Is President Biden “hostile” to Bitcoin? Marathon Digital CEO says…

• The 2024 election, dubbed the “Bitcoin Election,” is heavily influenced by rising US crypto users.
• Trump gains crypto support, including donations from the Winklevoss twins, while Biden faces criticism.

As the United States steadily embraces cryptocurrencies, its citizens are increasingly seeking leaders who support this emerging sector. According to Statista, the number of crypto users in the US has skyrocketed from 4.94 million in 2017 to 87.77 million by 2024.

Source: Statista

This surge is not only reshaping economic landscapes but also influencing the upcoming election cycle.

In fact, a recent survey conducted by Harris Poll on behalf of Grayscale has labeled the 2024 presidential election as the “Bitcoin Election,” underscoring how digital assets influence political agendas.

Trump vs. Biden

Despite crypto’s significant role in the upcoming election, the two presidential candidates are divided on their approach towards crypto.

While former President Donald Trump has publicly favored crypto in multiple instances, President Joe Biden seems to have an anti-crypto stance. 

Shedding light on the same, Marathon Digital Holdings CEO Fred Thiel in a recent conversation with Yahoo Finance said, 

“Former President Trump has obviously positioned himself as the candidate that is pro-bitcoin. He believes that all bitcoin should be mined in the US and has been very open in his relationships with bitcoin miners and people in the space.” 

While commenting on Biden’s administration he noted, 

“The Biden administration has been very hostile to bitcoin, through its various agencies, whether is the banking or the so-called ‘Operation Choke Point 2.0’, whether it’s the SEC, etc.” 

Further in the conversation he highlighted various ways by which the Biden administration is trying to curb the crypto industry. 

Echoing Thiel’s sentiments, Billionaire entrepreneur Mark Cuban also shared concerns about President Biden’s electoral prospects.

He criticized SEC Chair Gary Gensler, warning that regulatory hurdles for American crypto companies could harm Biden’s reelection chances. 

Execs favoring Trump

On the other hand, many influential personalities are rallying behind Trump’s pro-crypto stance.

The Winklevoss twins, founders of the cryptocurrency exchange Gemini, have each donated $1 million worth of Bitcoin to the former President’s campaign.

This highlights Trump’s growing influence among crypto enthusiasts and suggests that his stance could be a deciding factor in the upcoming election, posing a substantial challenge to Biden’s bid for reelection.

Impact on the memecoin market

Needless to say, the political battle between Trump and Biden was also reflected in the memecoin market.

According to CoinGecko, the Donald Trump-inspired memecoin Doland Tremp [TREMP] saw a significant increase of 20.2%, while the Joe Biden-inspired coin, Jeo Boden [BODEN], was down by 3.3% at press time.