#USPresidentialElection2024 #Cryptocurrency #PolitiFi #Bitcoin #Coinbase #CryptoCommunity #USPolitics #MemeCoins
The first debate of the 2024 US Presidential election ended with a conspicuous absence of discussions on cryptocurrencies and Bitcoin, despite significant anticipation from crypto political action committees (PACs) and supporters. This event took place in Atlanta, Georgia, featuring prominent figures: current President Joe Biden and former President Donald Trump, with CNN anchors Jake Tapper and Dana Bash moderating. The focus of the debate ranged across various topics from the economy to foreign policy, yet conspicuously omitted any dialogue on technology policy, including cryptocurrencies. This oversight was unexpected especially considering Trump’s previously acknowledged crypto-friendly stance, leaving the crypto community in a state of disappointment.
The impact of the debate’s silence on crypto was immediately felt in the market, particularly among politically themed (PolitiFi) meme coins. These assets, which often ride the wave of political events and sentiments, saw a sharp decline; MAGA (TRUMP) and MAGA Hat (MAGA) experienced falls of 14.1% and 14.6%, respectively, while Doland Tremp (TREMP) and Joe Biden-themed Jeo Boden (BODEN) saw declines of 15.3% and a staggering 32.5%, respectively. In response, Coinbase, a significant figure in the cryptocurrency exchange arena, voiced its frustration, emphasizing the importance of integrating crypto into national dialogues, reflecting on the vast swath of Americans and Georgians who own crypto.
Despite the oversight in discussion during the debate, the efforts to propel cryptocurrencies into the political landscape have not waned. Coinbase has intensified its focus on its PAC, Stand With Crypto, which boasts over $87 million in donations. Additionally, its support for the Fairshake Super PAC, with a $25 million contribution, underlines the substantial financial backing aimed at supporting pro-crypto candidates, highlighting the significant political and financial maneuvering underway to secure crypto’s place in policy discussions. Moreover, the actions and statements by Trump post-debate suggest an ongoing alignment with the crypto community, shown through his engagement with crypto miners and promises made during the Libertarian Party convention, positioning him as a crypto-friendly candidate. His proactive stance, coupled with his increase in the odds of winning the election according to Polymarket, underscores the intertwined relationship between politics and cryptocurrency, hinting at the potential for future discussions and policies favoring the crypto industry.
Comments are closed.