Crypto community left disappointed as candidates sidestep Bitcoin and digital assets in key debate.
President Joe Biden and former President Donald Trump faced off in their first debate of the 2024 election season on Thursday, June 27, in a high-stakes encounter that highlighted stark contrasts between the two candidates.
The 90-minute discussion, hosted by CNN in Atlanta, covered many critical issues, including the economy, abortion, immigration, foreign policy, and democracy, but failed to include any reference to Bitcoin or crypto.
Neither President Joe Biden nor former President Donald Trump mentioned the industry, despite significant anticipation from the crypto community and substantial financial contributions from crypto-backed super PACs.
Crypto-backed super PACs have raised over $200 million, with Fairshake PAC alone raising over $170 million and spending millions primarily on attack ads for congressional candidates. Further, according to Stand With Crypto, many politicians from both sides are now firmly supportive of crypto, with only 41 strongly against it.
Trump, who has previously positioned himself as pro-crypto, did not bring up the topic during the debate, which offered limited time for extended discourse. Candidates were limited to 2 minutes of talking time, perhaps hindering opportunities to bring up Bitcoin and the scale of crypto’s impact on the economy.
Trump has been vocal about his support for the industry, even hosting a meeting with Bitcoin miners earlier this month and expressing his desire for the crypto to be “made in America.” On the other hand, Biden’s administration has been perceived as more skeptical towards the industry, though some industry leaders suggest that his stance may be softening. However, any substantive positive progress on the matter from the sitting President has yet to materialize.
The debate took contentious turns on several issues, including the economy, abortion, foreign policy, and immigration, but Bitcoin and crypto were never brought up.
Throughout the debate, Biden struggled at times, appearing hesitant and occasionally stumbling over his words. This performance did little to ease concerns about his age and fitness for office, a point of criticism often raised by Republicans. Trump, on the other hand, appeared more assertive and confident, though he interspersed his rhetoric with numerous contentious claims.
Former United States Democratic Senator Claire McCaskill described Biden’s poor performance,
“My job now is to be really honest. Joe Biden had one thing he had to do tonight and he didn’t do it. He had one thing he had to accomplish and that was to reassure America that he was up to the job at his age and he failed at that tonight.”
In the aftermath, Biden attributed his performance issues to a sore throat, while Trump’s campaign and many in the crypto industry viewed the debate as successful. The event has intensified discussions about candidates’ capabilities and their contrasting visions for the nation’s future.
The absence of crypto discussion in this first debate highlights that while the industry has gained significant attention and financial influence, it has not yet become a central issue in mainstream political discourse for the 2024 presidential election.