In a recent podcast, Bitcoiner Troy Cross emphasized the widespread presence of Bitcoin enthusiasts: “One in seven Americans hold #Bitcoin. They're in every congressional district. They are in every party. They are part of every political ideology. We're everywhere. We are everywhere, and we are many in number.”
While estimates vary, Bitbo, a Bitcoin dashboard that tracks on-chain data, price movements, and key economic indicators, suggests there are around 106 million Bitcoin holders in the U.S.
This presidential campaign marks the first time many Bitcoiners are actively engaging in a major election, with a sense that the Overton Window—the range of acceptable political discourse—might shift significantly.
“There are decades when the Overton Window slides by micrometers…there are weeks when it slides by a mile.” – Post shared by @oldbooksguy
Unexpected Champions of Bitcoin in 2024
While Bitcoin isn’t considered a “top-of-mind” issue alongside immigration, economic concerns, and healthcare, a dedicated group of Bitcoiners are working to elevate its importance.
In a surprising twist, Donald Trump has emerged as a notable advocate, making Bitcoin central to his campaign.
Trump argues that embracing Bitcoin is crucial for the U.S. to maintain technological and economic leadership, particularly as China advances its own digital asset ambitions.
Trump's promises include:
- Job creation and technological leadership: “Instead of attacking industries of the future we will embrace them. National security implications of this are clear.”
- A Bitcoin-friendly regulatory environment: Creating conditions that foster growth and innovation in the Bitcoin and cryptocurrency space.
- Establishing a national Bitcoin reserve: Making Bitcoin part of America's strategic assets.
- Pardoning Ross Ulbricht and firing Gary Gensler: Moves that signal a push toward regulatory reform in Bitcoin and crypto.
Robert F. Kennedy Jr. has also shown support for Bitcoin, particularly in his speech at the July 2024 Bitcoin Magazine Conference in Nashville.
However, his primary focus remains on food safety and “Making America Healthy Again” (MAHA).
Elon Musk, aligned with Trump, who also supports Bitcoin and crypto, though he remains partial to Dogecoin despite his recent Bitcoin purchases.
Democrats Lagging on Bitcoin
Kamala Harris and the Democrats have shown limited engagement with Bitcoin. Harris mentioned Bitcoin on X in late July but hasn’t articulated a clear position.
Nonetheless, bipartisan support for Bitcoin has emerged, demonstrated in Pennsylvania's recent “Bitcoin Bill of Rights” vote, where lawmakers from both parties backed the initiative.
The “Bitcoin Bill of Rights” in Pennsylvania
The Bitcoiners PAC is focusing heavily on Pennsylvania, a crucial swing state. Current polls show a tight race:
- Harris: 48%
- Trump: 48%
- Other: 3%
The Bitcoiners PAC has launched pro-Bitcoin ads across Pennsylvania, emphasizing job creation, technological leadership, and the state's pioneering role.
Dennis Porter, from the Satoshi Action Fund, highlights the significance:
The ability to self-custody bitcoin is a fundamental right which must be actively protected. Codifying it into law is a necessary step in ensuring we can freely access Bitcoin without fear of government overreach.
— Dennis Porter (@Dennis_Porter_) October 26, 2024
While some view the bill as symbolic, it underscores the bipartisan support for Bitcoin. As Porter notes, the law represents a step toward solidifying Bitcoin's role in American finance.
Bitcoiners Show Their Support Through PACs
Crypto-focused political action committees (PACs) have raised over $253 million this election cycle, according to the Federal Election Commission.
These PACs amplify the voice of Bitcoin supporters and push for pro-Bitcoin candidates and policies.
On November 5th, 2024, Bitcoin Magazine will team up with Stand With Crypto to provide real-time election coverage.
Bitcoiners interested in following the election from a Bitcoin-focused perspective can join the livestream.
Stay tuned as Bitcoin takes a historic step into the political arena.