Leak Reveals Crypto Is Braced For A Huge Biden Flip Ahead Of Trump Debate That Could Trigger A Bitcoin, Ethereum And XRP Price Earthquake
Bitcoin is braced for a Washington earthquake in the coming week after former president Donald Trump made the shock declaration he will be the “crypto president.”
The bitcoin price has rocketed from around $15,000 per bitcoin in the aftermath of the FTX crypto exchange collapse in late 2022 back to its peak of $70,000—helping the ethereum price more than double and XRP add almost 60% as the wider crypto market rebounds
Now, as tech billionaire Michael Dell sparks wild speculation his computer company could follow MicroStrategy and Elon Musk’s Tesla into bitcoin, rumors are swirling that president Joe Biden could talk about crypto policy during his first presidential debate with Trump on Thursday, June 27.
“The upcoming U.S. presidential debate between Joe Biden and Donald Trump, with its new format and stricter rules to ensure a more structured discussion, is unlikely to have a significant impact on the bitcoin price but could on the broader cryptocurrency market,” Bitfinex analysts wrote in emailed comments.
“Both Biden and Trump have well-documented stances on cryptocurrencies and financial regulations. The market has already factored in their positions, so any reiteration of these views during the debate is unlikely to introduce new volatility. While the debate might touch on regulatory frameworks that could impact cryptocurrencies, the specifics of such regulations usually emerge from detailed policy announcements and legislative processes rather than debate soundbites.”
Trump has leaned into bitcoin and crypto in recent weeks after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him starkly at odds with the Biden administration’s anti-crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin and shiba inu.
Earlier this month, it was reported the Biden campaign is holding discussions about accepting bitcoin and cryptocurrency donations through Coinbase, according to The Block, citing anonymous sources.
Last week, an email leaked from California congressman Ro Khanna’s office to Bitcoin Magazine revealed officials from the Biden administration, the House and the Senate, along with Shark Tank billionaire Mark Cuban, are due to meet in early July for “the most significant meeting between policymakers and innovation leaders in blockchain to date.”
Cuban, an outspoken supporter of president Joe Biden, has warned Trump could win the 2024 election due to Biden’s opposition to crypto.
Another Trump critic and Biden supporter Anthony Scaramucci, managing partner at hedge fund SkyBridge Capital who served as Trump’s short-lived director of communications in 2017, has said Biden’s opposition to crypto wouldn’t continue into a second term.
“I have talked to many people on the Biden campaign, people like [Coinbase investor and venture capitalist] Ron Conway … [who] will take a softening approach to crypto,” Anthony Scaramucci, Trump’s short-lived former director of communications and managing partner at hedge fund SkyBridge Capital, told Laura Shin on her Unchained podcast.
“I also think that the anti- crypto nonsense which is really sponsored by senator Elizabeth Warren and [Securities and Exchange Commission chair] Gary Gensler is behind us,” Scaramucci said, adding the crypto industry “has already won.”
© forbes
