In just a few weeks, the political landscape around Bitcoin has transformed dramatically. This seismic shift was marked by a pivotal Senate decision and significant moves by key political figures, bringing Bitcoin to the forefront of the upcoming presidential election. So, if Bitcoin’s momentum in U.S. politics is any indication, we are in for an exciting ride.
On the same day the Senate overturned the SEC's controversial SAB-121 rule with overwhelming bipartisan support, despite President Biden's vow to veto it, former President Donald Trump declared once again: "If you support crypto, vote for Trump."
This stance sharply contrasts with the Biden administration and the Democratic party, which have been notably hostile to Bitcoin, led by Senator Elizabeth Warren with her ‘Anti-Crypto Army.’
Trump's campaign took it even further by announcing it would accept cryptocurrency donations and promising to build a ‘Crypto Army,’ as opposed to Democrats.
This vocal support from the presidential election frontrunner seems to have led the Democratic party to reconsider its anti-crypto strategy. Additionally, in the wake of Trump's announcements, several legislative victories have been achieved, notably with bipartisan support:
(Source: Swanbitcoin newsletter)
”Why now?” one might ask. Well, it’s pretty simple: votes—specifically, about 50 million of them.
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Politicians are starting to recognize that the Bitcoin industry has grown too large to ignore and that opposing Bitcoin has become a losing position.
Trump’s recent remarks at the Libertarian Party Conference only further reinforced his pro-Bitcoin stance on the campaign trail. The message was clear: if he wins, he will ensure Bitcoin thrives in the United States.
It didn’t take long for the Biden Administration to respond to Trump’s efforts: the Biden campaign reportedly began reaching out to previously ignored industry players, seeking guidance on policy moving forward, a shift that started over the last few weeks.
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It’s evident that Biden is now trying to align with this industry after his main political rival has taken an interest in it.
This development highlights the progress Bitcoin has made in the past 15 years, evolving from little-known 'magic internet money' to a key campaign issue in the next Presidential election.
For Bitcoin, this political shift means a significant reduction in perceived threats. One of the biggest concerns about owning Bitcoin over the years has been the perceived threat of a government ban. However, instead of banning it, the government is now embracing Bitcoin. Moreover, presidential candidates seem to be competing to show who supports Bitcoin more—that really looks and feels like Bitcoin game theory in action.
Interestingly, there was a sharp spike in the dollar volume of Bitcoin transactions on May 27, reaching up to $25 billion. This data, provided by long-time data provider Blockchain.info, if accurate , suggests an all-time high volume on the day former President Trump publicly supported Bitcoin, speaking at the Libertarian National Convention. It seems like some major movement may have occurred on that day.
Source: Blockchain.com
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