Crypto & Politics – The 2024 US Presidential Election
The 2024 US presidential election is coming, Harris has become the Democratic presidential candidate, and the Democratic Party has recently launched a “Crypto For Harris” political campaign to counter Trump’s influence in the crypto market. In this presidential election, cryptocurrency has become the focus of discussion for the first time, and its importance and influence have reached an all-time high. This article will discuss the process of cryptocurrency politicization and how decentralized exchanges can adapt to this trend.
How Cryptocurrency Can Be Used As a Tool In a Campaign?
The government’s stance on policy has a direct impact on price changes and investor trust in cryptocurrency. US policy changes have a significant impact on both the domestic market and global investors, as well as influencing regulatory policies in other countries due to its status as a financial center.
At the same time, the presence of cryptocurrencies in the election process is also very straightforward. In July, Trump attended the Bitcoin 2024 conference, where he reiterated his political leadership platform and promised that if he was successfully elected as the next US president, he would not sell any Bitcoin. This declaration expressed his commitment to the crypto market in the political business link, that is, the legitimacy and market liquidity of cryptocurrencies are endorsed by the US government. On the other hand, vice president Kamala Harris, who was successfully elected as the Democratic presidential candidate, initially stated that she would not attend Bitcoin 2024. However, the importance of the crypto market in the presidential election process cannot be ignored. Harris’s election office also changed its campaign strategy for the crypto market and announced that on August 9, local time, Thursday, Vice President Harris’s advisers will hold a conference call with a group of cryptocurrency industry executives, hoping that they will provide their opinions when the Democratic presidential candidate formulates a policy position on cryptocurrency issues.
On August 8, Polymarket predicted that Harris’s chances of winning the election had exceeded Trump’s chances of winning the election. The probability of Trump winning the 2024 US presidential election dropped to 49%, while Kamala Harris’s chances of winning the 2024 US presidential election rose to 50%.
This series of political decisions has consolidated the status of cryptocurrencies in the United States, and also reflects that cryptocurrencies, as an emerging financial market with huge market potential, have a significant influence in US political elections.
How Cryptocurrency Become More Politicalized?
The past of cryptocurrency can be characterized as a mix of groundbreaking innovation and conflict. From 2009 onwards, cryptocurrency has evolved from obscurity to prominence, from skepticism to recognition, and has slowly become more widely accepted, with its importance and impact steadily rising. Nonetheless, cryptocurrency encounters numerous regulatory obstacles and legal conflicts during its growth, with varying perspectives from governments and financial institutions. Some countries embrace and seek to integrate it into their regulatory framework, while others have implemented severe restrictions or bans.
The Ethereum spot ETF is seen as a significant milestone in the crypto market, signaling increased acceptance of cryptocurrencies like Ethereum by the US government. During the initial phases of the process, several Ethereum ETF ideas were denied by the SEC in the United States for different grounds. The rejection primarily centered around the debate on whether Ethereum is a security, market manipulation, and a flawed regulatory structure. The government’s approval of the Ethereum ETF sends a positive message to the cryptocurrency market, attracting young voters and the technology industry’s support. This will create a voter perception endorsing technological innovation and financial market reform.
When it comes to oversight, the US government has consistently been careful and traditional, primarily concentrating on averting market manipulation, safeguarding investors, and thwarting financial offenses. Multiple agencies like the SEC, CFTC, and FinCEN oversee the cryptocurrency market. For example, Tapbit has obtained its licenses from them, which is a groundstone for gaining the trust of the users.
During the 2024 US presidential election, cryptocurrency is emerging as a significant subject of conversation and a tool for voters to leverage. The stances and policy ideas of politicians from both parties regarding cryptocurrency will have a significant impact not only on their supporters but also on the overall cryptocurrency market.For numerous voters, cryptocurrency represents an investment tool and a sign of liberty and advancement, particularly when cryptocurrency is widely embraced by young voters and tech enthusiasts. Hence, both sides have to include cryptocurrency policy suggestions in their campaign strategies to gain the backing of these voters.
Trending Tokens Related To The US Presidential Election Are Featured on Tapbit
In the current US presidential election, different cryptocurrencies linked to candidates are gaining attention in the market, showing investors’ beliefs in the candidates’ policies. Tapbit has listed a range of tokens to align with the growing trend of politicization and revitalization of cryptocurrencies.
MAGA ($MAGA)
The token $MAGA is based on Trump’s campaign slogan Make America Great Again and has gained considerable attention as one of the top cryptocurrencies in the current election. The MAGA token symbolizes Trump’s political beliefs and it unites followers through the use of blockchain technology. The $MAGA token has impressed the market with its performance since the start of 2024.
DAO Governance ($PEOPLE)
The concept of a decentralized autonomous organization (DAO) is embodied in the $PEOPLE token. The $PEOPLE coin is the charitable donation voucher provided by ConstitutionDAO to supporters. ConstitutionDAO seeks to use a DAO to raise money to purchase the final privately owned original copy of the U.S. Constitution at the upcoming Sotheby auction, ensuring that it is not solely owned by the wealthy. Despite the unsuccessful bid, the Constitution auction represents a challenge to traditional capital from decentralized organizations.
PEPE coin ($PEPE)
The meme token ($PEPE) stands out in the crypto world due to its comical and ironic characteristics. The majority of $PEPE holders are young investors who enjoy humor and sarcasm, utilizing the token to communicate their opinions on political and social events.
FIGHT TO MAGA($FIGHT)
The $FIGHT emerged following an assassination attempt on President Trump during his final speech, where he urged everyone to “FIGHT” and keep working to Make America Great Again.
Outlook for US Crypto Policy & Tapbit Endeavors
Over the upcoming years, the US government’s stance on cryptocurrency will still impact the growth of the worldwide market.
As the 2024 US presidential election draws near, cryptocurrency will become more influential in the political landscape. In the upcoming months, we will see cryptocurrency continue to progress in politics, economy, society, etc., influencing election outcomes and market trends. Investors must stay alert to policy changes and develop well-informed investment plans to navigate unpredictable markets and capture potential investment chances.
Tapbit is closely following the progress of the US election and its potential impact on the crypto market. It has launched $MAGA, $FIGHT, $PEOPLE, $PEPE, and 8 tokens donated by the Trump team (BTC, ETH, DOGE, SHIB, XRP, USDC, and SOL), and will continue to pay attention to and list related high-quality assets. If you want to get ahead in crypto investing, trade Tapbit for early access to top-notch assets, and join daily community events to win more prizes.
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I have been in the industry for over 5 years. I know all the latest news and what is going on with different coins. I write about Bitcoin, Ethereum, Litecoin, and more.
