The latest political trend on X has indicated a change of stance on crypto policy among one of the US presidential candidates. People on social media sites are claiming that Donald Trump, a presidential candidate hailing from the Republican Party, recently changed their opinion regarding Bitcoin policies. However, analysts opine that this shift is to redirect more votes from crypto investors in the United States.
Trump’s Stance Changes from Negative to Positive
The former president retained a negative stance towards Bitcoin with comments nominating the flagship crypto as a scam. However, recently he has noticed that it is tolerable to live with Bitcoin and also acknowledged its growing demand among investors.
During an interview at Fox News, the presidential candidate was asked about his views concerning China-backed digital currencies and counter-policy suggestions via decentralized networks such as Bitcoin.
Trump responded that USD is the top currency in his opinion but he further commented on the increasing popularity of Bitcoin. He told journalists that many people are using Bitcoin and the flagship currency has created a dedicated community.
However, there are some regulatory constraints but still investment capital continues to pour in. He also remarked that Bitcoin has become a popular mode of payment and thus it has started to become more acceptable.
Trump’s Positive Comment on Bitcoin
A social media analyst on X namely Blairja has noticed that Trump asserted a pro-Bitcoin remark after consolidating the pro-USD sentence. The political analyst opines that it could be a way to measure public opinion. Various people opine that this could be a technique to find out where the majority of the population leans and then take the same stance to get more votes.
Trump is the leading presidential candidate representing the Republican Party. The second most popular candidate from the same party is Nikki Haley. Meanwhile, there is also an election happening in the United States Senate.
Senator Elizabeth Warren has initiated a requisition for donations to support her reelection campaign in 2024. She is running against Attorney John Deaton, a staunch cryptocurrency advocate who has filed for candidacy for a Senate seat from the state of Massachusetts.
As part of this election campaign, Deaton posted a video on X on 20th February. In the video, he claimed that he was taking on Washington elites. The video has made note of Rhode Island where Deaton participated in a crypto lawsuit against the Securities and Exchange Commission.
The remaining part of the video focused on local issues such as inflation and border security. He has remained one of the most outspoken advocates of digital assets in the US government.
Crypto as a Hot Topic Among Democratic and Republican Candidates
A Coindesk report published in January 2023 published a list of for and against crypto congress members who are in the for-crypto camp. The entries included Rep. Tom Emmer (R-Minnesota), Rep.Ritchie Torrest (D-New York), Rep. French Hill (R-Arknasas), Rep. Ro Khanna (D-California), and Rep. Patrick McHenry (R-North Carolina). The skeptics included Rep. Brad Sherman (D-California).
Another report published by Cointelegraph indicated a list of US senators with a pro-crypto stance. The list includes Cynthia Lummis (R-Wyoming), Ted Budd (R-North Carolina), Bernie Sanders (D-Vermont), Ted Cruz (R-Texas), John Cornyn (R-Texas), Tommy Tuberville (R-Alabama), Bill Hagerty (R-Tenesse), Kristen Gillibrand (D-New York), Ron Wyden (D-Oregon), Sherrod Brown (D-Ohio), and Jon Tester (D-Montana).
Historically speaking right-wing political parties have favored a friendly stance towards cryptocurrencies. A report published by Chainalysis identifies Western Europe as one of the top geological locations around the globe in terms of crypto transaction volume between Q3 2021 and Q2 2023.
Another Cointelegraph report published in 2023 regarding political leanings in Europe identified conservative party members to harbor a crypto-friendly stance as an expansion of Lassie Faire’s economic policies. However, the report also took note of center-leaning politicians such as Polish senator and Deputy Prime Minister Jaroslaw Gowin to have a crypto-friendly stand.
