The U.S. Republican Party officially declared its backing for the cryptocurrency industry and its stakeholders in its 2024 election manifesto.
What Happened: The new Republican Party Platform, built on former President Donald Trump’s vision of “Make America Great Again,” has committed to halt what it referred to as “unlawful and un-American crackdown” on the U.S. cryptocurrency industry. This pledge was detailed in a document released by Trump’s campaign team.
The document includes commitments to “defend the right” to mine Bitcoin (CRYPTO: BTC) and permit cryptocurrency holders to self-custody their tokens. It also opposes the creation of a Central Bank Digital Currency. “We will defend the right to… transact free from Government Surveillance and Control,” the document asserts.
Why It Matters: The Republican party’s stance on cryptocurrency is noteworthy, given the absence of Bitcoin or significant policy issues surrounding it during the first 2024 presidential debate between incumbent Joe Biden and challenger Donald Trump last month.
Experts believe cryptocurrency could become a serious election issue this year. Standard Chartered has predicted that Bitcoin’s price might reach a new all-time high by August and could surge to $100,000 by the U.S. presidential election in November. This optimistic forecast is dependent on President Biden remaining a candidate in the upcoming election, which the market interprets as favorable for Donald Trump‘s chances of winning.
According to cryptocurrency prediction market, Polymarket, the odds of Biden dropping out of the presidential race fell to 36% after he published an open letter reaffirming that he’s not dropping out.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
