Sent November 5, 2022, 10:15 am
Cryptos and bitcoin have become a real campaign theme in the United States. According to the Federal Reserve, 12% of Americans, evenly split between the two camps (Democrat and Republican) held cryptocurrencies in 2021. “Cryptocurrencies are not a matter of division between Republicans and Democrats such as arms transportation, climate and the ‘abortion. They have supporters in both camps and a comparable proportion calls for a strengthening of their control ”, points out the magazine“ Vox ”.
For 39% of cryptocurrency owners, a candidate’s favorable position on their assets will affect their mid-term vote according to an October Pioneer Poll. In some key states (Nevada, New Hampshire, etc.), they have an electoral weight that could skew the result. In contrast, two-thirds of Americans who don’t have bitcoin expect future elected officials to tighten regulations to limit fraud and scams.
For the elections, donations of cryptocurrencies (bitcoin, cryptocurrencies like Tether) are authorized at the federal level and in some states. But they are still banned in others, such as North Carolina. California banned it until the summer, but Silicon Valley’s powerful pressure against the restriction finally led to allowing it. In 2016, Democrats and Republicans viewed cryptocurrencies with the utmost suspicion even though they could theoretically accept them within certain limits. Their reluctance has diminished. Elections are getting more and more expensive – already $ 7 billion in advertising for medium-term candidates – and any financial help from the cryptocurrency world is welcome. Especially since the number of American billionaires in the sector has grown, as has their wealth, even if it remains very fluctuating due to the volatility of the markets. At the start of the year, the top 10 had a combined fortune of $ 60 billion, according to Forbes magazine.
Congress under surveillance
The first wave of American crypto billionaires appeared in late 2017 thanks to the surge in prices. They are the Winklevoss twins, Tyler and Cameron, who would be the first to cross this symbolic bar between them. They were joined by Mike Novogratz, the hedge fund manager and Brian Armstrong, the CEO of Coinbase. The platform today evaluates politicians based on their degree of adherence to cryptocurrencies. It encourages its 9 million repeat customers in the United States to put pressure on them.
From the Bahamas to the White House
The richest of the American crypto billionaires with 17 billion dollars, Sam Bankman-Fried, the boss of FTX, finances a political action committee (an interest group created to promote the election of a candidate or fight an opponent) for fifteen million dollars. politician) entitled “Let’s protect our future”. Of democratic sensitivity, he wants to sensitize the political world on the risks and prevention of a new pandemic. This resident of the Bahamas, where he repatriated his company from Hong Kong this year, released a sensational statement in May. He announced he could invest up to $ 1 billion to help his favorite candidate win the 2024 election. He admits today that the amount he quoted is no longer relevant. The FTX boss now wants to spend $ 1 billion on company acquisitions in the cryptocurrency world, not to fund the White House race in two years’ time.
Trump and the bitcoin scam
Donald Trump, a likely candidate in 2024, has never hidden his hostility towards cryptocurrencies. In 2021 he still declared: “bitcoin seems to be a scam. I don’t like it because it’s a currency that competes with the dollar. I want the dollar to be the currency of the world ”. A “TrumpCoin” was launched in 2016 prior to his election with the aim of “supporting Donald Trump’s powerful vision of making America great again.” Will financial support from the cryptocurrency world, if it runs again in 2024, will it lead the Republican to soften his position on bitcoin? According to “Axios”, Donald Trump could announce his candidacy as early as November 14th.