The topic of cryptocurrency isn't far from the upcoming US elections, and after yesterday's debate, it's clear that Biden won't win. Why? Let me explain. Biden is not pro-Bitcoin, and to be fair, he has always tried to destroy the industry by nominating Gary Gensler as the Security and Exchange Commission head chief. Since Gary took power in the SEC, he has made it his mission to destroy the industry.
Companies fled from the US, while others got kicked out by the rules the entity enforced, even though there's no law to regulate the crypto industry. Gary and his team, following their boss's ambitions, pursued Coinbase, Binance, Ripple, and many more crypto businesses. They made sure these companies suffered in their hands and paid lots of millions in fines for the government's vaults. Binance was the latest biggest exchange to pay $4.3 billion in fines for crimes that they "forged," and they took their former CEO, CZ, to jail with a 4-month sentence.
On June 3, Joe Biden cut legs on a law that could enable financial institutions to hold crypto without needing to pass or be approved by the SEC. He made it clear that he prefers CBDC over Bitcoin and cryptocurrencies, which is pissing off the youth in the US. This youth is the biggest mass that will vote in these elections, and Biden is doomed to not get even a vote from those who own decentralized currencies.
On the other hand, Donald Trump understood that to win this election and go back to the White House, he should change his approach to the crypto market, and voilà, he started to be more favorable to the market. He began to receive donations in Bitcoin on the Lightning Network for his presidential campaign, promised Americans that he would allow citizens to hold Bitcoin, and turn it into a legal way of payment in the country. He also said that he would drown Biden's plans to create a CBDC, and with this move, he definitely gained young voters.
There are lots of Memecoins (really, and scams, be aware of them) created to attract political fans and investors who bet on Bitcoin. Again, only invest what you can afford to lose and DYOR, that are trending on Solana. Several NFT artists produced tons of Donald Trump NFTs, and he's a well-known figure in crypto. Not only this, Trump conquered fans also in the libertarian party after promising to pardon Ross Ulbricht in his first week in the White House. Here, Trump ensured that young Americans, libertarians, and a good part of US society would grant him votes.
And after yesterday's debate, where nothing new came from it and which deteriorated Biden and Trump's popularity among voters, this crypto perspective can enlighten who could vote for each of them. Trump will have support from people who own crypto and Bitcoin; Biden, not sure who will vote for him as he already dug his grave long ago. This is my perspective in the crypto domain after the presidential debate.
Remember:
CONTENT IS KING!
Find also the artcle here
Satire image credits to Sal Mayweather edited using Canva
Support this blog to incentivize my daily writings and to keep pace with all happenings in crypto: share, comment, tip ; after all, creators depend on sponsors donations to succeed.