Business insider published today a new report on where Bitcoin currently stands regarding the upcoming US presidential election, with exactly what you would expect from a left-wing mainstream media outlet. The article states that “Trump and Harris have different reasons for trying to attract the crypto community,” and while I agree that it is true that it would be good for both candidates to win this vote, only one of actually give them the work to do that.
The article begins by noting how Bitcoin, and cryptocurrency in general, is not at the top of the priority list for most voters across the country, which I think is true. Earlier this summer I had the opportunity to attend the Republican National Convention (RNC) in Milwaukee, Wisconsin, and even there, after everything Trump had said about supporting this industry, there was no broader discussion among anyone about it. . There was also no discussion about it at the Democratic National Convention (DNC). Most voters do care about more prominent issues, such as the problem of illegal immigration, inflation, crime and more. But I think this seems to be changing, in more ways than they might think.
Business Insider continues the typical mainstream media narrative that this industry is just a bunch of “crypto bros” and that “maybe” the vote of a “dogecoin-loving guy” in a swing state could be important in determining the upcoming election. Then they turn around and joke that just because someone might own $50 worth of Bitcoin, it won’t play a role in deciding who to vote for in the upcoming election. But they fail to recognize two key factors that are negating their efforts in the sector.
Bitcoin has officially crossed the divide and is now backed by traditional financial institutions including BlackRock, Fidelity, etc. BlackRock is the world’s largest asset manager, and they are not here to play around as the ‘crypto bros’ Business Insider suggests. They are here to make money, and their place has been Bitcoin ETFs fastest growing ETFs in history. Their ETFs’ clients range from all different types of investors, who are also eager to see this asset class rise. These big asset managers are gathering an army of new Bitcoin holders from traditional finance backgrounds, and I’m sure they’ll want to make their voices heard this November.
Also CNBC earlier this year reported that half of Americans have $500 or less in their savings accounts, and 60% have $500 or less in their checking accounts. Americans have a savings problem, as CNBC noted: “The lack of cash in savings or checking accounts suggests that many Americans are living paycheck to paycheck.” Everyone has to start saving somewhere, and those with $50 worth of BTC will vote on who will look after their best interests, such as building their financial savings. So BTC holders should not be written off because of the amount of BTC they may own when it comes to voting.
So far, only Donald Trump has bothered to appeal to this group of voters. Former presidential candidate Robert F. Kennedy Jr. had also promised to support the Bitcoin industry, but he dropped out to support Trump. Trump has gone out of his way to earn the support of Bitcoin and the broader crypto industry, including speaking at the Bitcoin conference in Nashville earlier this summer, promising to help BTC miners get all the electricity they need need them for mining, and promised to build a strategic stockpile. of BTC for the country’s reserves, and much more.
Meanwhile, Kamala Harris has said literally nothing about the Bitcoin industry, let alone supporting it. She declined to speak at the same Bitcoin conference in Nashville last summer and did not add Bitcoin to the Democratic party platform as Republicans did. She has attacked the Bitcoin industry non-stop since coming to power with Joe Biden almost four years ago. Business Insider addresses her lack of commentary on Bitcoin, but tries to frame it in a more bipartisan manner, as if she is going to support the industry in a similar way to Trump.
And this is where I disagree with many when it comes to this issue. I believe Bitcoin is 100% a partisan issue in this country. I watch all the hearings in the Senate and Congress when it comes to Bitcoin related topics, and see how the majority of Republicans vote in favor of Bitcoin, while the majority of Democrats vote against it. Democrats vote in favor of central bank digital currency (CBDC), while most Republicans vote against CBDC. There is a clear dividing line, further evidenced by Trump being heavily pro-Bitcoin and Kamala being reluctant to support the industry.
If Kamala had wanted to support the industry, she would have taken the time to do so by now. She hasn’t even said the word Bitcoin publicly yet. She did say she would support “blockchain” in a recent speech, but based on her previous years of hostility and the general directions Democrats are voting, one can only assume she means CBDC and does not support Bitcoin. In recent months, Harris’ campaign has hinted a few times that he might support the industry but has not acted on it in any way, creating even more empty promises.
Which leads me to believe that if she wanted to support this industry, she would have no excuses by now. Trump went to PubKey, a Bitcoin-themed bar in New York, purchasing almost $1,000 worth of burgers and drinks to everyone there using the Bitcoin Lightning Network, just a few days after an assassination attempt on him. If Trump can do that, and Kamala can’t even get in front of a microphone and camera and say the word Bitcoin, then it’s clear what their position is on this.
After explaining all of Kamala’s shortcomings in supporting the Bitcoin industry, Business Insider ends the article by stating that “What Harris or Trump will actually do with crypto is unclear, but that’s not really the point right now. ” This is pure gas lighting, as Trump has had a clear policy on this, while Kamala has not. And since she underperformed in her efforts to win this vote, they’re trying to suggest, “Oh, that’s not really the point, that’s not the point.” But it’s what matters. It is reported that there are over 50 million people in the US who own Bitcoin and crypto. They are spread all over the country and want their interests to be promoted in November. While Bitcoin isn’t at the top of the average American’s priority list, it is for those interested in this asset class. This ever-growing bloc of voters is committed to their cause and they are unwilling to budge on this issue.
So far, only Trump has bothered to support and get involved in this industry, while Kamala doesn’t seem to care.