Bitcoin with Political Endorsements - page 2.

Zlantann

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Quote from: Iranus on July 29, 2024, 03:47:37 AM

Quote from: Zlantann on July 29, 2024, 02:22:29 AM

Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

What are your thoughts on these developments?

For the first time in the history of American elections, cryptocurrency become a key factor in campaigns. This new development might be because research showed that about 21% of American citizens own crypto, and above 70% of them will consider the crypto stance of the presidential candidate. A candidate with friendly crypto policies might not win the election only because of his position, but he might gain a good number of support or votes from the crypto community.

The recent increase in the price of Bitcoin is not solely because of Donald Trump's good promises to the crypto community. The predictions that the Fed might cut down interest rates twice this year are giving investors more confidence. Political statements would only cause an artificial rise in price, but economic policies can lead to sustainable growth.

I don't think that crypto is a key factor in this election, we have this feeling because we only care and pay attention to what is related to crypto. But in reality, candidates spend most of their time discussing and debating issues related to inflation, real estate prices, immigration, military, economy...Cryptocurrency is nothing compared to the above factors as it does not have any significant impact on their economy.

But I agree with you, bitcoin price increased because of the market's optimism that the Fed will lower interest rates in September, not because of Trump's statements in the recent bitcoin conference.

Has there been any time in the history of the US election that presidential candidates are discussing or giving promises about the crypto industry? This is not only about Donald Trump; it was rumored that Kamala Harris was billed to be a keynote speaker at the Bitcoin Conference, but she later decided not to attend. Cryptocurrencies might not be as powerful as immigration, foreign policy, climate change, abortion, and LGBT rights, but it is an emerging force in the economy of the US. Politicians also know that most people in the US own crypto, and this ownership might determine their choice of candidate.

Iranus

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Quote from: Zlantann on July 29, 2024, 02:22:29 AM

Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

What are your thoughts on these developments?

For the first time in the history of American elections, cryptocurrency become a key factor in campaigns. This new development might be because research showed that about 21% of American citizens own crypto, and above 70% of them will consider the crypto stance of the presidential candidate. A candidate with friendly crypto policies might not win the election only because of his position, but he might gain a good number of support or votes from the crypto community.

The recent increase in the price of Bitcoin is not solely because of Donald Trump's good promises to the crypto community. The predictions that the Fed might cut down interest rates twice this year are giving investors more confidence. Political statements would only cause an artificial rise in price, but economic policies can lead to sustainable growth.

I don't think that crypto is a key factor in this election, we have this feeling because we only care and pay attention to what is related to crypto. But in reality, candidates spend most of their time discussing and debating issues related to inflation, real estate prices, immigration, military, economy...Cryptocurrency is nothing compared to the above factors as it does not have any significant impact on their economy.

But I agree with you, bitcoin price increased because of the market's optimism that the Fed will lower interest rates in September, not because of Trump's statements in the recent bitcoin conference.

ranochigo

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Quote from: aoluain on July 29, 2024, 03:42:51 AM

Assuming this is the statement or one of them which we are talking about, there is
nothing about legal tender.

Its hard to know whether Trumps statements carry any weight in terms of
getting elected. There will be those who will agree and disagree with his
various policies.

In terms of the coincidental market rise, I'm taking it as being related to Trumps
statements.

You misunderstood what I'm saying. The most positive piece of news that Bitcoin can have would be its recognition as a legal tender. However, we all know that isn't happening. Even if that is part of his campaign, I find it hard that it would sway many voters to his site.

The strategy is quite common for the candidates; speak on issues that can best appeal to your voters, make promises and get their votes. I don't think Bitcoiners can sway the results this much.

aoluain

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Quote from: ranochigo on July 28, 2024, 09:37:43 PM

Quote from: Darker45 on July 28, 2024, 09:10:16 PM

I don't know how voters in the US choose their candidate, but I doubt majority of them will choose a candidate solely on the basis of whether he/she supports Bitcoin or not. The truth of the matter is that Bitcoin doesn't determine the outcome of this election.

I'm not sure what percentage of the voters there are considered conscientious voters, but it is my belief that most US voters don't just choose based on the candidate's stand on one issue alone.

They definitely don't, there are far bigger issues than whether Bitcoin should be a legal tender or not. Generally, it comes down to the swing voters; certain states are strong red or strong blue but there are certain swing states and the battle comes down to those few states.

In terms of the recent Bitcoin price increase, I'm inclined to think that it is possibly a reason. The timing for the speech coincides with the timeframe of price increase and probably is a key factor for the price movement. Historically, any public figures that has spoken positively of Bitcoin has resulted in a spike in value and I'm inclined to think this wouldn't be an exception.

Assuming this is the statement or one of them which we are talking about, there is
nothing about legal tender.

Its hard to know whether Trumps statements carry any weight in terms of
getting elected. There will be those who will agree and disagree with his
various policies.

In terms of the coincidental market rise, I'm taking it as being related to Trumps
statements.

Marvelockg

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Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

The speech gave a lot of buzz and the price of Bitcoin surged above $67,000 (do you think this is the reason?)

Do you think these political endorsements will help the politician to win the elections, or they will help Bitcoin's price increase?

What are your thoughts on these developments?

I'm not from the state and might not have key figures on the extent of Bitcoin adoption in the state but I'm interested to know the number of eligible voters that are Bitcoin enthusiast in the United state and how important thier voting quarter will contribute to making Donald Trump become the president of the USA. Political periods are mostly moments when you hear tons of talks and statement you ordinarily wouldn't see from politicians on the normal and most of them aren't to be taken seriously.

Whatever statement trump made at the Bitcoin 2024 conference is just a normal political statement and I doubt it was what led to any increase in the price of Bitcoin. The statement would only send a small signal to current HODLers to keep on holding thier Bitcoin which doesn't play a serious role in Bitcoin becoming more bullish. I feel this is rather too early to start expecting a direct effect on Bitcoin, maybe it would be okay to talk about this when trump eventually wins and sets out a policy that's going to encourage more big whales to consider Bitcoin a source of reserve.

Zlantann

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Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

What are your thoughts on these developments?

For the first time in the history of American elections, cryptocurrency become a key factor in campaigns. This new development might be because research showed that about 21% of American citizens own crypto, and above 70% of them will consider the crypto stance of the presidential candidate. A candidate with friendly crypto policies might not win the election only because of his position, but he might gain a good number of support or votes from the crypto community.

The recent increase in the price of Bitcoin is not solely because of Donald Trump's good promises to the crypto community. The predictions that the Fed might cut down interest rates twice this year are giving investors more confidence. Political statements would only cause an artificial rise in price, but economic policies can lead to sustainable growth.

Quote from: legiteum on July 29, 2024, 02:03:35 AM

Bitcoin went up 500% under president Biden.

Are you a Democrat? You keep rooting for them. Grin

legiteum

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Bitcoin went up 500% under president Biden.

Was it all Biden's fault? Probably not. But the safe bet here is to stick with what has worked. Hopefully things will stay the same in the USA, which means Harris carrying on what Biden has done. You might complain about the regulations, but regulations bring mainstream investors into the market because they make them feel safe.

Trump promises massive radical change to the USA, which could severely disrupt the US economy and bring massive downsides to Bitcoin.

Trump is a convicted criminal, and should not be trusted.

Biden and the Democrats--which means Harris for president--have been good for Bitcoin. Vote accordingly.

FatFork

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I don't think it will help them win the elections. But political endorsements, especially from high-profile figures like Trump, can definitely create a buzz and influence the market.

When it comes to Bitcoin though, Trump shouting it out could get more eyes on it and maybe a few new investors interested. At the end of the day though, that market doesn't really care about politics and it's got bigger things going on that drive prices up and down. An endorsement might lead to a little pump but only the whales and longtime hodlers have enough sway to actually move Bitcoin in a lasting way.

buwaytress

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Thought people would have tired by now of "political endorsement" inspired bull runs. We've had them before, and from more credible politicians, with far more practical statements. And they've always had a negligible, if any, direct impact on markets. Even if you perceive the shift, not beyond a day.

We've all got to understand by now market is influenced by so many factors. Nothing beats the supply/demand dynamics for me. Investor sentiment, sure, but investors really couldn't give a rat's arse about US presidents anymore. They're more concerned with the macros and corporate regulations. If one statement can shift supply/demand globally, or is related to regulations, perhaps. Not anything I've heard from either camp, though.

fuguebtc

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Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

Do you think these political endorsements will help the politician to win the elections, or they will help Bitcoin's price increase?

Politicians are showing interest in cryptocurrencies to attract crypto investors to vote for them, while crypto investors are also looking to create opportunities for the market to grow so they decided to vote for whoever supports cryptocurrency. It can be said that behind their actions, each person has a purpose, everyone wants to receive benefits when voting for someone and also the person being voted for.

But in the end, politicians will be the ones who benefit the most in this game because there is no guarantee they will keep their promises after being elected, so voting for a candidate can be considered a gamble for us, the cryptocurrency investors.

Majestic-milf

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Trump has been taking his plans for Bitcoin seriously and at the conference , you could hear him make strong statements like "Bitcoin and crypto will skyrocket like never before if I'm elected president" and that sounds like what a typical politician will do because it's like a bargaining chip. With how prices rose sharply since he started campaigning and after the attempted assassination that was foiled, he feels he can take it up a notch by making such bold declarations but I doubt those declarations alone cause Bitcoin price to spike.
Honestly, the words of these guys should be taken with a grain of salt because there's no assurance he'd be able to strengthen Bitcoin over the dollar in the US without facing great opposition and knowing how he seldom delivers on his promises, it's best to just take it as you see it.

ranochigo

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Quote from: Darker45 on July 28, 2024, 09:10:16 PM

I don't know how voters in the US choose their candidate, but I doubt majority of them will choose a candidate solely on the basis of whether he/she supports Bitcoin or not. The truth of the matter is that Bitcoin doesn't determine the outcome of this election.

I'm not sure what percentage of the voters there are considered conscientious voters, but it is my belief that most US voters don't just choose based on the candidate's stand on one issue alone.

They definitely don't, there are far bigger issues than whether Bitcoin should be a legal tender or not. Generally, it comes down to the swing voters; certain states are strong red or strong blue but there are certain swing states and the battle comes down to those few states.

In terms of the recent Bitcoin price increase, I'm inclined to think that it is possibly a reason. The timing for the speech coincides with the timeframe of price increase and probably is a key factor for the price movement. Historically, any public figures that has spoken positively of Bitcoin has resulted in a spike in value and I'm inclined to think this wouldn't be an exception.

OcTradism

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Quote from: GreatArkansas on July 28, 2024, 07:55:38 PM

As the U.S.A. election day approaches.
An example is what happened to Former President Donald Trump recently gave a keynote address at the Bitcoin 2024 conference, in which he expressed strong support for Bitcoin.

The market is buy the rumor, sell the news. People invest money because of their belief in something that in their opinion, after doing due diligent research or not, is it is safe, good and potential asset for investment. It's purely depended on their belief on it and politicians are very good at building up hype and belief in community on their words in speeches.

With strong belief, that can be right or not right, people can stick with it and do many things.

Quote

The speech gave a lot of buzz and the price of Bitcoin surged above $67,000 (do you think this is the reason?)

Do you think these political endorsements will help the politician to win the elections, or they will help Bitcoin's price increase?

Politicians know that if they can make good speeches, say things that their people want to hear and want to achieve in future, they will get more support. Winning an election or not, there is nothing to be sure about an election result but politicians have to do everything they can to get as many votes as they can, to win an election.

Price of Bitcoin has good show after some months of correction in April and June this year. Recent heat from Donald Trump only can help to boost the process of accumulation and bull run a little bit.
https://cryptorank.io/price/bitcoin

Darker45

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I don't think Trump's statements in the conference caused the price increase.

I don't know how voters in the US choose their candidate, but I doubt majority of them will choose a candidate solely on the basis of whether he/she supports Bitcoin or not. The truth of the matter is that Bitcoin doesn't determine the outcome of this election.

I'm not sure what percentage of the voters there are considered conscientious voters, but it is my belief that most US voters don't just choose based on the candidate's stand on one issue alone.

In which case, those popular memes spreading around social media in which one cartoon figure, obviously representing Kamala, says "Bitcoin is money is for criminals", and another figure, apparently alluding to Trump, saying "I support Bitcoin", and finally one on the opposite of Trump's saying "You got my vote" is apparently oversimplification.

GreatArkansas

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As the U.S.A. election day approaches.
Different politicians have their different flowery plans and words just to get the people's hearts.

An example is what happened to Former President Donald Trump recently gave a keynote address at the Bitcoin 2024 conference, in which he expressed strong support for Bitcoin.
The speech gave a lot of buzz and the price of Bitcoin surged above $67,000 (do you think this is the reason?)

Do you think these political endorsements will help the politician to win the elections, or they will help Bitcoin's price increase?

What are your thoughts on these developments?

Topic: Bitcoin with Political Endorsements - page 2. (Read 343 times)