30 September 2024
WHAT WE’RE READING: Business Insider
Business Insider published a new report today on where Bitcoin currently stands in regards to the upcoming U.S. presidential election, with exactly what you would expect from a left leaning mainstream media outlet. The article states that “Trump and Harris have different reasons to try to attract the crypto community”, and while I agree it is true that it would be good for both candidates to win over this vote, only one of them has actually put in the work to do so.
The article begins by noting how Bitcoin, and cryptocurrency at large, is not at the top of the list of priorities for most voters nationwide, which I actually believe to be true. Earlier this summer I got the opportunity to attend the Republican National Convention (RNC) in Milwaukee, Wisconsin, and even there after everything Trump had said about supporting this industry, there was no broader discussion going on about it amongst anyone there really. There was also no discussion on it at the Democratic National Convention (DNC). Most voters do care about more prominent issues such as the illegal immigration problem, inflation, crime, and more. But I think this does appear to be changing, in more ways than they may think.
Business Insider continues the typical mainstream media narrative that this industry is just a bunch of “crypto bros” and how “maybe” the vote of a “dogecoin-loving guy” in a swing state might be important in deciding the upcoming election. They then flip flop and joke about just because someone might own $50 worth of Bitcoin, that it won’t play a factor in them deciding on who to vote for in this upcoming election. But they fail to recognize two important factors that negate their jabs at the industry.
Bitcoin has officially crossed the chasm and is now backed by traditional financial institutions, including BlackRock, Fidelity, etc. BlackRock is the world’s largest asset manager, and they’re not here to play around like the “crypto bros” Business Insider suggests. They’re here to make money, and their spot Bitcoin ETFs have been the fastest growing ETFs in history. The customers of their ETFs range from all different classes of investors, who also want to see this asset class soar. These large asset managers are amassing an army of new Bitcoin holders who come from traditional financial backgrounds, and I’m sure will want to make their voices heard this November.
Also, earlier this year, CNBC reported that half of Americans have $500 or less in their savings account, and 60% have $500 or less in their checking accounts. Americans have a savings problem, as CNBC noted, “The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck.” Everyone has to start saving from somewhere, and those with $50 worth of BTC will vote for who will advance their best interests, like building up their financial savings. So holders of BTC should not be written off because of the amount of BTC they may own when it comes to voting.
So far, only Donald Trump has put in the effort to appeal to this group of voters. Former presidential candidate Robert F. Kennedy Jr. had also pledged to support the Bitcoin industry, but he dropped out to support Trump. Trump has gone above and beyond to earn the support of the Bitcoin and broader crypto industry, including speaking at the Bitcoin conference in Nashville earlier this summer, promising to help BTC miners get all the electricity they need for mining, promising to build a strategic stockpile of BTC for the country’s reserves, and so much more.
Meanwhile, Kamala Harris has said literally nothing on the Bitcoin industry let alone support it. She declined to speak at the same Bitcoin conference in Nashville this past summer, and has not added Bitcoin into the Democratic party platform like the Republicans did. She has attacked the Bitcoin industry non-stop since getting into office with Joe Biden almost four years ago. Business Insider touches on her lack of comments on Bitcoin, but attempts to frame it in a more bi-partisan way, as if she is going to support the industry in a similar fashion as to Trump.
And this is where I disagree with many when it comes to this issue. I believe Bitcoin is 100% a partisan issue in this country. I watch all the senate and congressional hearings when it comes to Bitcoin related topics, and witness how the majority of Republicans vote in favor of Bitcoin, while the majority of Democrats vote against it. Democrats vote in favor of central bank digital currencies (CBDC) while most Republicans vote against CBDC. There is a clear dividing line, being further proven by Trump being heavily pro-Bitcoin and Kamala being reluctant to support the industry.
If Kamala wanted to support the industry, she would have taken the time to do so by now. She has yet to even say the word Bitcoin publicly. She did say she would support “blockchain” in a recent speech, but based on her previous years of hostility, and the general directions Democrats vote, one can only assume she means CBDC and not supporting Bitcoin. A few times over the course of the last few months, Harris’ campaign has hinted at potentially supporting the industry, but has not acted on it in any way, leaving more empty promises.
Which leaves me to believe that if she wanted to support this industry, she would have by now — no excuses. Trump went to PubKey, a Bitcoin themed bar in NYC, purchasing almost $1,000 worth of burgers and drinks for everyone there using the Bitcoin Lightning Network, just a couple days after an assassination attempt on him. If Trump can do that, and Kamala can’t even get in front of a microphone and camera and say the word Bitcoin, then it is clear what their stances on the matter are.
After explaining all of Kamala’s shortcomings in supporting the Bitcoin industry, Business Insider ends the article by stating that “What Harris or Trump will actually do on crypto is unclear, but that’s not really the point right now.” This is pure gas lighting, considering Trump has put forth clear policies on the matter, while Kamala has not. And since she underperformed him in attempting to win over this vote, they try to pivot to suggest ‘oh that’s not really the point right now, that’s not what matters’. But it is what matters. It is reported that there are over 50 million people in the U.S. who own Bitcoin and crypto, they are spread out all across the country, and want their interests advanced this November. While Bitcoin is not near the top of the list of priorities for the average American, it is for those interested in this asset class. This ever growing voter bloc is dedicated to their cause and they are not willing to budge on the issue.
So far, only Trump has taken the effort to support and get involved in this industry, while Kamala seems like she couldn’t care less about it.