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11/09/24
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Debate Misses Crypto: High Stakes for Bitcoin Ahead of Election
In a notable first debate on September 10 in Philadelphia, U.S. Vice President Kamala Harris and former President Donald Trump failed to address the topic of cryptocurrency, despite its increasing relevance in the political landscape. During the debate, which largely revolved around pressing issues such as the economy, abortion rights, immigration, and foreign policy, Trump’s chances of securing a presidential victory took a hit. On the decentralized betting platform Polymarket, his odds fell by up to 3%, landing at 49%, a shift that brought him and Harris closer together in predicted outcomes.
Harris maintained a composed demeanor throughout the debate, often challenging Trump, who displayed moments of visible frustration and responded with numerous inaccuracies. The atmosphere highlighted the high stakes of the upcoming election, particularly for the cryptocurrency market, which some analysts suggest could be substantially affected based on the election result. They believe that a victory for Trump, who has pledged to eliminate what he describes as President Biden’s “war on crypto,” could propel Bitcoin’s value to approximately $90,000 by the end of the year. Conversely, should Harris win, analysts predict Bitcoin’s price might plummet to around $30,000, given her largely undefined stance on digital currencies.
Political spending by the cryptocurrency sector has also surged in this election cycle, with three major crypto-backed super PACs collectively raising over $202 million and spending nearly $94 million to influence campaign outcomes. Fairshake, the most prominent crypto PAC, reported raising $177.8 million and has directed significant funds towards attacking Democratic congressional candidates.
While the debate intensified discussions around the candidates’ platforms, the issue of cryptocurrency did not resonate with voters. A recent poll indicated that most Americans prioritize economic issues, inflation, and governance dysfunction over cryptocurrencies as they head into the upcoming election.
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