A closer look at the 2020 presidential candidates and where they stand on Bitcoin, Ethereum, and other digital assets
1. John McAfee
The cryptocurrency community’s Dosequis man, John McAfee is one of the most interesting men alive. His background is colored with stories that make our current president look like a mild-mannered choir boy and experienced politician. Lifestyle choices aside, there are few greater motivations for accelerating the adoption of cryptocurrency than the tweet below. McAfee is an advocate of a permissionless society with free and private Bitcoin [crypto]bitcoin[/crypto] (also Bitcoub and Bircoin) transactions. Just don’t ask him about immigration, foreign relations, or education.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. — John McAfee (@officialmcafee) November 29, 2017
2. Tulsi Gabbard
Tulsi Gabbard is the only person on this list with a political track record of advocating for cryptocurrency. In April, as a member of the House Financial Services Committee, she acted to block SEC oversight of cryptocurrency. Blocking SEC regulation is a great way to guarantee the government doesn’t act as a hindrance to the market.
“In Hawai’i and across America, local and state leaders are looking at the potential for blockchain technology to create and expand economic opportunity,”Tulsi Gabbard, 2020 Presidential Candidate
Gabbard also disclosed that she purchased Ethereum [crypto]ethereum[/crypto] and Litecoin [crypto]litecoin[/crypto] during the 2017 run-up which shows that she believes in the future of the technology. Twitter CEO Jack Dorsey is a believer – he has donated the FEC maximum $5,800 to Gabbard’s presidential run. The only other candidate Dorsey has supported is Andrew Yang for $1,000.
3. Andrew Yang
If Bitcoin is the currency of the internet, Andrew Yang seems to be the candidate of the internet. Yang has a firm understanding of technology and its impact on society. He is still the only 2020 Democratic presidential candidate to provide a clear position on cryptocurrency with a page of his campaign’s website dedicated to the topic of crypto and digital asset regulation and consumer protection.
Although the word “regulation” may scare some, it certainly would have prevented much of the tax confusion crypto traders are now facing. Regulations that curb fraudulent activity while encouraging mass adoption could help alleviate the fear and stigma associated with investing in this asset class. Yang recently sat down with The Coin Chat on their YouTube channel to talk more about his stance on cryptocurrency and digital assets.
“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.“— Andrew Yang, 2020 Presidential Candidate
4. Donald Trump
Love him or hate him, one thing is certain – the cryptocurrency market has exploded higher during Donald Trump’s first term in office (over 10x increase in market cap). While the sitting US president may have little control over the eventual adoption of cryptocurrency, Trump’s policies certainly can’t help but accelerate that adoption:
- Trade and currency wars heating up worldwide
- A rocky relationship with the Federal Reserve
- Threats to block international remittances
On the other hand, Trump’s actions don’t completely line up with his rhetoric. Nearly everything he has said would lead us to believe he wants cryptocurrency dead. In July, Trump stated that he is not a fan of “Bitcoin or other cryptocurrencies” which is why he is not higher on our list.