Has Bitcoin Gone From Cryptocurrency To 'Political Force' Ahead Of 2024 Elections?

Bitcoin, the world's first decentralized cryptocurrency that remains on top of the crypto tokens' food chain since launching in 2009, has gone from being the most doubted emerging asset to becoming a matter worthy of political attention in the months leading up to the November elections. How did it happen?

Roots as far back as 2022 midterm elections

Before crypto became a talking point among politicians gunning for seats in November, the 2022 midterm elections already set up the stage for Bitcoin and the wider crypto sector.

Among the candidates who championed the world's top digital asset by market value were former New York City mayor Andrew Yang, then Democratic congressional candidate in California Aarika Rhodes, Republican Sen. Cynthia Lummis, and Ohio GOP Rep. Warren Davidson.

The real pro-crypto candidate?

Come 2024, the number of candidates championing Bitcoin and crypto has grown significantly. However, among them is a name that resounds very well among long-time crypto holders: Robert F. Kennedy Jr.

On the night of the first U.S. presidential debate where Kennedy Jr. was excluded from, $BOBBY, a token themed around the independent presidential contender, soared. Notably, incumbent President Joe Biden and GOP presidential nominee Donald Trump didn't mention crypto in their debate.

Even before Trump was confirmed to speak at the Bitcoin 2024 conference in Nashville later next week, RFK Jr. was already among the prominent pro-crypto figures the organizers invited to speak at the industry's biggest event this year. He also delivered a keynote speech at Bitcoin 2023.

Earlier last year, he said $BTC will "give the public an escape route from the splatter zone when this bubble invariably bursts."

Lark Davis, a prominent crypto investor and well-followed figure in the space, said he sees RFK Jr. as an "actual believer" in Bitcoin compared to Biden and Trump and that he actually understands what the digital coin and the broader crypto sector can do.

Bitcoin's ascent in political circles

From being a "niche" sector among geeks and tech-savvy individuals on the internet, Bitcoin surged to the political scene in recent months, especially following the U.S. Securities and Exchange Commission's (SEC) approval of spot $BTC exchange-traded funds (ETFs).

MicroStrategy executive chairman Michael Saylor wrote Thursday that "Bitcoin has become a political force." In what way?

The community around the digital currency is not just a small group of people trading coins. It has become a movement that brought life to a trillion-dollar industry. The movement is apparent, especially on social media.

One user said "anything less than pro-Bitcoin is political suicide." An expert previously called the Bitcoin community a "politician's dream population segment," considering the strong sense of unity among $BTC holders.

Some November 2024 candidates may have felt this is true, especially among Republicans, as more GOP candidates have become more vocally supportive of the crypto space in recent months.

Mark Cuban has said crypto voters "will be heard this election," and as early as now, it appears his projection may already be coming true.

Trump, who is leading the latest polls, said he wants the future of Bitcoin to be made in the U.S.A. Biden, who is faced with increasing pressure to withdraw from the race amid concerns for his age and health, has yet to be clear about his stance on $BTC and crypto, but his campaign reportedly reached out to key industry players to discuss policy.

Bitcoin's actual impact on the broader political space has yet to be known as it has only started to gain traction in political discussions. On the other hand, it appears the digital asset has become big enough and embraced enough by a certain number of people to take a spot in the GOP 2024 Platform.