TLDR
Former President Donald Trump has chosen Senator J.D. Vance as his vice presidential running mate
Vance is known for being crypto-friendly, having reported holding $100,000-$250,000 in Bitcoin in 2022
Vance has supported pro-crypto legislation and is rated as a “strong” supporter by Coinbase’s Stand With Crypto initiative
Crypto prediction markets like Polymarket accurately forecasted Vance’s selection
The announcement came days after a failed assassination attempt on Trump
Former President Donald Trump has selected Senator J.D. Vance of Ohio as his vice presidential running mate for the 2024 election, a choice that could have significant implications for the cryptocurrency industry.
The announcement, made on July 15 via Trump’s social media platform Truth Social, confirms what many crypto prediction markets had already anticipated.
Vance, a first-term senator and author of “Hillbilly Elegy,” is known for his pro-cryptocurrency stance. In 2022, he reported holding between $100,001 and $250,000 in Bitcoin through the Coinbase exchange.
This personal investment, coupled with his legislative actions, has positioned him as a potential ally for the crypto industry within a possible Trump administration.
Coinbase’s Stand With Crypto initiative rates Vance as a “strong” supporter of cryptocurrencies, based on his positive social media posts and voting record on crypto-related legislation.
Vance voted in favor of a joint resolution to overturn a Securities and Exchange Commission rule requiring banks to report crypto as a liability on their balance sheets. While this resolution was ultimately vetoed by President Biden, it demonstrated Vance’s willingness to challenge regulatory actions perceived as unfavorable to the crypto industry.
Grateful to the people of Ohio for this honor. Now time to get to work. pic.twitter.com/oKz7JvW5FR
— J.D. Vance (@JDVance1) January 5, 2023
The selection of Vance aligns with a broader trend of cryptocurrency becoming a wedge issue in the 2024 campaign.
Trump has already announced that his campaign will accept crypto contributions, and there are indications that the Republican Party may include statements in its official platform defending Bitcoin miners and opposing central bank digital currencies.
Crypto prediction markets played a significant role in forecasting Vance’s selection. Polymarket, a blockchain-based prediction platform, saw traders wager a total of $94 million on Trump’s VP pick. Vance’s odds on the platform surged from 8% in January to 36% just before the announcement, ultimately proving accurate.
Vance wins.
Thanks for playing ???? pic.twitter.com/RpyDzqy4ck
— Polymarket (@Polymarket) July 15, 2024
The timing of Trump’s VP announcement is notable, coming just days after a failed assassination attempt on the former president.
This dramatic event added an unexpected twist to the 2024 presidential race and the Republican National Convention, potentially influencing the political calculus behind Trump’s choice.
Vance’s selection over other potential candidates, such as North Dakota Governor Doug Burgum and Florida Senator Marco Rubio, suggests that Trump may be prioritizing appeal to younger voters and those interested in emerging technologies.
It also indicates a potential shift in Republican party politics towards embracing cryptocurrency and blockchain technology.
Vance’s relationship with Trump has not always been smooth. Prior to his 2022 Senate run, Vance had been critical of Trump, calling him “unfit” to be President and stating that anyone who voted for him was an “idiot.” This past criticism adds an layer of complexity to their new political partnership.
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