Author: Blaze
In 2024, it is the year of the super election, with dozens of countries and regions around the world holding crucial elections involving a population of over 4 billion. Among them, the focus undoubtedly falls on the U.S. election. However, unlike in the past, the topic of cryptocurrency ranks third in popularity among all super political action committees participating in the 2024 U.S. election.
Four years ago, discussions about Bitcoin by presidential candidates during campaign activities were rare. Three years ago, when El Salvador became the first country to adopt Bitcoin as legal tender, people were mostly spectators. However, the situation began to change during last year’s primaries, signaling that the era when cryptocurrencies were on the political periphery is long gone.
On one hand, former President Trump and current President Biden are making efforts to win the support of cryptocurrency voters. On the other hand, many cryptocurrency companies plan to inject a significant amount of cash into the 2024 U.S. presidential election. There are signs that these funds are helping the cryptocurrency industry gain more support in Washington.
In 2023, out of the 12 primary candidates participating in the 2024 U.S. presidential election, five have openly expressed their support for Bitcoin and the cryptocurrency industry. By the end of December 2023, Argentine President Javier Milei was elected. Reports indicate that Milei’s policy proposals include dollarization, ending currency controls, closing the central bank, significantly reducing national expenditures, and actively supporting Bitcoin.
Which global presidents and regions explicitly support Bitcoin?
El Salvador: Nayib Bukele
In 2021, El Salvador became the world’s first country to officially recognize Bitcoin as legal tender. President Nayib Bukele played a crucial role in this decision. El Salvador’s economy heavily relies on remittances as a significant part of its GDP, and with Bukele’s party holding an absolute majority in the 84-seat legislature, he aims to lead El Salvador towards prosperity.
In November 2022, when the price of Bitcoin dropped to around $16,000, Bukele announced that El Salvador would start purchasing one Bitcoin daily. By March 2024, reports indicated that El Salvador’s Bitcoin holdings exceeded public estimates. Bukele mentioned that the country was earning Bitcoin-related income through its passport program, converting Bitcoin into dollars for local businesses, mining, and government services, with a portfolio valued at nearly $205 million.
On March 14th, Bukele announced that the country was preparing to store a “significant portion” of its Bitcoin assets in “cold wallets” and other offline devices.
However, a study published in December 2023 by the journal “Science” indicated that Bitcoin’s adoption as legal tender in El Salvador did not see widespread usage, with digital payments being sparse and concentrated.
U.S. Presidents (Former Presidents, Candidates)
By the end of 2024, the U.S. will hold the next presidential election. Although polls will not begin until November 5, 2024, dozens of American political figures have expressed their intention to challenge current Democratic President Joe Biden.
Out of the 12 candidates running in the 2024 U.S. presidential election, five have openly expressed their support for Bitcoin and cryptocurrency assets. This includes four Republican candidates: Donald Trump, Ron DeSantis, Francis Suarez, Vivek Ramaswamy, and Democratic candidate Robert Kennedy Jr. According to FiveThirtyEight’s data at the time, among the declared Republican candidates, Donald Trump had the highest approval rating at 54%, with Ron DeSantis following at 17%.
It’s no surprise that Trump and Biden have initiated the “Cryptocurrency Election” battle.
It is well known that the current Biden administration (Democratic Party) has seemingly taken an anti-cryptocurrency stance, so if a pro-cryptocurrency candidate is elected, it could have a significant impact on the next cryptocurrency bull market. Looking at the current party attitudes towards cryptocurrency, the majority of the Democratic Party, led by Biden, leans towards a cautious approach to cryptocurrency, especially after the FTX collapse, further solidifying strict regulatory policies. On the other hand, most Republicans, led by Trump, perhaps to attract voters by showcasing differing views, have shown rare tolerance towards cryptocurrency.
With Trump advocating for a “crypto-friendly” stance and embracing technological innovation, while opening a cryptocurrency donation site in May, Democrats like Biden have also begun to loosen up, recruiting a Meme Manager simultaneously.
While cryptocurrency may only occupy a small part of the entire U.S. election, it does not mean that cryptocurrency voters are unimportant. Perhaps a small policy issue could have a more significant impact on voter support.
1) Donald Trump
Although Trump had publicly expressed a negative attitude towards cryptocurrency during his previous presidential term (January 2017 – January 2021), considering cryptocurrency assets as “thin air,” he has been quite active in the past two years, becoming one of the most crypto-savvy presidential candidates.
His NFT project launched on December 16, 2022 – the Trump Digital Collectible Card, generated a total revenue of $4.87 million after being sold out. Additionally, it was disclosed by the Washington non-profit organization Citizens for Responsibility and Ethics in Washington (CREW) on August 14, 2013, that Trump held nearly $2.8 million worth of cryptocurrency assets (ETH) in his suspected personal cryptocurrency wallet.
Currently, Trump leads other Republicans by a significant margin in the polls. However, with more Republicans announcing their candidacy and Trump being involved in legal cases, it remains uncertain who will represent the Republican Party in the 2024 U.S. presidential election.
2) Ron DeSantis
On July 31, 2023, during a campaign event in New Hampshire, U.S. presidential candidate and Florida Governor Ron DeSantis addressed the continuous suppression of cryptocurrency assets and institutions by the Biden administration since 2023:
“When I am elected president, I will end Biden’s war on Bitcoin and cryptocurrencies.”
“We will allow Americans to invest in Bitcoin and cryptocurrencies. No one is forcing you, but if you want to buy crypto assets, you can.”
DeSantis firmly opposes CBDC (Central Bank Digital Currency), stating that unlike cryptocurrencies, CBDCs transfer significant power from individual consumers to the central government, enabling the federal government to control the flow of money. He also mentioned, “If I were president, from day one, we would abolish CBDCs.”
3) Robert Kennedy Jr.
Another candidate investing in cryptocurrency assets is Democratic presidential candidate Robert Kennedy, competing in the 2024 U.S. presidential election. He is a member of the prominent Kennedy family, the nephew of former U.S. President John F. Kennedy.
On July 24, 2023, Kennedy participated in a Bitcoin conference in Miami, announcing that his campaign would be the “first presidential campaign in history to accept Bitcoin donations via the Lightning Network.”
On July 27th, he confirmed on Twitter that he indeed held Bitcoin and had purchased two Bitcoins for each of his seven children. Emphasizing that Bitcoin is a currency resistant to inflation, providing retail investors with freedom rather than holding fiat currencies dominated by the system. He pledged to eliminate capital gains tax on Bitcoin.
Similar to DeSantis, Kennedy has a strong belief in the future of Bitcoin and cryptocurrencies, promising to gradually support the U.S. dollar with Bitcoin if elected president. He explained that this is a step-by-step process, starting with a minimal scale, perhaps supporting only 1% of national debt with hard currency, gold, silver, platinum, or Bitcoin.
4) More
The other two presidential candidates, Vivek Ramaswamy and Francis Suarez, currently have a lower likelihood of becoming the President of the United States in 2024 according to polls. However, they are also supporters of Bitcoin.
Unlike DeSantis, Vivek Ramaswamy has expressed his admiration for Bitcoin but stated that he would not consider Bitcoin as a commodity to help stabilize the U.S. dollar: “I believe, for various reasons, Bitcoin does not meet the criteria to be included in the commodity basket. Bitcoin may become part of the commodity basket at some point, but for some technical reasons, I wouldn’t include it today.”
Presidential candidate and Mayor of Miami, Suarez, will accept Bitcoin donations for his presidential campaign. Renowned for advocating for cryptocurrency during his tenure as mayor, Suarez pledged to make Miami a hub for Bitcoin, accepting Bitcoin as his salary. He has been deeply involved in the development of the cryptocurrency industry, believing that the U.S. needs a president who understands cryptocurrency assets and artificial intelligence technology.
Argentine President: Javier Milei
Javier Milei is an Argentine economist, former Argentine National Deputy, and leader of the Liberal Movement. He was successfully elected as President in the November 2023 presidential election.
Renowned American journalist Tucker Carlson conducted an interview with Milei, garnering over 421 million views on Twitter. One of the key aspects of this interview was the dollarization of the Argentine economy. In his proposal, Milei emphasized the importance of closing the Central Bank of Argentina and highlighted that Bitcoin could provide an opportunity for this process.
In his vision, after closing the country’s central bank, Bitcoin would serve as a remedy for Argentina’s inflation, becoming a primary currency. Before the presidential election, Milei appeared on multiple talk shows, often promoting the benefits of Bitcoin and cryptocurrency assets, believing that “Bitcoin can eliminate central banks.”
In conclusion, the 2024 elections, both in the U.S. and globally, are witnessing a surge in interest and support for Bitcoin and cryptocurrencies among presidential candidates and leaders, signifying a significant shift in the political landscape towards digital assets and financial innovation. These developments are reshaping the political dynamics and policies, highlighting the growing influence of cryptocurrencies in mainstream politics.米莱’s election saw Bitcoin’s price break through $37,000, up from hovering around $30,000, with a 2.3% increase in 24 hours.
Contrary to previous reports, the Milae government in Argentina has not been pushing for Bitcoin standards, especially in recent weeks. Many reports have clarified that Javier Milae does not have any actual policies supporting cryptocurrencies, stating that while he has a positive attitude towards Bitcoin and criticizes the central bank, his main economic suggestion is the dollarization of the Argentine economy, not adopting Bitcoin as legal tender. Milae’s comments on Bitcoin, such as “returning the currency to its original creators, the private sector,” have been taken out of context, implying broader policy measures to adopt Bitcoin, which is not what he proposed.
Is this a lesson from the U.S. election and the development of cryptocurrencies?
Mexico’s presidential candidate: Indira Kempis
Kempis, currently a federal congress senator of the Citizen Movement party, announced her intention to become Mexico’s first female presidential candidate due to internal disputes within the party in late August 2023. She is well-known among Bitcoin and crypto asset advocates for openly stating that the early adoption of Bitcoin could bring opportunities to Mexico. Since taking office in 2018, this senator has been promoting the crypto economy for the past few years. She has also pushed for Mexico to adopt regulations similar to El Salvador’s for Bitcoin, according to Bitcoin Magazine.
Kempis introduced a bill in 2022 to create a CBDC, which did not mention crypto at the time but proposed that the Mexican central bank be the sole issuer of the digital peso, making headlines. However, after criticism from the crypto community about introducing the CBDC, Kempis amended the bill to include Bitcoin, hoping to make the first cryptocurrency the legal tender in Mexico.
While the Mexican central bank has not provided an analysis of the CBDC bill, legislators’ reactions are mixed. Some senators strongly oppose it, stating that while Bitcoin is legal in El Salvador, Mexico will not accept it as legal tender.
She has also been actively participating in crypto-related activities, such as promoting the “My First Bitcoin” certification course in Nuevo León province in August 2023.
However, the Mexican presidential election began on June 2, 2024, and on June 3, the ruling party National Regeneration Movement announced Claudia Sheinbaum as the presidential candidate of the winning coalition in Mexico City, becoming the first female president in Mexico’s history. She will begin her term on October 1, but her stance on crypto has not been revealed much.
While this result is significant for promoting gender equality in Mexico, the current government is likely to continue its crypto regulatory policies and strategies, which should be monitored closely.
UK Prime Minister: Rishi Sunak
Rishi Sunak, the new leader of the Conservative Party, officially became Prime Minister of the UK on October 25, 2022.
During his tenure as Chancellor of the Exchequer, Sunak actively promoted economic policies and financial legislation. Although he was not directly involved in any crypto events, his policies and decisions have had an impact on the UK’s economy and financial sector.
In April 2021, while serving as Chancellor of the Exchequer, Sunak proposed the exploration of a central bank digital currency (CBDC) by the UK Treasury and Bank of England.
In April 2022, Sunak called for recognizing stablecoins as an effective payment method.
In an interview with reporters a few months before his election, Sunak expressed a preference for BAYC over Crypto Punks. He prefers a diversified portfolio of cryptocurrencies over selecting one or two, showing his high and long-standing interest in crypto.
Sunak began pushing for a stablecoin tied to the pound upon taking office and stated, “My vision is to make the UK a global center for crypto assets,” subsequently bringing stablecoins under regulation to make cryptocurrencies a recognized payment method.
In April 2023, he proposed making the UK a crypto-friendly tech hub and planned to launch the UK’s official NFT.
However, the UK general election is scheduled for July 4, 2024, a day that could see the Conservative Party in power lose. According to opinion polls, the Labour Party is likely to win the upcoming election, and while they have not clarified their stance on the crypto industry, they have expressed a desire for the UK to become a tokenization center and support the Bank of England’s digital pound plan.
Central African Republic President: Faustin-Archange Touadéra
The Central African Republic President is a faithful “believer” in Bitcoin, advocating for its promotion and application. In April 2022, he announced the adoption of Bitcoin as legal tender, accepting crypto payments for taxes and establishing a legal framework to regulate the use of cryptocurrencies, making the Central African Republic the second country after El Salvador to officially adopt Bitcoin as legal tender and the first in Africa to use Bitcoin as a payment currency.
In the same year, he pushed the National Assembly of the Central African Republic to pass a bill declaring Bitcoin as legal tender to aid the country’s economic recovery and development.
In May of that year, he launched the “Crypto Center” project, Project Sango, to attract global crypto enthusiasts, planning to establish a crypto island and a digital wallet. He also mentioned that the Central African legislative body had approved the “Tokenization Act,” allowing the tokenization of land and natural resources. However, the project faced challenges with the deepening bear market.
Nevertheless, the Central African President stated, “If everyone is not optimistic about Bitcoin, then we will issue our own national cryptocurrency.”
In July of the same year, the Central African Republic launched the national cryptocurrency Sango Coin for public sale, positioning the country as a “crypto economy nation.” Sango Coin is deployed on the Bitcoin sidechain and interacts with the main Bitcoin chain, allowing users to trade between Sango Coin and Bitcoin. The initial public sale price was $0.1, with a total supply of 21 billion coins, sold in 12 periods, gradually increasing in price to $0.45. The Central African Republic also offered various benefits, such as buying and staking Sango Coin for citizenship, obtaining electronic residency, or acquiring land property through staking Sango Coin.
However, two months after the public sale of Sango Coin, the Central African Republic Constitutional Court ruled that using tokens to purchase land and citizenship was unconstitutional. Additionally, the national parliament announced in March of that year that Bitcoin would be changed from legal tender to the benchmark cryptocurrency.
Despite the challenges, the Central African Republic continues to explore this path.
Japanese Prime Minister: Fumio Kishida
The Japanese government has a relatively open attitude towards crypto, considered one of the leading markets for global crypto assets, and has implemented a series of regulations and measures to regulate and promote the development of cryptocurrencies.
In April 2017, Japan officially recognized crypto assets as legal payment methods and enacted the Payment Services Act to regulate crypto CEX/DEX and service providers.
Furthermore, the Japanese government established a dedicated agency, the Financial Services Agency (FSA), responsible for regulating crypto CEX/DEX and related businesses. The FSA conducts reviews of exchanges and takes measures to ensure the security of user funds.
In November 2021, Fumio Kishida, from the Liberal Democratic Party, was elected Prime Minister of Japan. After taking office, Kishida delivered a speech stating, “With a shrinking workforce, there is an urgent need to utilize digital technology, and Japan will actively promote the digital transformation of the public and private sectors.”
In June 2022, the Japanese parliament passed a bill clarifying the legal status of stablecoins, essentially defining them as digital currencies, making Japan one of the first major economies to introduce a legal framework for stablecoins.
Subsequently, Kishida proposed Web3.0 as the cornerstone of economic reform and released a white paper in April 2023 to address issues such as digital currency tax reform and NFTs, outlining regulatory proposals for all Web3.0-related matters, from NFTs to DAOs.
At the WebX summit hosted by CoinPost in July 2023, Kishida stated that Web3 technology has the potential to revolutionize the traditional framework of the internet, leading to social change, with the Japanese government striving to improve the development environment of Web3.
On February 16, 2024, the Kishida government approved a law to enhance Japan’s industrial competitiveness, the Industrial Competitiveness Enhancement Law, which will take measures to add crypto assets to the list of assets that investment limited partnerships can acquire and hold, a significant policy change that will directly allow venture capital firms to invest in projects specifically issuing crypto assets.
It can be said that since becoming Prime Minister in 2021, Kishida has been developing industries related to crypto such as Web3. The passing of these bills this year signifies Japan’s further open development towards digital assets.
Former Brazilian President: Jair Bolsonaro
Former Brazilian President Bolsonaro also took an open and proactive stance on crypto policies. He expressed support for legalizing Bitcoin as a legal tender, hoping that Brazil could become the first country to adopt Bitcoin. During his tenure, no value-added tax or income tax was levied on crypto transactions, and he supported the Brazilian Central Bank’s research into issuing digital currencies.
In April 2022, after lengthy deliberation in the Brazilian Senate, Bolsonaro approved a bill, Brazil’s first crypto management bill, laying the foundation for a regulatory framework for the country’s crypto industry.
The bill was first proposed by a federal congressman in 2015 and was eventually signed into law by former Brazilian President Jair Bolsonaro, legalizing cryptocurrency as a payment method in Brazil.
Overall, Bolsonaro promoted openness in Brazil’s crypto policies, aiming to use digital assets to strengthen national sovereignty and control. His policies have played a role in promoting Brazil’s position as a crypto center in South America.
In summary, it is evident that crypto assets, led by Bitcoin, are infiltrating the development processes of various countries in economic or political forms, with the emergence of crypto-friendly countries accelerating the journey of crypto from the fringes of finance to mainstream finance. As more countries recognize the potential of blockchain technology and digital currencies, we may see a more integrated and robust global crypto market.