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Presidential Debate Ignores Cryptocurrencies: PolitiFi Meme Coins Suffer
The first general debate of the 2024 US presidential election ended without a single mention of cryptocurrencies or Bitcoin. This silence, despite significant support from cryptocurrency political action committees (PACs), sent shockwaves through the market.
As a result, politically themed meme coins (PolitiFi) have taken a hit.
Coinbase Expresses Disappointment Over US Presidential Debate
Held in Atlanta, Georgia, the debate featured current affairs speakers President Joe Biden and former President Donald TrumpModerated by CNN hosts Jake Tapper and Dana Bash, the 90-minute discussion spanned topics from economics to foreign policy. However, he only briefly touched on economic issues and completely avoided technology policy, including the cryptocurrency sector.
Consequently, the crypto communitywho was hoping for at least some recognition from Trump, known for his pro-cryptocurrency stance, was disappointed.
After the debate, the total market cap of PolitiFi meme coins dropped by 6.7%. Individual coins suffered even more; MAGA (TRUMP) dropped by 14.1% and MAGA Hat (MAGA) by 14.6%. Doland Tremp (TREMP) saw a 15.3% decline, while Joe Biden themed meme coin Jeo Boden (BODEN) has suffered a meteoric fall of 32.5%.
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The best meme coins from PolitiFi. Source: CoinGecko
Coinbase, a major player in the cryptocurrency exchange market, expressed its disappointment immediately following the debate.
“The first presidential debate just ended and cryptocurrencies were not mentioned. With 52 million Americans and 19% of Georgians owning cryptocurrencies, it’s time to make sure they are part of the future conversation,” Coinbase declared.
In light of the supervision of the debate, Coinbase is now focusing its efforts on its PAC, Stand With Cryptowhich has received over $87 million in donations.
Additionally, Coinbase supports the Fairshake Super PAC, to which he contributed another $25 million in June. Collectively, Fairshake and its affiliates have lifted up over $177 million this election cycle, including $70 million spent supporting pro-crypto candidates.
Despite the lack of discussion of cryptocurrencies in the debate, Trump’s actions suggest a strong alignment with the cryptocurrency community. This could significantly impact his political prospects.
According to prediction market Polymarket, the odds of Trump winning the 2024 presidential election have increased. They are now at 63%.
Earlier this month, Trump reiterated his support for the cryptocurrency industry during meetings with executives from crypto miners such as CleanSpark and Riot Platforms. He highlighted the importance of Bitcoin mining in stabilizing the energy grid.
“We want all remaining Bitcoin to be produced in the United States. It will help us dominate energy,” Trump said.
Trump’s active engagement with the cryptocurrency community has also been notable. At a recent Libertarian Party convention, he promised to commute Ross Ulbricht’s sentence and announced his campaign was accepting cryptocurrency donations.
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This proactive stance was highlighted during a fundraiser that attracted and raised prominent figures such as the Winklevoss twins $12 million to support his campaign against Joe Biden.
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