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Biden-Trump Debate: Crypto’s Absence Amidst $202.8 Million Raise

Biden-Trump: In a 90-minute debate on Thursday, President Joe Biden and Donald Trump (crypto president) both disappointed Crypto enthusiasts and analysts, despite both of them accepting cryptocurrency donations in their presidential campaigns.

The first 2024 presidential debate between Joe Biden and Donald Trump did not discuss Bitcoin or cryptocurrency policies, disappointing enthusiasts who expected these topics to be addressed. Instead, the debate centered on the economy, taxation, abortion, and immigration, with no questions from moderators about digital assets. Donald Trump’s strong support for cryptocurrency, contrasted with Joe Biden’s administration, which has not actively pushed for Bitcoin growth, may influence their appeal to voters. Industry experts consider cryptocurrency a significant issue for the 2024 elections, as recent market reactions showed declines in tokens associated with both candidates post-debate.

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Biden-Trump: Neck-and-Neck Race

The first presidential debate of the year between President Joe Biden and former President Donald Trump took place at CNN’s Atlanta studios Thursday night at 9 p.m. ET, marking a crucial meeting that could have implications for the neck-and-neck race between the candidates.

In the debate, the first of two features a range of political topics and points of contention between Biden and Trump.

In a fiery presidential debate focused on healthcare and the economy, Bitcoin, the world’s most famous digital currency, surprisingly didn’t get a mention. Despite its huge interest among investors and tech enthusiasts, the digital currency was sidelined as President Donald Trump and former Vice President Joe Biden clashed over other pressing issues.

It also briefly touched on their mental capabilities as Biden, 81 and Trump, 78, are the oldest candidates to ever run for president.

During the nearly 90-minute fiery debate, where veteran politicians clashed on the economy, taxation, abortion, and immigration, host Jake Tapper and Dana Bash did not ask any specific questions about cryptocurrency policies. Furthermore, the two candidates also did not mention the topic while discussing broader economic issues and defending their arguments.

Trump To Stop “war on crypto”

Trump has promised to stop what he calls Biden’s “war on crypto” if he wins the election. Recently, he met with Bitcoin miners and expressed his desire for digital currency to be “made in America.”

However, opinions in the industry differ. Kraken CEO Dave Ripley believes Biden is becoming more open to cryptocurrency. On the other hand, advocate Mark Cuban criticizes the head of the nation’s securities regulator, saying their actions could cost Biden the election.

According to Gallup polls from last month, most American voters are focused on issues like the economy, inflation, governance, and immigration, rather than cryptocurrency.

Political spending in the millions

Despite three crypto-backed super political action committees (PACs) raising $202.8 million from major industry supporters and spending $93.6 million to influence the 2024 elections, digital currencies were not mentioned during the debate. There was high anticipation that Trump, who had been promoting cryptocurrency in his campaign leading up to the debate, would mention Bitcoin. A decentralized prediction market, Polymarket, even gave a 45% chance of him doing so before the debate began.

Fairshake PAC has raised $177.8 million and spent $70.8 million during the 2024 election cycle, as reported by OpenSecrets. Most of these funds were used to finance attack ads targeting Congressional candidates.

Two other super PACs, Protect Progress and Defend American Jobs, have spent a total of $22.8 million in this year’s elections after raising $25 million. Together with Fairshake PAC, these three super PACs have raised the third-highest amount of money among all PACs. Super PACs can receive unlimited donations but are not allowed to coordinate directly with campaigns.

Trump’s Crypto Support and Its Impact

Donald Trump’s support for cryptocurrency, including his self-proclamation as the “crypto president” and acceptance of political donations in Bitcoin, has energized enthusiasts and led to a surge of support for the Republican candidate.

While Joe Biden’s government has rejected legislation to promote the growth of Bitcoin in the country the increasing support for Trump could push him towards a more liberalized position as the elections comes nearer.

The independent candidate Robert F. Kennedy Jr., who is openly supportive of cryptocurrency, didn’t meet CNN’s criteria to participate in the debate. He accused the network of unfairly setting the rules and instead hosted his own “real debate” on X at the same time.

In this alternative event, Kennedy was alone on stage, answering questions. He repeated his earlier statement from April, proposing to use AI and blockchain technology to cut government waste and save money.

Trump Ahead Of Biden?

Trump is slightly ahead of Biden in national polling by just 0.2 percentage points, with 41.1% support compared to the incumbent president’s 40.9%. Robert F. Kennedy Jr. is polling at 9%, according to a June 27 poll by FiveThirtyEight conducted before the debate.

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The second debate between Biden and Trump will take place on September 10.

The presidential and vice presidential elections, along with all 435 House seats and 34 out of 100 Senate seats, are scheduled for November 5.

Bitcoin, known for its decentralized nature and potential to change traditional finance, has been a hot topic in past elections. However, during the first debate between the main 2024 candidates, neither Trump nor Biden talked about the cryptocurrency directly. This silence was notable amid intense debate and strong accusations.

TrumpCoin and BidenCoin Declines

The absence of Bitcoin talk also affected cryptocurrency markets. Coins like TrumpCoin and BidenCoin, linked to the candidates, saw their values drop.

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Biden-Trump Debate: Crypto's Absence Amidst $202.8 Million Raise 8

PolitiFi tokens representing the two leaders saw significant declines in the last few hours. Trump-themed MAGA Coin (TRUMP/USD) dropped by 11%, while a coin parodying Biden, JEO BODEN (BODEN/USD), plummeted by 30%.

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Instead of digital currencies, attention stayed on policies and personal attacks.

Bitcoin enthusiasts and analysts were expecting the debate to be a platform for candidates to discuss cryptocurrency regulation, digital asset taxes, and how blockchain can be used in government and industry. However, as the debate unfolded with its usual drama and arguments, these topics never came up.

Crypto Enthusiasts Disappointed

The absence of Bitcoin in the debate highlights a gap between the rapidly evolving world of cryptocurrencies and traditional U.S. political discussions. While digital assets gain momentum globally and attract significant investments, their role in shaping national policy remains largely unexplored.

Supporters of Bitcoin might see this lack of attention as a missed chance to raise awareness about its potential benefits like financial inclusion and security through its decentralized nature. On the other hand, critics often worry about regulatory challenges and the potential risks cryptocurrencies pose to established financial systems.

Market Impact

As the election season unfolds and candidates participate in more debates and policy talks, there could be chances for Bitcoin and other cryptocurrencies to gain attention. Topics like economic recovery, financial stability, and technological advancements may intersect with discussions about digital currencies, sparking renewed interest and debate.

Investors and enthusiasts alike will watch developments in both politics and cryptocurrency closely. The absence of Bitcoin in the first Trump-Biden debate underscores how digital currencies are evolving and their growing role in public awareness.

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Also Read: Donald Trump’s Crypto Surge: 59% Odds Spark Regulatory Debate

Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.