Joe Biden suddenly becomes pro-crypto after Trump ’embraces’ cryptocurrencies

In an unexpected turn of events, US President Joe Biden has taken a pro-crypto stance after his political rival Donald Trump declared support for cryptocurrencies. Biden’s move comes amid the 2024 presidential race, where both candidates are eyeing crypto-enthusiast voters.

Earlier this month, Donald Trump surprised everyone by completely changing his view on Bitcoin. Five years ago, Trump called Bitcoin a fraud. Now, he acknowledges that there could be, by his own estimates, “50 million cryptocurrency holders” who could vote for him.

Regardless of the accuracy of that number, Trump knows he needs more votes in the November 5 election. Therefore, he made cryptocurrencies a priority in his campaign.

Instead of criticizing cryptocurrencies again for facilitating “illicit behavior, including drug trafficking and other illegal activities,” Trump promised to end Biden’s “crusade” against crypto assets. Additionally, he guaranteed to protect the right to self-custody and keep Congressional “henchmen” away from Bitcoin.

This political maneuver had a huge impact. The media covered his promises extensively, generating millions of impressions on social media. Suddenly, Trump was seen as a pro-crypto candidate.

Biden, Trump and cryptocurrencies

Aware of the need to respond quickly, Joe Biden, who has an anti-crypto record, adjusted his stance. Biden has previously stated: “I don’t have Bitcoin.” Furthermore, for four years, he refused to accept cryptocurrency donations in his presidential campaigns.

However, two weeks ago, Biden’s re-election team began a serious initiative to get closer to the crypto universe. They began reviewing and adjusting Biden’s statements on pending legislative issues related to cryptocurrencies, such as bills FIT21 and SAB 121. The media quickly began reporting on these new engagement efforts.

At the biggest cryptocurrency conference of the year, keynote speakers discussed Biden’s changing stance on cryptocurrencies. Observers called the change a real “hobbyhorse”.

While Biden has not yet announced any specific changes in stance on any particular crypto bill — and his re-election campaign does not yet accept cryptocurrency donations — his team is clearly working to improve the president’s message.