The first U.S. presidential debate of 2024 between Donald Trump and Kamala Harris on September 10 has garnered significant attention, especially within the crypto community. With the economy being a central issue in the upcoming election, there is growing interest in how the candidates’ stances on cryptocurrency could impact market sentiment and future regulation.
The debate, moderated by ABC News anchors David Muir and Linsey Davis, took place at the National Constitution Center in Philadelphia. Both candidates were given two minutes to respond to each question, with the format designed to maintain order and focus, especially on key economic issues. Despite the anticipation surrounding the debate, cryptocurrency, while discussed, was not the primary focus. This comes as no surprise, as crypto remains a secondary issue for most voters despite its growing popularity among certain demographics​.
Donald Trump, who was once a skeptic of the cryptocurrency industry, has recently adopted a more pro-crypto stance, especially on Bitcoin. His approach aims to make the U.S. a leader in cryptocurrency and attract the support of crypto enthusiasts. According to a survey from Fairleigh Dickinson University, Trump enjoys strong backing from the crypto community, with 50% of cryptocurrency owners supporting him, compared to 38% for Harris. This 12% lead among crypto holders reflects the alignment of Trump’s recent views with the interests of crypto investors​.
During the debate, Trump reiterated his intention to create a more crypto-friendly environment, aiming to position the U.S. as the “world capital” for Bitcoin and digital assets. However, skepticism remains high, as many are unsure how these promises will materialize in practical policy changes, especially given Trump’s previous critical stance on crypto​.
Kamala Harris, the Democratic candidate, has shown limited support for the crypto industry, focusing instead on broader economic issues such as healthcare, social justice, and fiscal policies. Among voters who do not own cryptocurrencies, Harris holds an advantage, with 53% supporting her compared to 41% for Trump. This divide indicates that while cryptocurrency is gaining traction, it remains a niche issue compared to more traditional political topics.
Harris’s campaign has been cautious in its approach to cryptocurrency, reflecting a broader Democratic concern over the potential risks of crypto, including financial instability and the need for regulation. Her stance resonates with non-crypto voters, emphasizing regulatory oversight and consumer protection​.
The debate had an immediate impact on election-related cryptocurrencies. For instance, MAGA Coin, a cryptocurrency associated with Trump’s campaign, saw an 8% dip following the debate. This reaction suggests that investor confidence in Trump’s chances of winning—and by extension, his crypto policies—might be waning. Meanwhile, the overall sentiment in the crypto markets remains cautious as the political landscape continues to evolve​
While the debate underscored the growing interest in cryptocurrency, it also highlighted that crypto is not yet a central issue in the 2024 election. The focus remains on broader topics such as economic recovery, foreign policy, and healthcare. However, as the election season progresses, the candidates’ stances on crypto regulation and digital assets could become more significant, especially if the crypto community mobilizes as a voting bloc.
The debate marked an essential moment for crypto enthusiasts looking for insights into potential policy changes. Still, it remains to be seen how much influence the crypto community will wield in the final outcome of the election and the future regulatory environment in the U.S.​