The Fight Over the U.S. Crypto Voters Is Heating Up

The Bitcoin conference is scheduled from Thursday, July 25, to Saturday, July 27. Donald Trump is expected to speak at the conference, with some suggesting he may announce his intentions to list Bitcoin as a U.S. reserve currency.

Kamala Harris will not appear at the upcoming Bitcoin 2024 conference, according to a tweet by David Bailey, the CEO of Bitcoin Magazine, which is organizing the event.

Harris, the United States Vice President, is garnering support from Democratic delegates to lead the party in the upcoming elections, according to an A.P. survey.

Her absence from the Bitcoin conference comes as a blow to Harris, who is vying for the crypto vote.

However, Donald Trump is expected to grace the event with his presence, and some speculate that he may announce his intentions to list Bitcoin as a U.S. reserve currency during his speech.

The U.S. administration's stance on cryptocurrencies has angered the crypto community, leading Trump to adopt a pro-crypto approach and enter the scene.

The number of U.S. crypto holders is on the rise, with Triple A research indicating that there were approximately 53 million cryptocurrency holders in the United States as of 2022.

This serves as the primary reason crypto has become a focal point of the upcoming elections.

In a bid to further appeal to the crypto community, Trump stated at the Libertarian National Convention in Washington, D.C., that he would commute the sentence of Ross Ulbricht, the founder of Silk Road, a darknet marketplace.

"If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served. He's already served 11 years; we're gonna get him home.”

To bolster his crypto-friendly approach, Trump announced that his campaign will accept crypto donations.

The Wall Street Journal reports that Cameron and Tyler Winklevoss, co-founders of Gemini, donated $1.6M worth of Bitcoin, while the co-founder of the Kraken cryptocurrency exchange donated $845k worth of Ethereum.

It appears that key figures from the crypto industry are extending their support for Trump, but will he deliver? Not everyone is convinced. Crypto voters could lose all leverage.

According to BitMEX co-founder Arthur Hayes, Trump views crypto as a political tool, and once the elections are over, the crypto community could lose its leverage.

Instead, Hayes suggests applying pressure on the current U.S. administration to pass legislation before the elections. He believes this can be achieved if the crypto community unites and votes as a single bloc.

According to PolitiFact, out of the total campaign promises made by Trump, 55 were broken, 23 were compromised on, and only 24 promises were kept.

However, Trump appears to have conducted extensive research on cryptocurrencies. He will likely put his best foot forward at the Bitcoin conference, which may ultimately influence the volatility of the crypto markets (should he fail to meet expectations).

Although Harris will be skipping the conference, Mark Cuban suggests her approach to crypto will differ from Biden's. In an interview with Politico, Cuban had this to say:

“The feedback I’m getting, though not confirmed by the V.P., is that she will be far more open to business, A.I., crypto and government as a service. Changing the policies changes the message and lets everyone know she is in charge and open, literally, for business.”

Furthermore, reports suggest that Harris' team has approached key figures in the crypto industry to shape her policy.

Harris has about four weeks to unveil her agenda at the Democratic National Convention. Despite Harris' absence from the Bitcoin conference, we can anticipate significant volatility in the markets, including the U.S., as crypto takes center stage in the Presidential race.