Forget the old chatter about fiscal dynamics and inflation curves. As the 2024 US presidential rumble approaches, the spotlight turns to a new character: Cryptocurrency.
While traditionalists may scratch their heads, both leading candidates are zeroing in on crypto, not just as a fringe benefit but as a central campaign pillar. Just a week ago, Donald Trump courted Bitcoin miners at Mar-a-Lago, making headlines and tweets alike.
Not to be outdone, the Biden camp just hired their crypto guru and is teeing up a blockchain summit next month. With one in four Americans now holding a sliver of Bitcoin, according to Nasdaq, this isn’t just a blip on the electoral radar—it’s the main show.
Donald Trump with Tyler and Cameron Winklevoss. Credits: Tyler Winklevoss It’s crypto
Eric Pulier, the sharp CEO of Vatom, sat down with Cryptopolitan to talk about the state of crypto in politics ahead of tomorrow’s presidential debate. Eric opened our chat with:
“It’s not the economy anymore. It’s crypto, stupid.”
He added that Trump has undoubtedly grabbed the high ground when it comes to who the crypto industry wants in the White House. Once a skeptic, Trump now accepts crypto donations for his 2024 campaign.
This move is calculated to attract the anti-CBDC (central bank digital currency) and pro-crypto vote. “If I was advising Trump,” Eric said, “I’d say, whether you believe it or not, say this. Rally a crypto army.”
The Biden administration has been perceived as neutral to antagonistic towards crypto, with notable figures like Gary Gensler and Elizabeth Warren taking a hardline approach. “Biden didn’t take crypto seriously until recently,” Eric observed. This is not because they suddenly love crypto but because they don’t want to lose the election. He stated:
“It’s no coincidence that Democrats are softening their rhetoric. Crypto as an issue will become increasingly important because people are waking up and looking at stats. They’re seeing that 93 million adults in the United States own crypto.”
When asked if either candidate has a stronger stance or more beneficial policies towards crypto, Eric had a nuanced take. “Yes, but with an important caveat,” he said.
Eric Pulier
There’s no track record of pre-election promises translating into post-election action. According to Eric, Trump has clearly seen a weakness in Biden’s approach and seized the narrative. “Whoever is advising Trump has very wisely noticed this,” he added.
Crypto can’t be run out of town
Despite it all, Eric said he doesn’t label Trump as pro-crypto and Biden as anti-crypto. “Both candidates have woken up and realized this is a parallel internet financial system.
It’s not going away and will become increasingly important to the global economy,” he said. “They don’t want to stumble into the wrong side of history or voters.”
Discussing Trump’s claim that he wants all Bitcoin mined in the U.S., Eric is skeptical that the environmental impact would be a significant issue.
President Joe Biden
“It’s been made a big issue because it takes electricity to mine Bitcoin, but it pales compared to the larger trend in data centers and AI power needs,” he explained.
Eric also talked about Bitcoin’s role in saving America’s economy amidst inflation and rising national debt. It doesn’t matter whether Trump or Biden wins, he says. What’s clear is that Bitcoin has shown remarkable resilience. The innovation around blockchain technology is real.
“When something is sufficiently decentralized, the U.S. can say this or that, but all they do is drive it underground.”
Pulier made an interesting analogy, comparing Bitcoin to a woman’s right to choose. “You’re not going to stop women who want control of their own bodies. Similarly, you’re not going to stop Bitcoin. It’s here to stay.”
Crypto and the Presidential Debate
Eric thinks Trump will bring up crypto during tomorrow’s debate. He expects him to attack Biden’s poor track record and the negative stance of figures like Elizabeth Warren and Janet Yellen.
This will force Biden to address the issue, and by the end of the debate, both candidates will likely appear similar in their position on crypto.
“The government will try to cut rates, stabilize things, make housing affordable, and lower inflation. But the cat’s out of the bag. People are waking up.”
At the end of the interview, Eric explained ERC741, a concept he introduced in 2015. This involves putting unique digital objects on a dynamic blockchain that comes alive with 3D graphics, animation, and sound, engaging people much more effectively than traditional communication methods like email or text.
Senator Elizabeth Warren
ERC741 tokens are a mix of fungible and non-fungible tokens, entangled to function as a single unit. This setup offers endless possibilities for gamification, community engagement, and participation in the DeFi economy.
According to Eric, the success of an ERC741 is judged by its performance as a fungible token, not by speculative value. He sees this model as the future for building and growing communities based on fungible tokens.
Jai Hamid