The much-anticipated first presidential debate between President Joe Biden and former President Donald Trump took center stage on Thursday, June 27th. For many in the crypto world, it was circled on the calendar with anticipation. Would this be the moment when Bitcoin and digital assets finally broke into the mainstream political conversation? The answer, unfortunately, was a resounding no. Despite the crypto community’s growing influence and financial contributions, the debate remained conspicuously silent on all things crypto, leaving many feeling unheard and a little let down.
The Debate That Ignored Crypto: What Happened?
Hosted by CNN in Atlanta, the 90-minute debate was billed as a crucial face-off, highlighting the stark differences between the two candidates. And indeed, they clashed on numerous critical issues. Think economy, abortion rights, immigration, foreign policy – all the hot-button topics you’d expect. But amidst these heated exchanges, a significant and rapidly evolving sector of the global economy was completely ignored: cryptocurrency.
Neither President Biden nor former President Trump uttered the words “Bitcoin” or “crypto” even once. This silence is particularly striking considering:
- Massive Crypto Community Anticipation: The crypto industry has been eagerly awaiting signs that political leaders are taking digital assets seriously. This debate was seen as a prime opportunity.
- Significant Financial Backing: Crypto-backed Super PACs have poured over $200 million into this election cycle. Fairshake PAC alone has raised a staggering $170 million, primarily targeting congressional races with attack ads. This financial clout underscores the industry’s growing political muscle.
- Growing Political Support: Organizations like Stand With Crypto highlight that many politicians across the political spectrum are now crypto-friendly. Only a small minority are strongly against it.
So, with all this momentum, why the crypto blackout during the debate? Let’s delve deeper.
Trump’s Pro-Crypto Stance: A Missed Opportunity to Capitalize?
Donald Trump has, in recent times, positioned himself as a champion of the crypto industry. He’s been vocal about his support, even going as far as to host a meeting with Bitcoin miners earlier in June. His message? He wants Bitcoin and crypto to be “made in America.” This pro-crypto stance has resonated with many in the digital asset space.
Given this public embrace, many expected Trump to bring up crypto during the debate, especially as a potential contrast to what is perceived as a less friendly stance from the Biden administration. However, the topic never surfaced.
One possible explanation? The debate format itself. With candidates limited to just 2 minutes of speaking time per topic, in-depth discussions were scarce. Perhaps crypto, still considered a niche topic by some, simply didn’t make the cut in the limited time available. But for a community that feels increasingly relevant and economically impactful, this feels like a weak excuse.
Biden’s Administration: Still Skeptical, or Softening?
On the other side of the aisle, the Biden administration has generally been viewed as more cautious, even skeptical, towards the crypto industry. Regulatory uncertainty and enforcement actions have been points of concern for many crypto businesses operating in the US.
However, there have been whispers of a potential shift. Some industry insiders suggest that Biden’s stance might be evolving, possibly influenced by the growing political and financial power of the crypto lobby. Yet, concrete positive policy changes or even public acknowledgements from the President remain elusive. This lack of clear direction from the current administration adds to the frustration within the crypto community.
Debate Dominated by Traditional Issues: Where Does Crypto Fit In?
The debate itself was undeniably contentious. Biden and Trump clashed fiercely on a range of well-established political battlegrounds:
- The Economy: Inflation, jobs, and economic growth were predictably central.
- Abortion Rights: A highly divisive issue in the current political climate.
- Foreign Policy: Global conflicts and America’s role on the world stage.
- Immigration: Border security and immigration policies.
These are undoubtedly important issues that resonate with a broad electorate. But the absence of any discussion about crypto highlights a potential disconnect. Is crypto still considered too niche, too technical, or too risky to warrant attention on the presidential debate stage? Or is it simply a matter of political priorities, with crypto not yet perceived as a make-or-break issue for the average voter?
Biden’s Performance Under Scrutiny: Did it Overshadow Everything Else?
Beyond the topics discussed (or not discussed), the debate was also heavily analyzed for the candidates’ performances. Biden, in particular, faced scrutiny for his demeanor and delivery.
Reports suggest Biden appeared hesitant at times, stumbling over his words. This performance has reignited concerns about his age and fitness for office, a recurring criticism from Republicans. Former Democratic Senator Claire McCaskill minced no words in her assessment:
“My job now is to be really honest. Joe Biden had one thing he had to do tonight and he didn’t do it. He had one thing he had to accomplish and that was to reassure America that he was up to the job at his age and he failed at that tonight.”
Trump, in contrast, was described as more assertive and confident, though his statements were often laced with contentious and sometimes unsubstantiated claims.
In the aftermath, Biden attributed his performance to a sore throat, while the Trump campaign and many in the crypto industry (perhaps for different reasons) viewed the debate as a win for their side. It’s possible that the focus on Biden’s performance overshadowed any potential discussion of policy nuances, including crypto.
Crypto’s Political Journey: Still Early Days?
The silence on crypto in this first presidential debate serves as a stark reminder: despite its growing financial clout and passionate community, the digital asset industry is still fighting for mainstream political recognition. While crypto-backed PACs are making waves in campaign finance, and individual politicians are starting to voice support, it hasn’t yet translated into a central issue in presidential debates.
Perhaps this is simply a matter of time. As the crypto industry matures, as adoption rates increase, and as regulatory frameworks evolve, Bitcoin and digital assets may inevitably become unavoidable topics in future political discourse. For now, the crypto community is left feeling a bit like an eager guest who wasn’t invited to the main party – present, contributing, but still waiting for their moment in the spotlight.
Will the next debate be different? Will crypto finally get its turn on the presidential stage? The crypto community will certainly be watching, and hoping, for a change.
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