Bitcoin
Trump’s pick of JD Vance as VP is a big deal for the Bitcoin crowd
The Trump campaign is betting that JD Vance can win millions of voters who have digital currency to vote for them, sources told The Post.
Serious cryptocurrency investors see Ohio Senator Vance, 39, who has become a prominent figure in Silicon Valley, as someone who will take care of your interests and promote digital currency, while the Biden administration has taken a more cautious approach, with more proposed regulation for the industry.
“Vance has made a deal with voters who own crypto,” a source, who asked to remain anonymous, told The Post. “It shows how important the campaign thinks this constituency is.”
Vance is the first person on a presidential ticket to own Bitcoin — a development the campaign believes could mobilize the millions of Americans who own cryptocurrency to vote for the Republican ticket. ALLISON DINNER/EPA-EFE/Shutterstock
A Pew Research Center study published in April found that 17% of U.S. adults have purchased cryptocurrencies and the majority of that number, equivalent to about 40 million people, still own them.
“I think this is the group that decides the election — we’ve made that clear in our conversations with the Trump campaign,” said Brandon Green, who is planning the Bitcoin 2024 Conference, where Trump will speak later this month. “That’s obvious.”
In recent weeks, representatives of BTC, the parent company of the Bitcoin conference, has been speaking with the Trump campaign several times a week ahead of its appearance at the event later this month in Nashville.
Vance has also expressed interest in speaking at the conference, but sources note that campaign obligations may prevent him from attending.
It’s not just Vance, pictured with Mike Johnson, who has embraced cryptocurrency. The Republican Party has updated its platform to say “Republicans Will End Democrats’ Illegal and Un-American Crackdown on Cryptocurrency.” JUSTIN LANE/EPA-EFE/Shutterstock
Vance is the first presidential candidate to own Bitcoin, and his past pro-crypto comments help give Trump maximum credibility in the cryptocurrency space.
“You don’t have to look beyond the fact that he owns it,” Green adds.
Speculators are very excited about the prospect of how Trump — who already has his own successful line of NFT digital artworks, which are typically purchased with cryptocurrencies — and Vance could potentially open up opportunities for them.
Donald Trump notified Vance he would be on the ticket moments before publicly announcing the decision. AFP via Getty Images
“President Trump and Vice President Vance will be the first Crypto Administration,” venture capitalist Shervin Pishevar told the post.
“Expect the FDA, FCC, SEC and more to be reinvented for the 21st century and for activist policies that impede progress and innovation to cease and desist.”
And catering to cryptocurrency fans, the source adds, is a natural extension of Trump’s efforts to woo voters on economic issues.
Cryptocurrency enthusiasts believe that choosing Vance as Trump’s running mate ensures that the administration would implement Bitcoin-friendly policies. AP
“It’s a mobilized group — they’re very online, they’re very active, and this is an issue that directly affects them and their bank accounts,” one source said. “It would be insane for people in this industry to vote against their best interests.”
“These are single-issue voters, voting with their digital wallet in mind,” the source added.
Donald Trump has released three NFT collections and announced plans to launch a fourth collection of digital artwork. collecttrumpcards.com
Of course, it’s not just Trump and Vance who are seen as pro-crypto. The Republican Party updated its platform earlier this month to read, “Republicans Will End Democrats’ Illegal and Un-American Crackdown on Cryptocurrencies.”
Still, the fact that Trump — who has previously called digital currencies a “scam” — chose someone who is a longtime Bitcoin advocate seems significant, these people say.
“Crypto is a huge demographic and will have a huge impact on how people vote in 2024,” said Frank Chaparro, director of special projects at cryptocurrency news site The Block. “And that will help Trump.”
Gary Gensler cracked down on digital currency during his time at the Securities and Exchange Commission, angering many who hold cryptocurrencies AFP via Getty Images
During his administration, Biden has appointed officials who have tried to crack down on the currency — passing laws that make it harder for traditional institutions to hold cryptocurrencies.
“The Biden administration is deeply aligned with [SEC Chair] Gary Gensler, who has effectively worked day in and day out to destroy the wealth of millions of hard-working Americans,” Chaparro adds.
Vance, on the other hand, has proposed legislation allowing cryptocurrency funds and exchanges to work with traditional financial institutions. He has posted on social media and written open letters to Gensler advocating for digital currencies.