The debate over whether Joe Biden should run for president continues in the US, with tech group the Chamber of Progress saying the Democrat could save himself by supporting… cryptocurrencies.
Will Joe Biden bet on Bitcoin and win the election?
You probably watched the first presidential debate in the US. Everyone agrees: Joe Biden did badly. It’s not even about what he said, but how he phrased his sentences. He did it indistinctly, often mumbling. He showed that his physical condition is terrible.
All of this has caused even his former supporters to speak out about the need to replace the candidate with someone younger. Someone who can handle Donald Trump.
Now, the topic of cryptocurrencies is re-emerging in the public debate. In a July 9 letter, the technology group Izba Postępu (Chamber of Progress) appealed to Biden to support cryptocurrency market regulations that would strengthen the industry. According to experts, the US president “can still win” against Trump. The breakthrough would be the change in policy regarding digital assets.
Former President Donald Trump used the lack of a clear policy (on your blockchain market) from your administration to change his position on cryptocurrencies and portray you as an opponent of (…) economic progress
– the Chamber of Progress wrote in a letter.
Even though (Trump) recently changed his mind on cryptocurrencies, you still have a chance to provide the regulatory clarity voters are demanding
– the organization added.
The House is mainly interested in the Biden administration making it easier to deposit cryptocurrencies in banks, something that current law makes difficult.
Are cryptocurrencies really that important?
Do American voters care about cryptocurrencies? Probably not. They are most interested in economic issues, especially inflation.
At the same time, however, let’s remember that there is a fight for every percentage point. If we are to believe the polls, Trump’s advantage over Biden is a few percentage points or even less than a point (depending on the poll). Hence, the votes of bitcoin fans may turn out to be important. It is not without reason that Republicans started fighting for this electorate.
At the moment, however, it can be assumed that Trump is winning the votes of supporters of digital assets. He openly promises that he will support this industry. He wants bitcoins to be mined in the US, not in other countries. He even promised to free Ross Ulbricht, the creator of Silk Road.
Biden pales in comparison to his predecessor (and perhaps successor). The White House even announced that it would veto a pro-crypto bill in Congress. In addition, during his term, the Securities and Exchange Commission sued several blockchain companies.
I think that any declarations by Biden will not change the industry’s aversion to him. He has simply become less credible in the eyes of “bitcoin enthusiasts”.
