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Trump’s Pick of JD Vance as VP Matters to Bitcoin Crowd
Trump campaign bets JD Vance can win over millions of voters who own digital currency to vote for them, sources told the Post.
Serious cryptocurrency investors see Ohio Sen. Vance, 39, who has become a prominent figure in Silicon Valley, as someone who… take care of their interests and promote digital currency, while the Biden administration has taken a more cautious approach, with more proposal for regulation of the sector.
“Vance struck a deal with voters who own cryptocurrency,” a source who asked not to be identified told the Post. “It shows how important the campaign thinks that group is.
Vance is the first person on a presidential ticket to own bitcoin, a fact the campaign believes could mobilize the millions of Americans who own cryptocurrency to vote for the Republican ticket. ALLISON DINNER/EPA-EFE/Shutterstock
A Pew Research Center study published in April found that 17% of U.S. adults have purchased cryptocurrency, and the majority of that number, or about 40 million people, still own it.
“I think this is the group that decides the election, and we’ve said that in our conversations with the Trump campaign,” said Brandon Green, who plans the Bitcoin 2024 Conference, where Trump will speak later this month. “It’s a no-brainer.”
In recent weeks, representatives of BTC, the parent company of the Bitcoin conference, has been speaking with Trump’s campaign several times a week ahead of his appearance at the event in Nashville later this month.
Vance has also expressed interest in speaking at the conference, but sources note that campaign commitments may prevent him from attending.
It’s not just Vance, pictured with Mike Johnson, who has embraced cryptocurrency. The Republican Party has updated its platform to say, “Republicans will end Democrats’ illegal and un-American crackdown on cryptocurrency.” JUSTIN LANE/EPA-EFE/Shutterstock
Vance is the first presidential candidate to own Bitcoin, and his past pro-crypto comments help give Trump the most credibility in the cryptocurrency industry.
“You don’t have to look beyond the fact that he owns it,” Green adds.
Speculators are very excited about the prospect of how Trump, who already has his own successful line of NFT digital art, usually purchased with cryptocurrency, and Vance could potentially open up opportunities for them.
Donald Trump told Vance he would be on the list just moments before publicly announcing the decision. AFP via Getty Images
“President Trump and Vice President Vance will be the first crypto administration,” venture capitalist Shervin Pishevar said in the post.
“Expect the FDA, FCC, SEC, and others to be reimagined for the 21st century, and activist policies that stifle progress and innovation to cease and desist.”
And catering to cryptocurrency fans, the source adds, is a natural extension of Trump’s efforts to appeal to voters on economic issues.
Cryptocurrency enthusiasts believe that Vance’s choice as Trump’s running mate ensures that the administration will implement policies favorable to Bitcoin. AP
“It’s a mobilized group, they’re very online, they’re taking action and this is an issue that directly affects them and their bank accounts,” one source said. “It would be crazy for people in this industry to vote against their interests.”
“These are voters who vote for a single issue, keeping their digital wallet in mind,” the source added.
Donald Trump has launched three NFT collections and announced plans to release a fourth collection of digital artwork. collecttrumpcards.com
Of course, it’s not just Trump and Vance who are seen as pro-crypto. The Republican Party updated its platform earlier this month to read, “Republicans will end Democrats’ illegitimate and un-American crackdown on cryptocurrency.”
Still, the fact that Trump, who has previously called digital currencies a “scam,” chose someone who has long been a Bitcoin supporter seems significant, these people say.
“Cryptocurrency is a huge demographic and will have a major impact on how people vote in 2024,” said Frank Chaparro, director of special projects at cryptocurrency news site The Block. “And that will help Trump.”
Gary Gensler cracked down on digital currency during his tenure at the Securities and Exchange Commission, angering many cryptocurrency holders AFP via Getty Images
During his administration, Biden appointed officials who sought to crack down on the currency, passing laws that made it difficult for traditional institutions to hold cryptocurrencies.
“The Biden administration is deeply aligned with [SEC Chair] “Gary Gensler, who has essentially worked day and night to destroy the wealth of millions of American workers,” Chaparro added.
Vance, on the other hand, has proposed legislation that would allow cryptocurrency funds and exchanges to work with traditional financial institutions. He has posted on social media and written open letters to Gensler in support of digital currencies.