GOP backs Bitcoin mining and self-custody rights
The Republicans have taken their perceived love of Bitcoin a step further by backing Americans’ right to own and mine Bitcoin. According to the 2024 GOP platform draft, they are committed to making America a global crypto hub.
The 2024 election and Bitcoin
They plan to end the Democrats’ crackdown on crypto, which they label as “unlawful and unAmerican.” The righties promise to make sure every single American has the right to self-custody their digital assets.
They mention that they do not wish to spy on or be in control of citizens’ finances.
With the presidential election fast approaching, the crypto community is getting increasingly hopeful of a bipartisan crypto policy. Traders and analysts believe a victory for Donald Trump will likely pull Bitcoin out of its current slump.
Expectations of Bitcoin breaking all-time high if Trump wins are sky high. The man has convinced us that he is the pro-crypto candidate, and has even made the bold promise of mining the rest of all Bitcoins in America if he is elected.
From hosting Bitcoin miners at Mar-a-Lago, to accepting crypto for his campaign’s donations, to promising to support crypto companies, and hanging out with the industry’s elites, Trump has left no stone unturned.
So it makes sense that everyone expects a strong Republican presence in Congress to lead to clear and favorable crypto policies, once and for all.
Economic impact and market expectations
Some of Trump’s policies, like tougher immigration criterias, more tariffs on foreign goods, and tax cuts, will increase the deficit and spike up inflation and Treasury yields.
Standard Chartered believes the policies will end up creating a “fiscal dominance,” whereby deficit and debt grow so large that the Federal Reserve becomes utterly powerless against inflation.
Now of course this would affect crypto markets since they’re interconnected. But Bitcoin, seen as a hedge against inflation just like gold, will benefit the most from it. Standard Chartered analysts said:
“A steeper curve and higher break-even rates than real yields should push Bitcoin’s price higher, as the cryptocurrency serves as a hedge against declining confidence in the U.S. Treasury market.”
But there is still the little problem of Joe Biden possibly bowing out of the race before the election. If that happens, whoever the Dems decide to replace him with will increase their chances of a win. Whether the chance will be tiny or huge remains to be seen.
In their draft, the Republicans also criticize Biden’s executive order on the matter of artificial intelligence. They believe him to be the enemy of innovation who just wants to “impose left-wing ideas on technology development.”
They promise to repeal this and support AI development for the benefit of free speech and human flourishing.
Reporting by Jai Hamid
