent plan to back the greenback with Bitcoin, arguing that precious metals would do a better job at the moment.

Trump Leads the Anti-Crypto Club

Speaking of presidential candidates who have a hostile stance on the cryptocurrency sector, one can not miss Donald Trump. The billionaire who served as America’s 45th President has opined over the years that the asset class is “potentially a disaster waiting to happen” and could hurt the US dollar. He also hinted that Bitcoin might be a scam, urging people to focus on the greenback instead:

“The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high. It takes the edge off of the dollar and the importance of the dollar.”

On another occasion, the business magnate raised concerns that the rapid expansion of the cryptocurrency industry could be “a very dangerous thing.” 

Trump may have criticized Bitcoin and the altcoins, but his wife, Melania Trump, hopped on the bandwagon by releasing an NFT platform on the Solana blockchain.

The former President followed his spouse’s example and launched a digital collection depicting himself in various outfits, such as wearing a Superman cloak, holding a rifle, being dressed as a pilot, and others. It is worth mentioning that the Donald Trump Digital Trading Card collection saw an increased interest in the hours after his arrest in April this year. 

While the current President of the United States – Joe Biden – has not been as radical as his rival, Trump, he could also find a spot among the crypto naysayers. He included the asset class in his economic report earlier this year, claiming that digital currencies are “mostly speculative investment vehicles” which do not perform all the functions of money.

Biden’s administration has also suggested that Bitcoin mining harms the environment and brings no substantial economic benefits to the country. As such, it pushed Congress to pass a 30% climate change tax on cryptocurrency miners from the next fiscal year (starting from October 1).

We are yet to see whether, on November 5, 2024, America will have a crypto supporter serving as its 47th President or the place will be taken by someone who will most likely not allow the local industry to flourish.