Over the years, we’ve become used to seeing cryptocurrency used in many different spheres. It’s become a very popular investment vehicle, has been used as a store of value, is accepted by a growing number of merchants, and much more. In 2024, cryptocurrency became more prominent in the global political scene thanks to former US President Donald Trump.
The politician has been working for months to brand himself as the candidate for the crypto sector and as November draws nearer, these efforts have only intensified.
Even outside of Donald Trump, crypto has been enjoying an ever-rising public profile thanks to a number of factors. First, there is the fact that many tokens are simply profitable. Bitcoin alone is worth tens of thousands of dollars per unit and the rise in crypto ETFs means that even more people are investing in them.
You also have to look at the evolution of crypto use cases. Cryptos can, for example, be used for gambling. Thanks to how profitable they can be, more people are gambling with them in the hopes of multiplying their stash. This has led to the creation of many dedicated crypto casino sites that only accept crypto, and not bank transfers, eWallets, or credit card payments.
Merchants have also gotten in on the action, with businesses like Microsoft and Burger King accepting crypto for their products and services. Simply put, the crypto industry has billions of dollars from individuals and institutions invested in it and so, there are more people rooting for its success.
As elections are rolling around, the industry is a more prominent issue for many voters and one that the political elites are having to pay attention to. And perhaps none has paid quite as much attention as Donald Trump.
Recently, Trump’s camp released information about his crypto holdings, showing that the had between $1 million and $5 million. In the published screenshot, he is shown to hold tokens like ETH, WETH, USGC, MAGAA, and FIGHT. The token he holds the most of is ETH, with 492 tokens at press time.
This is an impressive portfolio for anyone but is especially notable that a presidential candidate is this invested in crypto assets. Trump had once been critical of cryptocurrency, even going as far as calling Bitcoin a scam. But now, he seems to have changed his tune.
He even made history earlier this year by becoming the first US Presidential candidate to accept crypto as campaign donations and has racked up $3 million this way. This included donations from the Winklevoss twins who publicly endorsed Trump but had to have their donations refunded after violating federal law.
Overall, this year has seen Trump seek the approval of the crypto sector in increasing bold moves. Following the announcement of the crypto campaign donations, he held several fundraisers with industry heavyweights in attendance while he bashed the current administration for its treatment of digital assets. After this, he was confirmed to give a speech at a Bitcoin conference in Nashville, which he did only days after surviving an assassination attempt.
During the speech, he gave some inkling about his plans for the industry, including firing the current SEC Commissioner and scrapping any plans for a digital dollar. In the weeks following the conference, he’s launched a sold-out collection of sneakers that are covered in the Bitcoin logo and have the words ‘crypto president’ printed on them.
As all this has been going on, the public is looking towards his opponent Kamala Harris to declare her intentions for the crypto sector, something she has seemed reluctant to do.
The US Presidential elections are only a few short months away and more and more, we are seeing the influence of the crypto space on it. Trump, in particular, has been working hard to secure the crypto vote and while not everyone is convinced that his intentions are genuine, he is the most vocal candidate at the moment.
Whoever wins the elections will go on to help set the scene for the industry over the next few years and while no one can say how things will go, it is a sign of progress. Years ago, it would have been very unlikely for crypto to be this big of a talking point in the election but now, it very much is. This is a testament to how much financial and political capital it has accrued and we can only expect this to improve over time.
