- As a trillion-dollar industry, Bitcoin and the altcoin market are expected to play a crucial role in the upcoming U.S. presidential election in 2024.
- The U.S. presidential election coincides with Bitcoin’s halving year, which is considered extremely bullish for the crypto market.
Since the 46th President of the United States, Joseph R Biden, assumed office in January 2021, the cryptocurrency market in America has experienced a significant roller coaster. On one hand, the United States has become a powerhouse for Bitcoin miners following the ban in China among other Asian countries. However, the Biden administration through the Treasury Department unveiled a new plan to tax Bitcoin miners 30 percent.
On the other hand, the Biden administration has been blamed for chasing crypto firms overseas due to a lack of clear regulations. Moreover, the United States Securities and Exchange Commission has been accused of regulating the cryptocurrency industry through enforcement using existing securities laws.
Already, top crypto firms in the United States including Ripple Labs, Coinbase Global Inc., and Gemini Trust LLC, among many others have increased their efforts to relocate investments overseas, mostly in Europe.
Bitcoin And U.S 2024 Presidential Election
With tens of millions of Americans already invested in the crypto market, the Bitcoin market is expected to play a significant role in the upcoming presidential elections in 2024. As a result, Florida Republican Governor and U.S. presidential candidate, Ron DeSantis, has expressed his support for the Bitcoin market. Additionally, DeSantis has expressed an opposition stance towards establishing a digital dollar, indicating it will be no different from what the China Communist Party is doing with the digital Yuan.
During a Twitter space with tech billionaire Elon Musk and venture capitalist David Sacks, DeSantis noted that the current administration feels threatened by Bitcoin due to a lack of control. Worth noting, that the United States holds more than 200k Bitcoins mostly seized from the Silk Road darknet marketplace.
As a result, DeSantis noted that the Biden administration stands as a huge threat to Bitcoin if re-elected again for four years.
“The current regime, clearly, has it out for Bitcoin. And if it continues for another four years, they’ll probably end up killing it,” Ron DeSantis noted in the show as he officially announced his bid for U.S. president.
During his tenure as the Florida Governor, Ron DeSantis signed into law prohibiting the use of Central Bank Digital Currencies within his jurisdiction. During the Twitter Space interview, DeSantis highlighted that the Biden administration wants to obliterate Bitcoin from America through harsh regulations.
I just do not have the itch to have to control everything that people may be doing in this space,
Bitcoin represents a threat to them, they’re trying to regulate it out of existence.
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In conclusion, DeSantis urged American voters to elect a pro-Bitcoin president like him to safeguard their investments in the cryptocurrency market.
Market Outlook
Arguably, the correlation between Bitcoin and the traditional stock market has increased in the past years as more regulations enter the space. Moreover, Bitcoin and the altcoin industry tend to have higher volatility during high-impact news like the FOMC Federal Rates and CPI readings in the United States.
