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In late 2024, citizens of the United States will take to the voting booths to elect their next president — a four-year term that could have a vast impact on the next crypto bull run.
Though polls are set to open on Nov. 5, 2024, dozens of U.S. politicians have already signaled an intention to contest President Joe Biden for the country’s top position.
The current Biden administration appears to have been taking an increasingly anti-crypto stance. Meanwhile, former president Donald Trump is again bidding for the job — setting the stage for a rematch. Others are seeking to carry the Democrat and Republican presidential nominations.
‘No fundamental value’: Joe Biden — Democrat
The current president of the United States, Joe Biden, kicked off his re-election bid on April 25, and is at the moment, the likely favorite for the Democrat’s presidential nominee.
Biden’s attitude toward crypto is possibly best summarized by his 2023 Economic Report of the President which included a section on crypto for the first time since it began in 1950.
The section aimed to debunk the “Perceived Appeal of Crypto Assets.” It argued crypto doesn’t deliver on “touted” benefits and claimed “many of them have no fundamental value.”
Biden has rallied against perceived crypto “tax loopholes” and even opposed a debt ceiling agreement with Republicans as he claimed it protected “wealthy tax cheats and crypto traders.”
We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq
— President Biden (@POTUS) May 9, 2023
His March 2022 executive order culminated with the first framework for crypto. He’s called for a 30% tax on crypto mining electricity usage, doubling capital gains taxes and cracking down on crypto wash sales.
‘Not a fan of Bitcoin’: Donald Trump — Republican
The former president turned NFT salesman Trump threw in his non-consecutive re-election bid on Nov. 15, 2022. According to current polling, he’s the favored Republican nominee.
Trump has said crypto “may be fake” and is “a disaster waiting to happen.” He’s also said Bitcoin (BTC) “just seems like a scam” and didn’t like it “because it is another currency competing against the dollar.”
In July 2019 as president, Trump tweeted he was “not a fan of Bitcoin and other cryptocurrencies” claiming their value was “based on thin air.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and…
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