Bitcoin remained unfazed by its absence from the Trump v Biden debate, with its value briefly rising to $62,000 during the event. This surge in value could be attributed to Biden’s poor performance, which may have deterred undecided voters from supporting him, potentially making a Trump victory more likely.
Despite the anticipation surrounding the debate and speculation about cryptocurrency discussions, the topic was not addressed at all. Instead, the focus was on Biden’s struggles on stage, including confusing billionaires with trillionaires and displaying a lackluster performance overall. Members of his own party described the debate as a disaster, leading to calls for someone else to run in his place.
Interestingly, Bitcoin’s value saw an uptick during the debate, indicating that the cryptocurrency market may favor a Trump win. Trump has promised pro-Bitcoin policies if re-elected, leading to increased donations from the crypto community. However, some critics question the sincerity of Trump’s support for crypto and warn of potential economic repercussions if he wins.
Despite Biden pointing out Trump’s legal troubles, including being convicted of falsifying business records, the focus shifted to Trump’s perceived strengths in the debate. A CNN poll showed that 67% believed Trump outperformed Biden, marking a significant shift in political momentum.
Following the debate, prominent figures in the crypto industry, such as Kraken chairman Jesse Powell, made substantial donations to Trump’s campaign. Powell cited concerns about regulatory pressures under the Biden administration and expressed support for Trump’s pro-crypto stance.
Looking ahead, Trump is expected to continue highlighting Biden’s shortcomings and age as he campaigns for re-election. Calls for Biden to step aside and allow a new Democratic nominee to emerge have surfaced, but the process remains uncertain due to the advanced stage of state primaries.
The upcoming September debate will be crucial for both candidates as they seek to solidify their positions and sway undecided voters. The impact of these debates on the crypto market and broader political landscape remains to be seen, with Bitcoin’s response serving as a barometer of investor sentiment.