As the presidential elections approach, politicians are doing their best to expand their roots in the crypto industry. After Donald Trump and Robert F. Kennedy Jr. (RFK Jr), Joe Biden is the latest candidate to speak on the crypto industry.
The Beginning of Joe Biden’s Re-Election Campaign
Over the past two weeks, President Joe Biden has begun reaching out to crypto industry players. Guidance on the crypto community and policies emerged as a major reason behind Biden’s outreach.
ICO Drops noted Biden’s tone shift on the crypto industry.
President Joe Biden’s re-election campaign has begun reaching out to crypto industry players over the past two weeks for guidance on “crypto community and policy,” sources told The Block.
— ICO Drops (@ICODrops) May 30, 2024
The new outreach efforts come shortly after the Biden administration faced backlash for… pic.twitter.com/KD77dt1mOQ
Once against cryptocurrency, the Biden Administration appears to have changed its position. Biden’s involvement in crypto-related issues and its influence on the presidential race added more clarity to the scenario.
As a part of the re-election campaign, Biden outreach several crypto experts and industry players. However, Biden hasn’t responded to the news yet.
Who’s Behind Biden’s Tone Shift?
The shift in Biden’s perspective towards cryptocurrency was not surprising given Donald Trump’s views on the industry and more importantly, his involvement.
Cryptocurrency adoption is rising rapidly globally with a sizable chunk in the US. A social and well-connected community like crypto is of great political significance.
On May 21, Donald Trump in his election campaign announced the acceptance of digital assets like Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB). Interestingly Trump got a positive response from the community’s end.
Bitcoin Magazine shared the news over X.
BREAKING: Donald Trump now officially accepts #Bitcoin for campaign donations. pic.twitter.com/ySkwNQT1D2
— Bitcoin Magazine (@BitcoinMagazine) May 21, 2024
Moreover, Trump’s remarks on pro-crypto and anti-CBDC (Central Bank Digital Currency) at the 2024 Libertarian national convention also inspired Biden to make a shift. According to AP News, President Joe Biden and former President Donald Trump will hold two campaign debates on June 27 and September 10.
How Election Campaigns Affected PolitiFi Coins
The engagement of politicians in the crypto industry generated waves in the token prices, mostly the PolitiFi coins. Tokens like MAGA (TRUMP), MAGA Hat (MAGA), and Jeo Boden (BODEN) have given positive returns in the past 7 days.
According to CoinGecko, TRUMP surged to 42.7% in 7 days, currently trading at $13.43 with a market cap of $618,985,034. In the same way, MAGA recorded a sharp rise of 546.5% in a week with the current trading price of $0.0005189 and $215,116,870 in market cap.
Top PolitiFi Coins by Market Cap I Source: CoinGecko
Moreover, the BODEN coin gained 4.8% in a week and was trading at $0.2955 with a market cap of $200,612,640, at the time of writing. Token’s bullish trend indicates increased trust of investors towards PolitiFi tokens.
