The 2024 Election And The Future Of Crypto (2024)

Former President Donald Trump, a recent convert to the crypto universe, chose crypto supporter Sen. J. D. Vance (R-Ohio) as his running mate, signaling that support for digital currencies may play an important role in the GOP campaign this year.

The Democratic Party nomination is somewhat in limbo. The Biden administration has been less than friendly at times to the crypto universe, but his leading replacement -- Vice President Kamala Harris -- has had little to say on cryptocurrency. Earlier this year crypto bettors on the cryptocurrency-based prediction market Polymarket, reportedly thought her changes to enter the race and win the presidency were on the rise.

Trump, who was unfriendly to cryptocurrencies during his presidency, and the Republican Party have more recently become increasingly friendly toward digital assets, noted Politico columnist Jasper Goodman just two days after Trump's May 8 pronouncement at a high-dollar dinner at Mar-a-Lago.

Trump will be a featured speaker at the Bitcoin 2024 event in Nashville on July 27. Former CoinDesk senior research analyst George Kaloudis noted that "crypto is standing in as a feather in the cap for the individual freedom talking point GOP voters love, to the point where Trump has completely backtracked on his anti-crypto rhetoric of just a few years ago".

One reason, he suggested, is that "there are enough single-issue crypto voters out there to make a difference." Back in January, Goodman had penned a story entitled, "Donald Trump may be crypto's unexpected savior," in which he cited a poll by the Crypto Council for Innovation trade group that showed 51% of crypto owners would vote for Trump versus 41% for Biden.

Goodman noted opposition to crypto by leading Democrats, notably Sens. Elizabeth Warren (D, MA) and Sherrod Brown (D, OH), and that the Biden administration and regulators were "consistently taking a skeptical approach to crypto."

Just days after Kristin Smith, CEO of the Blockchain Association, said, "President Trump's (May 8) remarks signal a sea change in the importance of digital assets this election cycle," dozens of Democrats, led by Senate Majority Leader Chuck Schumer (D, NY), announced support for an effort to undo Securities and Exchange Commission (SEC) guidelines that critics said discouraged banks from holding digital assets.

Schumer's support for undoing the SEC guidance was tied to his own state's "strong law on the books" and his statement that New York officials were not consulted on the SEC regulation. New Jersey Sen. Cory Booker, another of the 11 Senate Democrats to support the SEC rollback, was "frustrated" that there had been no opportunity to debate "any of the real [crypto] bills."

The short-lived Democratic revolt was a stark rebuke to both Sen. Warren and President Biden, who vetoed the bipartisan rollback. But many other Democrats were holding firm with the White House. "It scares the dickens out of me," said Rep. Sean Casten (D, IL), citing fears over money laundering.

All that fear over money laundering and other nefarious activities in crypto's early days now appears to be mere growing pains in an industry eager to be properly regulated. Financial journalist Nicole Willing says that asset-backed tokens, which combine the security and transparency of distributed ledgers with tangible, real-world assets, provide the crypto universe with a unique measure of stability and trust.

Silvina Moschini, executive producer of Unicorn Hunters, fueled by Unicoin, a cryptocurrency tied to such real world assets (RWA), derides those who refuse to imagine a future in which cryptocurrencies will be integral to the financial system as "forced, self-serving, and even fanatical" – and a "dying breed." Just last year, she notes, cryptocurrency users grew from 432 million to 580 million worldwide – a 34 percent jump in one year.

Just days ago, Business Insider stated that Bitcoin's price targets now depend on Trump's reelection. In the eyes of investors, they said, Trump is pro-Bitcoin, and he has framed the GOP push for cryptocurrencies as a battle against central bank digital currencies. Trump argues that CBDCs would "give a federal government – our federal government – absolute control over your money. They could take your money, and you wouldn't even know it was gone."

That said, the choice facing the Democratic Party as its own nominating convention draws near is even more important for the party's public face on an issue that may for now directly impact only a small fraction of the electorate but whose advocates represent a sizable block of single-issue voters.

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The 2024 Election And The Future Of Crypto (2024)

FAQs

What will happen to crypto in 2024? ›

Bitcoin prices are up 61.1% year-to-date in 2024, putting the cryptocurrency on track for its second consecutive year of sizable gains. Ethereum prices are also up 41.8% in 2024.

Which crypto is best for 2024? ›

Top 10 Cryptos of 2024
CoinMarket CapitalizationCurrent Price
Ethereum (ETH)$380 billion$3160
Binance Coin (BNB)$83 billion$573
Solana (SOL)$76 billion$164
Ripple (XRP)$32 billion$0.57
6 more rows
6 days ago

What is Donald Trump's position on Bitcoin? ›

While in office, Trump sharply criticized crypto. In 2019, he derided digital assets in a post on X as “highly volatile and based on thin air.” “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade,” Trump added. Lately, however, Trump has voiced full-throated support for crypto.

What is the prediction for crypto in July 2024? ›

Max Keiser predicts Bitcoin to be worth $200K in 2024. Fidelity predicts one Bitcoin will be worth $1B in 2038. Hal Finney predicted $22M per Bitcoin by 2045.

Which crypto can give 1000x in 2024? ›

Which crypto has 1000x potential? EarthMeta has significant potential for massive returns. Its unique integration of AI and the metaverse creates a compelling investment opportunity. The ability to own and manage virtual cities offers a new level of engagement and profit potential.

Which crypto coin will reach $1? ›

In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024.

Which crypto has huge potential? ›

Long-term investors will view Bitcoin as the best crypto with the most potential. While it's already a trillion-dollar project, Bitcoin's long-term growth trajectory is uncapped.

Which crypto will skyrocket in 2025? ›

In my opinion, the top three cryptos will be worth much more in 2025 as more positive catalysts take shape. I will explore these catalysts with each crypto. As a note, by top 3, I am talking about Bitcoin, Ethereum (ETH-USD), and Solana (SOL-USD).

What crypto should I buy right now? ›

9 top cryptocurrencies by year-to-date performance
Coin nameMarket capYTD return
BNB (BNB)$83,892,014,33884.02%
Solana (SOL)$77,998,389,71865.15%
Bitcoin (BTC)$1,284,976,947,48554.00%
Ethereum (ETH)$385,164,959,21440.37%
5 more rows
7 days ago

Which government holds the most Bitcoin? ›

Known Bitcoin reserves held by governments account for 2.7% of the total 21 million supply of bitcoins, with the largest being the US Government with over 210,000 bitcoins worth more than $13bn at the time of writing.

Who is controlling Bitcoin? ›

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

Who controls the most Bitcoin? ›

So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.

Which coin will boom in 2024? ›

Here's our list of cryptos that will explode in 2024:
  • Pepe Unchained (PEPU) – Iconic meme token built on a layer-two Ethereum blockchain.
  • The Meme Games (MGMES) – Meme coin that could explode, offers gamified presale bonus.
  • WienerAI (WAI) – A prime meme coin contender for explosive growth in 2024.
Jul 31, 2024

Is it worth investing in crypto in 2024? ›

It is still possible to make considerable profit with cryptocurrencies today, but timing and strategy are crucial. Bitcoin was priced at around $0.10 back in 2010 and has since seen an increase of 74.999. 900% to its all time high of roughly $75.000 in March 2024.

Will crypto bounce back 2024? ›

While Bitcoin has disappointed investors in the first half of the year, a new rally could be coming soon. So far in 2024, Bitcoin (BTC -7.42%) is up a resounding 47%.

What will crypto be like in 2025? ›

It might not seem like it, but Bitcoin (BTC -7.43%) is right on track to hit a new all-time high in 2025. Even with the recent dip and its inability to mount any substantial momentum, the cryptocurrency is following a pattern resembling that of past years when it went on to hit new highs.

What will $100 of Bitcoin be worth in 2030? ›

If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.

Does crypto have a future? ›

Analysts estimate that the global cryptocurrency market will more than triple by 2030. This all leads to one big trend. Cryptocurrency, once only understood among a relatively fringe community of anti-establishment investors, is now becoming a household name – and quickly.

Will crypto be around in 10 years? ›

Bitcoin is most likely to remain popular with cryptocurrency speculators over the next decade. Bitcoin the blockchain will probably continue to be developed to address long-standing issues like scalability and security.

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