The first 2024 presidential debate between incumbent Joe Biden and challenger Donald Trump turned out to be a dampener for cryptocurrency enthusiasts, with no mention of Bitcoin (CRYPTO: BTC) or significant policy issues surrounding what many anticipated to be a key election topic.
What Happened: The nearly 90-minute-long fiery debate, that saw the two veteran politicians clash on issues like economy, taxation, abortion, and immigration, didn't have any specific questions on cryptocurrency policies from hosts Jake Tapper and Dana Bash.
Moreover, the two candidates also failed to bring the topic up while defending their arguments on broader economic issues.
Anticipations were high that Trump, who has ramped up his pro-cryptocurrency pitch in campaigns preceding the debate, would mention Bitcoin. Decentralized prediction market Polymarket placed 45% odds of him doing so in the build-up to the debate.
See Also: Top Trader Is Long Bitcoin, Ethereum, Short Litecoin, Cardano…And Thinks Shiba Inu’s Time Has Passed
Why It Matters: Donald Trump's pro-cryptocurrency stance, like announcing himself as the "crypto president" and accepting political donations in Bitcoin have invigorated aficionados, resulting in a surge of support for the Republican candidate.
While Joe Biden’s government rejected legislation to promote the growth of Bitcoin in the country, the outpouring of support for Trump may lead to a more liberalized position as the elections approach.
Industry experts have labeled cryptocurrency as a key political issue in 2024 elections, with Ark Invest CEO Cathie Wood predicting that a growing number of voters could be basing their vote on cryptocurrency policy and support.
Price Action: PolitiFi tokens belonging to the two leaders sank in the last few hours. Trump-themed Maga Coin (CRYPTO: TRUMP) crashed 11%, while coin parodying Biden, JEO BODEN (CRYPTO: BODEN), recorded a 30% decline.
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