- The 2024 United States Presidential election’s first general debate took place last night with a notable absence of any mention of cryptocurrencies or Bitcoin.
- This silence prevailed despite significant support from crypto political action committees (PACs), creating a shockwave in the market.
- As a result, political-themed (PolitiFi) altcoins suffered major losses.
An unexpected silence on cryptocurrencies during the US Presidential debate resulted in significant market impacts. Learn more about the surprising developments.
US Presidential Candidates Debate: PolitiFi Altcoins Take a Hit
The debate held in Atlanta, Georgia, featured current President Joe Biden and former President Donald Trump. The 90-minute session, moderated by CNN hosts Jake Tapper and Dana Bash, tackled various topics from economic issues to foreign policy. However, it barely skimmed the surface of economic matters and completely avoided technology policy, including the cryptocurrency sector. This lack of discourse led to disappointment in the crypto community, particularly those who had hoped for at least some endorsement from Trump, known for his crypto-friendly stance.
Fallout: PolitiFi Altcoins See Sharp Declines
Following the debate, PolitiFi altcoins experienced a collective market value drop of 6.7%. Individual meme coins saw even steeper declines, with Trump’s MAGA (TRUMP) dropping 14.1% and MAGA Hat (MAGA) falling 14.6%. Doland Tremp (TREMP) plummeted by 15.3%, while the Joe Biden-themed meme coin Jeo Boden (BODEN) witnessed a staggering 32.5% decrease.
Coinbase Voices Disappointment
Shortly after the debate, Coinbase, a key player in the crypto exchange market, expressed its disappointment. The company released a statement emphasizing the need for cryptocurrency to be part of future discussions, given that 52 million Americans and 19% of Georgians own crypto assets.
The first presidential debate just concluded with zero mention of crypto. With 52 million Americans and 19% of Georgians owning crypto, it’s time to ensure this is part of the conversation moving forward.
In light of this oversight, Coinbase is now focusing its efforts on its PAC, Stand With Crypto, which has raised over $87 million. Additionally, Coinbase supports Fairshake Super PAC, another prominent entity that amassed $177 million in donations this electoral cycle, with $70 million earmarked for pro-crypto candidates.
Trump’s Rising Chances According to Polymarket
Despite the absence of cryptocurrency discussions during the debate, Trump’s actions have consistently aligned with the crypto community’s interests. This could significantly influence his political prospects. Prediction market Polymarket shows Trump’s probability of winning the 2024 Presidential election has increased, with current odds at 63%.
Earlier this month, Trump reiterated his support for the crypto industry in discussions with executives from crypto mining firms like CleanSpark and Riot Platforms. He highlighted Bitcoin mining’s role in stabilizing the energy grid and maintained an active relationship with the crypto community.
Conclusion
The notable omission of cryptocurrency discussion in the recent US Presidential debate led to significant market repercussions, particularly for PolitiFi altcoins. As Coinbase and other industry leaders call for greater political engagement with the crypto sector, the evolving landscape will be crucial for investors and stakeholders to monitor. Trump’s apparent alignment with the crypto community enhances his political standing, potentially setting the stage for further developments in the lead-up to the 2024 election.
