Whether you like it or not, Bitcoin (BTC-USD) just become a political issue. Former president and current presidential candidate Donald Trump just made his stance on BTC crystal clear.
This shouldn’t necessarily change your personal beliefs about cryptocurrency, though. There are valid, nonpolitical reasons to hold some Bitcoin for the remainder of the decade, at least.
On the other hand, the White House can have a profound impact on the future trajectory of the BTC price.
Therefore, it’s important to be aware of how Trump and other politicians view cryptocurrency. Then, you can make a fully informed decision about whether Bitcoin deserves a place in your portfolio.
Trump: ‘Never Sell Your Bitcoin’
Saturday afternoon’s Bitcoin 2024 conference will, I believe, be viewed as a key event in the history of crypto. U.S. Vice President and Democratic presidential candidate Kamala Harris didn’t appear at that conference. In contrast, Trump headlined the conference and delivered a notable speech.
In case Trump’s current stance on BTC weren’t already clear, now it’s unmistakable. “For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump declared at Bitcoin 2024.
Furthermore, Trump said he has a “plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.” Trump also vowed to dismantle what he deemed the “anti-crypto crusade” of President Joe Biden and Harris.
On top of all that, Trump promised to fire Securities and Exchange Commission Chair Gary Gensler on “Day One.” Additionally, he vowed to make it a “policy of the United States of America to keep 100% of the Bitcoins the U.S. government currently holds or acquires in the future.”
Bitcoin Is Nonpartisan
What about the Democrats, though? Currently, it’s difficult to find definitive evidence about Harris’s stance on Bitcoin.
Wiley Nickel, a Democratic representative from North Carolina, claims that Harris “understands” cryptocurrency and may embrace it as an issue. This remains to be seen, though.
Moreover, some Democrats in the U.S. House of Representatives signed a letter to the Democratic National Committee requesting a “forward-looking approach” to digital assets. The letter declares that “this technology is nonpartisan,” and I agree 100% with that sentiment.
Interestingly, like Trump, these Democratic representatives also called for Gensler’s replacement. It’s quite possible, then, that the SEC will soon have a more crypto-friendly chairperson regardless of which party takes the White House in 2025.
Remember Why You Liked BTC in the First Place
It looks like both major U.S. political parties are leaning pro-cryptocurrency, more or less. I suppose that’s one reason to consider owning BTC, but it shouldn’t be your primary consideration.
Instead, focus on the features of Bitcoin that caused you to like it in the first place. It’s inflation-resistant, and it isn’t controlled by a central entity or government. Plus, Bitcoin is globally recognized and ideal for cross-border transactions.
All in all, Bitcoin is the people’s currency, not the domain of one political party of the other.
So, feel free to put some Bitcoin in your portfolio and let it sit there, irrespective of who’s in the White House today or next year.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) and positions in the securities mentioned in this article.
