Cryptocurrency and the Presidential Election Race

28 mins ago - Around 3 mins mins to read

Trump Reveals Crypto Stash
Trump’s Crypto Pivot Could Earn Votes
Harris Yet to Reveal Crypto Stance

November’s Presidential election might still be a few months away, but Donald Trump and Kamala Harris will be covering a lot of key topics between now and then, with cryptocurrency being one of them.

Every key issue that will be discussed and debated over the next three months will have a bearing on how the U.S. public decides to vote, and the relevance of cryptocurrency adoption could be more important than some think.

Federal Election Commission requirements demand that anyone in pursuit of federal office must disclose their finances. Two of the most interesting things about Donald Trump’s financial disclosure revealed that he had made a lot of money selling bibles and that he holds cryptocurrency worth upwards of $1 million.

He earned $300,000 by endorsing the Greenwood Bible, as well as making just under $5 million in royalties from his books Our Journey Together and Letters to Trump.

Most interestingly, Trump’s financial disclosure revealed an entry called “cryptocurrency wallet virtual Ethereum key” with an estimated value of between $1-5 million.

This revelation comes in stark contrast to his previous opinions about cryptocurrencies, describing Bitcoin as a scam and saying one of the main reasons he did not like it was because it was in competition with the dollar.

Cryptocurrency adoption in the U.S. has been on the rise, and its decentralized nature makes it ideal for international transfers. This has seen growth in the offshore crypto gambling market, and casino games like those available on this site are flourishing while many states are still contemplating legalizing fiat currency online gambling.

Crypto offers consumers a great alternative to fiat currencies and a solution to costly and slow international payments in all industries, not just that of gambling.

Its potential for investors evidently made more of an impression on Trump’s business mind than the fear of it damaging the dollar. This was not the only revenue Trump declared from digital asset sources, with more than $7 million in earnings coming from NFT trading cards.

Trump’s decision to pivot on his opinion of cryptocurrency is in opposition to the Democratic Party’s administration, with Biden and other prominent members focusing on the potentially negative effects of crypto use, demanding a more comprehensive regulatory framework.

Fears of its stability, the protection consumers are afforded, and its use for money laundering have dominated their discussions.

However, the popularity and widespread use of cryptocurrencies by the U.S. public and political backers has seen pro-crypto Democrats being more vocal.

Vice President Kamala Harris has yet to take a definitive crypto policy stance, and it is likely she will not be as critical as her predecessor.

Ironically enough, the U.S. public could take to crypto gambling to back their preferred candidate, with the odds currently close at 11/13 and 11/10 for Harris and Trump respectively.

There are sure to be some more headlines before election day, and many crypto users will be keen to see Harris’s position before making their minds up.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Cryptocurrency and the Presidential Election Race

Trump Reveals Crypto Stash
Trump’s Crypto Pivot Could Earn Votes
Harris Yet to Reveal Crypto Stance