Saha Swatilakha
In a striking turn of events, the TRUMP coin has plummeted 35% Friday following a New York jury’s guilty verdict against former U.S. President Donald Trump on all 34 counts of falsifying business records.
The unprecedented conviction, making Trump the first U.S. ex-president to be convicted of a felony, has sent shockwaves through both the political and cryptocurrency landscapes.
Conversely, the Jeo Boden token, a meme coin inspired by current President Joe Biden, surged 20% in the wake of the news. This stark contrast between the two tokens’ fortunes highlights the volatile and reactive nature of the burgeoning crypto market in relation to political events.
The intertwining of cryptocurrency and politics has reached new heights, with more companies and political entities vying for favorable crypto regulations. Major political figures, including Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, have emerged as unexpected allies in the crypto space. This month, crypto-friendly legislation garnered surprising bipartisan support in the U.S. Congress, isolating long-time crypto skeptics like Sen. Elizabeth Warren.
Prominent venture capital firm a16z and Ripple both recently plowed $50 million each into the industry’s Fairshake PAC. This financial muscle is poised to expand the industry’s influence as it prepares to spend more than $80 million on the 2024 elections, underscoring the growing importance of cryptocurrency in U.S. politics.
Grayscale has declared the 2024 elections to be the truly crypto elections, solidifying the role of digital assets in America’s financial future and political landscape. A Harris Poll commissioned by bitcoin ETF issuer Grayscale reveals that one-third of U.S. voters will consider candidates’ stances on cryptocurrency before casting their votes in the 2024 presidential election.
Moreover, 77% of respondents believe that a U.S. presidential candidate should possess a comprehensive understanding of cryptocurrency, highlighting the sector’s significance in the upcoming election.
Trump, who has increasingly aligned himself with the crypto world, is now accepting campaign contributions in digital assets. His campaign website even crashed from the overwhelming response from crypto supporters soon after the guilty verdict. Reports indicate that Trump and billionaire Elon Musk are discussing cryptocurrency policy, with Trump emphasizing Bitcoin and other digital assets on the campaign trail to attract new voters.
Meanwhile, the Biden administration has shown a newfound willingness to collaborate on crypto policy, a move that could reshape the regulatory landscape. The industry’s super PACs have successfully boosted allies, aiding crypto-friendly Democrats in winning primaries and strengthening the industry’s political clout.
As the 2024 presidential election approaches, the role of cryptocurrency continues to solidify in America’s financial future. The recent developments underscore the growing influence of digital assets in shaping political campaigns and legislative agendas, marking a new era at the intersection of crypto and politics.
