Authored by: Huo Huo
The year 2024 is a super election year, with dozens of countries and regions around the world holding crucial elections involving a population of over 4 billion. Among them, the US election is undoubtedly the biggest focus. However, unlike in the past, the topic of cryptocurrency ranks third in popularity among all super political action committees participating in the 2024 US election.
Four years ago, discussions of Bitcoin by presidential candidates during campaign activities were rare. Three years ago, when El Salvador became the first country to adopt Bitcoin as legal tender, people were mostly spectators. However, things started to change during last year’s primaries, indicating that the era when cryptocurrency was on the political sidelines is a thing of the past.
On one hand, former President Trump and current President Biden are making efforts to win the support of cryptocurrency voters. On the other hand, many cryptocurrency companies are planning to inject large sums of money into the 2024 US presidential election. There are signs that this funding is helping the cryptocurrency industry gain more support in Washington.
In 2023, out of the 12 primary candidates participating in the 2024 US presidential election, 5 candidates openly expressed support for Bitcoin and the cryptocurrency industry. By the end of December 2023, Argentine President Javier Milei was elected, with his policy proposals including dollarization, ending currency controls, closing the central bank, significantly reducing national expenditures, and actively supporting Bitcoin.
Which presidents and regions around the world explicitly support Bitcoin?
El Salvador: Nayib Bukele
In 2021, El Salvador became the world’s first country to officially recognize Bitcoin as legal tender. President Nayib Bukele played a key role in this decision. El Salvador’s economy relies heavily on remittances, and Bukele, with a strong majority in parliament, sought to lead the country towards prosperity. Even when Bitcoin’s price dropped to around $16,000 in November 2022, Bukele announced that El Salvador would start buying one Bitcoin daily.
In March 2024, Bukele revealed that El Salvador’s Bitcoin holdings exceeded public estimates. Through the country’s passport program, El Salvador was earning Bitcoin-related income and converting Bitcoin to dollars for local businesses, mining, and government services. The Bitcoin investment portfolio’s market value was nearly $205 million, with profits of $83 million from Bitcoin investment strategies.
On March 14, Bukele announced that a significant portion of the country’s Bitcoin assets would be stored in “cold wallets” and other offline devices. However, a study published in December 2023 by the journal “Science” indicated that Bitcoin had not seen widespread use in El Salvador since becoming legal tender.
US Presidents (former presidents, candidates)
The next US presidential election is set for the end of 2024. While official polling starts on November 5, 2024, dozens of American political figures have already expressed interest in challenging incumbent Democratic President Joe Biden.
Out of the 12 candidates running for the 2024 US presidential election, 5 have openly expressed support for Bitcoin and cryptocurrency assets. This includes 4 Republican candidates: Donald Trump, Ron DeSantis, Francis Suarez, Vivek Ramaswamy, and one Democratic candidate, Robert Kennedy Jr. According to data from FiveThirtyEight, Trump led among declared Republican candidates with 54% support, followed by Ron DeSantis at 17%.
Trump and Biden have begun the “crypto election” battle. The current Biden administration (Democratic) has taken an anti-crypto stance, making the election of a pro-crypto candidate potentially impactful on the next crypto bull market. The majority of Democrats, led by Biden, have shown cautious attitudes towards crypto, especially after the FTX collapse, leaning towards stricter regulations. In contrast, most Republicans, led by Trump, have demonstrated rare tolerance towards crypto, possibly to differentiate their policies and attract votes.
With Trump advocating for a “crypto-friendly” approach and supporting technological innovation, along with launching a crypto donation website in May, the Democrats, including Biden, have also loosened up and started recruiting a Meme manager. While crypto may only play a small part in the overall US elections, it does not mean that crypto voters are insignificant. A small policy change could greatly influence voter support.
1) Donald Trump
During his presidency from January 2017 to January 2021, Trump publicly expressed negative views on crypto, calling it “thin air.” However, in the past two years, he has become one of the most crypto-savvy presidential candidates. His NFT project, the Trump Digital Collectibles Card, launched on December 16, 2022, generated a total revenue of $4.87 million. Additionally, it was revealed that Trump held nearly $2.8 million worth of ETH in his crypto wallet.
Currently, Trump leads by a significant margin in polls among other Republican candidates. However, with more Republicans announcing their candidacy and Trump facing legal issues, the final Republican candidate for the 2024 US presidential election remains uncertain.
2) Ron DeSantis
On July 31, 2023, during a campaign event in New Hampshire, US presidential candidate and Florida Governor Ron DeSantis criticized the Biden administration’s continuous suppression of crypto assets and institutions. He pledged to end Biden’s war on Bitcoin and allow Americans to invest in cryptocurrencies if elected president.
DeSantis also strongly opposes CBDC (Central Bank Digital Currency), believing that it shifts power from individual consumers to the central government and advocates for abolishing it from day one if elected president.
3) Robert Kennedy Jr.
Another presidential candidate investing in crypto assets is Democratic candidate Robert Kennedy Jr., who is competing in the 2024 US presidential election. He is a member of the famous Kennedy family and the nephew of former President John F. Kennedy. In July 2023, Kennedy attended a Bitcoin conference in Miami, announcing that his campaign would be the first in history to accept Bitcoin donations via the Lightning Network.
Kennedy confirmed on Twitter that he held Bitcoin and had purchased two Bitcoins for each of his seven children. He emphasized Bitcoin as an inflation-resistant currency, providing freedom to retail investors, and pledged to eliminate capital gains tax on Bitcoin. Similar to DeSantis, Kennedy has a strong belief in the future of Bitcoin and crypto, promising to gradually support the dollar with Bitcoin if elected president.
4) Others
Two other presidential candidates, Vivek Ramaswamy and Francis Suarez, have a lower chance of winning the 2024 US presidential election based on current polling. However, they are also supporters of Bitcoin.
Unlike DeSantis, Vivek Ramaswamy describes himself as a Bitcoin fan but does not see Bitcoin as a commodity to stabilize the dollar. He believes that Bitcoin does not currently meet the criteria to be included in a basket of commodities. On the other hand, presidential candidate and Miami Mayor Suarez is open to accepting Bitcoin for presidential campaign donations. He is well-known for advocating for cryptocurrency during his tenure as mayor, aiming to make Miami a Bitcoin hub and being paid in Bitcoin. Suarez is deeply involved in the development of the crypto industry and believes that the US needs a president who understands crypto assets and AI technology.
Argentine President: Javier Milei
Javier Milei is an Argentine economist, former member of the Argentine National Chamber of Deputies, and leader of the liberal movement. He was elected in the November 2023 presidential election. Renowned US journalist Tucker Carlson interviewed Milei, where they discussed Argentina’s dollarization. Milei emphasized the importance of closing the Argentine Central Bank and highlighted Bitcoin as a remedy for the country’s inflation. Before the presidential election, Milei frequently appeared on talk shows promoting the benefits of Bitcoin and crypto assets, stating that “Bitcoin can replace central banks.”
In his vision, after closing the country’s central bank, Bitcoin would become the main remedy for Argentina’s inflation and serve as a primary currency. Milei plans to gradually support the dollar with Bitcoin, starting with a small percentage of national debt backed by hard currency, gold, silver, platinum, or Bitcoin.
In conclusion, the 2024 election landscape is evolving with cryptocurrency becoming a significant factor in political campaigns globally. As candidates align themselves with crypto policies, the future of digital assets in political discourse continues to gain momentum.The election of Milae saw Bitcoin’s price surge past $37,000, a 2.3% increase in just 24 hours from its previous level around $30,000.
Contrary to some reports, the Milae government in Argentina has not been actively promoting Bitcoin standards, especially in recent weeks. Clarifications have been made dispelling the notion that Javier Milae has concrete policies supporting cryptocurrencies. While he has shown a positive attitude towards Bitcoin and criticized the central bank, his primary economic proposal is the dollarization of the Argentine economy rather than adopting Bitcoin as a legal tender. Milae’s comments about Bitcoin returning currency to its original creators, the private sector, have been taken out of context, implying broader policy measures to adopt Bitcoin, which is not his proposal.
Could this be a lesson from the US election and the development of cryptocurrencies?
Indira Kempis, a presidential candidate in Mexico, is currently a senator in the Federal Congress for the Citizen Movement party. She announced her intention to become Mexico’s first female presidential candidate in August 2023 due to internal disputes within her party.
Kempis is well-known among Bitcoin and cryptocurrency advocates for her outspoken support of early Bitcoin adoption potentially benefiting Mexico. Since taking office in 2018, she has been actively promoting the crypto economy. Reports from Bitcoin Magazine indicate that she has also pushed for Mexico to adopt regulations similar to El Salvador regarding Bitcoin.
Kempis introduced a bill in 2022 to create a central bank digital currency (CBDC), initially without mentioning cryptocurrencies. However, after criticism from the crypto community about introducing CBDC, she amended the bill to include Bitcoin, aiming to make it Mexico’s legal tender.
The Mexican central bank has not provided an analysis of the CBDC bill yet, and lawmakers’ reactions have been mixed. Some senators strongly oppose it, stating that while El Salvador has legalized Bitcoin, Mexico will not accept Bitcoin as legal tender.
Kempis has actively participated in various cryptocurrency-related activities, such as promoting certification for the “My First Bitcoin” program in Nuevo Leon province, where she was born in August 2023.
The Mexican presidential election began on June 2, 2024, with Claudia Sheinbaum, the presidential candidate for the ruling party National Regeneration Movement, announcing victory in the capital Mexico City on June 3. She will become Mexico’s first female president and begin her term on October 1. However, her stance on cryptocurrencies remains unclear.
While this outcome is significant for advancing gender equality in Mexico, the current government is likely to continue its policies and strategies regarding cryptocurrency regulation in the future, warranting attention.
Rishi Sunak, the current Prime Minister of the UK, assumed office on October 25, 2022, as the new leader of the Conservative Party.
During his tenure as Chancellor of the Exchequer, Sunak actively promoted economic policies and financial legislation. Although not directly involved in any specific crypto events, his policies and decisions have had an impact on the UK’s economy and financial sector.
In April 2021, while serving as Chancellor of the Exchequer, Sunak proposed exploring the creation of a central bank digital currency (CBDC) in the UK.
In April 2022, Sunak called for stablecoins to be recognized as an effective payment method.
In a press conference a few months before his election, Sunak expressed a preference for Bored Ape Yacht Club (BAYC) over CryptoPunks. Rather than selecting one or two cryptocurrencies, he favors a diversified investment portfolio with multiple cryptocurrencies. His high level of interest and long-standing focus on cryptocurrencies is evident.
Upon taking office, Sunak began advocating for a Pound Sterling stablecoin, stating his vision for the UK to become a global hub for crypto assets. Subsequently, stablecoins were brought under regulation and cryptocurrencies were recognized as a legitimate payment method.
In April 2023, he proposed making the UK a crypto-friendly tech center and planning to launch the UK’s official NFT.
The UK general election is set to take place on July 4, 2024, potentially leading to the Conservative Party losing power. According to polls, the Labour Party is likely to win the upcoming elections, although their stance on the crypto industry remains unclear. They have expressed a desire for the UK to become a hub for tokenization and support the Bank of England’s digital Pound plan.
Faustin-Archange Touadéra, the President of the Central African Republic, is a staunch believer in Bitcoin, supporting its promotion and application. In April 2022, he announced the adoption of Bitcoin as the country’s legal tender, accepting cryptocurrency payments for taxes. Additionally, a legal framework was established to regulate the use of cryptocurrencies, making the Central African Republic the second country after El Salvador to officially adopt Bitcoin as its legal tender and the first in Africa to use Bitcoin as a payment currency.
In May of the same year, he launched the “Crypto Center” plan, Project Sango, to attract global crypto enthusiasts, planning to establish a crypto island and a digital wallet. The Central African legislative body also approved the “Tokenization Act,” allowing the tokenization of land and natural resources. However, the project faced challenges amid the bear market for cryptocurrencies.
President Touadéra stated, “If everyone is not optimistic about Bitcoin, then we will issue our own national cryptocurrency.”
In July of the same year, the Central African Republic launched the national cryptocurrency Sango Coin for public sale, positioning the country as a “crypto-economic nation.” Sango Coin is deployed on the Bitcoin sidechain, interacting with the Bitcoin main chain, allowing users to transact between Sango Coin and Bitcoin. The initial public sale price was $0.1, with a total supply of 21 billion tokens. Token sales were divided into 12 periods, gradually increasing to a final price of $0.45. The Central African Republic also offered various empowerment initiatives, such as purchasing and staking Sango Coin to obtain citizenship, electronic residency rights, or acquiring land and property through staking Sango Coin.
However, two months after the public sale of Sango Coin, the constitutional court of the Central African Republic ruled that using tokens to purchase land and citizenship was unconstitutional. Additionally, the national parliament announced in March of that year that Bitcoin would be changed from legal tender to the benchmark cryptocurrency.
Despite the challenges faced, the Central African Republic continues to explore this path.
Fumio Kishida, the Prime Minister of Japan, has maintained a relatively open stance towards cryptocurrencies. Japan is considered one of the leading markets for global crypto assets and has implemented a series of regulations and measures to regulate and promote the development of cryptocurrencies.
In April 2017, Japan officially recognized crypto assets as legal payment methods and enacted the Payment Services Act to regulate crypto CEX/DEX and service providers.
Furthermore, the Japanese government established a dedicated agency, the Financial Services Agency (FSA), responsible for overseeing crypto CEX/DEX and related businesses. The FSA conducts reviews of exchanges and takes measures to ensure the security of user funds.
In November 2021, Fumio Kishida, from the Liberal Democratic Party, was elected as the Prime Minister of Japan. Upon taking office, he stated, “With a shrinking workforce, there is an urgent need to utilize digital technology, and Japan will actively promote the digital transformation of the public and private sectors.”
In June 2022, the Japanese parliament passed a bill clarifying the legal status of stablecoins, essentially defining them as digital currencies, making Japan one of the first major economies to introduce a legal framework for stablecoins.
Subsequently, Kishida proposed Web3.0 as the cornerstone of economic reform and released a white paper in April 2023 to address digital currency taxation reform and issues related to NFTs, proposing regulatory measures for all Web3.0-related matters from NFTs to DAOs.
At a WebX summit hosted by the media outlet CoinPost in July 2023, Kishida spoke about the potential of Web3 technology to disrupt traditional internet frameworks, leading social change. The Japanese government is working to improve the development environment for Web3.
On February 16, 2024, the Kishida government approved a bill to enhance Japan’s industrial competitiveness, the “Industrial Competitiveness Enhancement Law,” which will take measures to add crypto assets to the list of assets that investment limited partnerships can acquire and hold, marking a significant policy change allowing venture capital firms to invest in projects specializing in issuing crypto assets.
Since becoming Prime Minister in 2021, Kishida has been developing industries related to crypto, such as Web3. The passage of these bills this year signifies Japan’s further openness to the development of digital assets.
Jair Bolsonaro, the former President of Brazil, also took an open and positive stance on crypto policies. He expressed support for legalizing Bitcoin as a legal tender, aiming for Brazil to become the first country to adopt Bitcoin. During his term, no value-added tax or income tax was levied on crypto transactions, and he supported the Central Bank of Brazil’s research into issuing digital currencies.
In April 2022, after lengthy deliberation in the Brazilian Senate, Bolsonaro approved a bill, the first of its kind in Brazil, to regulate cryptocurrencies, laying the foundation for a regulatory framework for the country’s crypto industry.
The bill, first proposed by a federal lawmaker in 2015, was signed into law by former President Jair Bolsonaro, legalizing cryptocurrency as a payment method in Brazil.
Overall, Bolsonaro has pushed for openness in Brazil’s crypto policies, aiming to strengthen national sovereignty and control through digital assets. His policies have played a role in promoting Brazil as a crypto hub in South America.
In conclusion, cryptocurrencies led by Bitcoin are permeating the development trajectories of various countries in economic or political forms, accelerating the journey of cryptocurrencies from the fringes of finance to mainstream finance.
As more countries recognize the potential of blockchain technology and digital currencies, we may witness a more integrated and robust global crypto market.
