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Bitcoin in the U.S. Election Race: What Role Will Crypto Play in Deciding Next President?

Teuta Franjkovic
Last Updated November 7, 2023 1:26 PM
Giuseppe Ciccomascolo
Verified by Giuseppe Ciccomascolo
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Key Takeaways

  • Senator Ted Cruz now accepts Bitcoin donations for his 2024 campaign.
  • This move highlights his strong support for cryptocurrencies.
  • Bitcoin enjoys a bipartisan appeal, with several lawmakers hailing its significance.
  • But the Biden Administration’s push for SBDC faces skepticism from politicians.
  • Mayors across the US are increasingly opting to receive their salaries in Bitcoin.

Themes like skepticism toward institutions, economic disparity, and increased financial literacy align closely with the surge of Bitcoin in terms of both its value and widespread adoption.

As Bitcoin reaches its peak value during an American Presidential election cycle, particularly appealing to a demographic with a growing distrust of traditional institutions, it raises curiosity about the potential implications of these trends on the upcoming 2024 U.S. Presidential election.

Ted Cruz Embraces BTC Donations for 2024 Campaign

Senator Ted Cruz of Texas has started taking Bitcoin contributions  for his 2024 reelection campaign. The Republican senator declared: “I am bullish on Bitcoin and I’m proud to accept Bitcoin campaign donations.”

The front page of his official website now features the Bitcoin logo and invites supporters to make cryptocurrency donations.

Several presidential contenders declared earlier in the year that they would take Bitcoin donations for their campaigns. Other politicians might very well follow suit if the move proves to be effective. There’s a chance that this will cause attitudes on Capitol Hill to change.

Striving For Bipartisanship In BTC Realm

The senator is using BitPay, a cryptocurrency payment processor that allows payments in Bitcoin, Ether, BCH, and LTC with the ability to instantly convert to US dollars.

This makes him one of Congress’s strongest supporters of cryptocurrencies, especially as Texas is becoming a center for Bitcoin mining as a result of China’s 2021 ban on industrial mining.

The Bitcoin phenomenon may be more bipartisan than most people realize, despite the fact that Republicans have been more outspoken in their support of it.

Be it as it may, a presidential candidate’s views on Bitcoin  and crypto are important not only because the president leads the country, but also because the President is responsible for appointing the heads of more than 50 independent federal commissions that can influence various aspects of crypto, including the SEC, CFTC, Federal Reserve and Treasury.

Politicians views on cryptocurrencies
Credit: Grayscale

Senators Cynthia Lummis and Kirsten Gillibrand co-sponsored a bill about cryptocurrency. Though it is not a unique instance, this endeavor to legitimise the industry and explain rules in the summer of 2022 finally failed.

An essay titled “A liberal case for cryptocurrency ” was written in 2022 by Representative Ritchie Torres, for instance. His piece focused on helping the underprivileged and shifting Wall Street’s power dynamics. A few months prior, the article was the result of a legislative endeavor to provide clarification on cryptocurrency exchanges.

Even at the most recent Bitcoin 2023 conference in Miami earlier this year, several lawmakers with varying political affiliations gave speeches. Robert Kennedy, Vivek Ramaswamy, and Tulsi Gabbard—past and present presidential contenders—were among the featured speakers.

Biden Administration Advocates CBDC

Even with the bipartisan support for Bitcoin, the Biden Administration’s push for a central bank digital currency has not convinced many politicians. Ted Cruz mentioned the increasing significance of Bitcoin in a recent audio interview about CBDCs that is available to listen to below.

Cruz seems to be thinking of CBDCs as an extension of the failed initiatives that led to the creation of the Build Back Better law under the Biden administration. During the interview, he stated that Build Back Better would have mandated that banks notify the government of any transaction above $400.

Cruz is mostly worried about the extent of monitoring and control that CBDCs would permit. He concluded that “the federal government has no business monitoring the financial transactions of a free people.”

According to the CATO institute, 74% of Americans are against using CBDCs in place of dollars. Support for Bitcoin may increase as a result of people’s opposition to CBDCs and their desire to elude increasing financial control.

US Mayors Join Bitcoin Payment Trend

Following the 2021 election season, mayors of Miami and New York City, representing opposing political parties, decided to accept Bitcoin as payment  for their salaries. Several other mayors were spurred to follow suit by this trend.

Two additional mayors have followed suit after Miami Mayor, Francis Suarez, and New York City Mayor, Eric Adams, declared they would accept their future paychecks in Bitcoin. Jane Castor of Tampa, Florida, and Scott Conger of Jackson, Tennessee, have similar plans for their next city payment.

A group of politicians are attempting to establish their towns as genuine Bitcoin hubs in the United States as a result of game theory, which is increasing the rate and volume of mayors converting their payments into Bitcoin.

According to the mayor, everyone can receive payment in Bitcoin; all they need to do is purchase Bitcoin with their entire wage as soon as it arrives. Since Tennessee law prohibits the city of Jackson from paying him directly in Bitcoin, he can still convert his wage into Bitcoin.

The Mayor of Tampa likewise expressed her readiness to embrace the same approach, indicating her willingness to join the group of U.S. mayors receiving their payments in Bitcoin.

Other Lawmakers To Join BTC Battle

Proponents like Cruz anticipate that more lawmakers will join the battle to support Bitcoin as more people start to recognizeBitcoin its worth in the face of this escalating threat. Washington might hold onto its unyielding beliefs up until that point.

As Bitcoin continues to gain prominence and considering the importance of the young voter demographic, it will be intriguing to observe how presidential candidates’ positions on cryptocurrency develop and whether they will have an impact on the 2024 American Presidential election.

It is crucial to closely monitor this, as the legal framework, policies, and regulations will hold significant consequences for the cryptocurrency as an asset class, America’s position in the global economy, and the future of finance.

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