The first presidential debate between Vice President Kamala Harris and former President Donald Trump zeroed in on the economy, immigration, and foreign policy. What didn’t make the cut? Crypto. Not even a whisper. Naturally, this left many crypto enthusiasts shaking their heads in disappointment.
"One in five American adults owns cryptocurrency. Yet, it didn’t get a single mention in the presidential debates as a topic that matters to voters. If you’re a crypto lover, make sure your voice is heard in November and pledge to vote,” Coinbase stated.
More: Could a U.S. Pro-Crypto Bill Pass This Year?
1 in 5 American adults own crypto.
— Coinbase 🛡️ (@coinbase) September 11, 2024
And yet it hasn’t been mentioned in the Presidential debates as an issue voters care about.
If you love crypto, make sure your voice is heard this November and pledge to vote.
→ https://t.co/wcWwJMqza5 pic.twitter.com/V1BL0AFfGM
Crypto companies have been throwing serious cash into politics. Coinbase, Ripple, and other big players have invested over $119 million in the 2024 election to back candidates who favor clear crypto regulations.
The biggest winner of these donations is Fairshake PAC, which has raked in $202.9 million. More than half of that, $107.9 million, came from Coinbase and Ripple.
Since 2010, crypto corporations have become major political players, donating $129 million and accounting for 15% of all corporate political spending, which totals $884 million. Their influence is only second to the fossil fuel industry’s election budget.
A Lost Debate Equals A Loss for Crypto?
“The market seems to think Kamala Harris won the debate, especially in the early rounds, which led to a slight dip in cryptocurrency prices,” said Caroline Mauron, co-founder of Orbit Markets, a digital asset derivatives liquidity provider.
Pop icon Taylor Swift publicly endorsed Harris mere minutes after the debate.
Betting markets followed suit, adjusting the odds in Harris’s favor after the Tuesday night showdown in Philadelphia. Her odds of winning shot up by 4%, while Trump’s chances slipped by 3%.
The main cryptocurrency fell 2.6% before recovering slightly, settling at $56,600 as of 6:30 AM Wednesday in New York. Elsewhere, broader markets were mixed: stocks were all over the place, the dollar and Treasury yields dipped, and the yen rose.
Analysts have long debated the impact political figures have on the crypto market. For instance, Bernstein’s analysts have speculated that a Trump victory in November could propel Bitcoin to $90,000 by year’s end. This prediction stems from Trump’s crypto-friendly stance. On the other side, the outlook for the crypto market under a Harris presidency remains murky, with some analysts fearing Bitcoin could sink to $40,000.
Adding to the fell, several Trump-themed meme coins took a hit. MAGA (TRUMP) dropped 10.0%, MAGA Hat (MAGA) tumbled 22.5%, Doland Tremp (TREMP) lost 27.5%, and Super Trump (STRUMP) slid 12.3%. Overall, the total market cap of PolitiFi’s meme coins fell by 8.7%.
But it wasn’t all bad news for political meme coins, as Kamala Horris (KAMA) surged 7.3%.
Trump's New Promises, Harris' Silent Strategy
Trump has switched his focus to courting the digital asset sector for campaign donations and votes in his fierce battle for the White House, even going so far as to promise that he'd make the U.S. the “crypto capital of the world.” But don’t get too excited just yet — this is the same guy who once called the industry a “scam.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) July 12, 2019
On the other hand, Harris has yet to clarify her stance on cryptocurrency policy. There's a glimmer of hope, though. Last month, Brian Nelson, an advisor to her campaign, mentioned that Harris would support efforts to foster the industry's growth. He also emphasized a continued focus on safety measures.
Abimbola Adu
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