The Trump campaign is betting JD Vance can win over millions of voters who own digital currency to vote for them, sources told The Post.
Serious investors in crypto see Ohio senator 39-year old Vance, who has become a prominent figure in Silicon Valley, as someone who will look after their interests and promote digital currency, whereas the Biden administration has taken a more cautious approach, with more proposed regulation of the industry.
“Vance sealed the deal with voters who own crypto,” one source, who asked to remain anonymous, told The Post. “It shows how important the campaign thinks that constituency is.
A study by the Pew Research Center published in April concluded 17% of US adults have bought cryptocurrency and the majority of that figure, equivalent to around 40 million people, still own it.
“I think this is the group that decides the election — we drove that home in our conversations with the Trump campaign,” Brandon Green, who plans the Bitcoin 2024 Conference, which Trump will be speaking at later this month said. “This is a no brainer.”
In recent weeks representatives from Bitcoin conference parent company BTC have been speaking with the Trump campaign several times a week, ahead of his appearance at the event later this month in Nashville.
Vance has also expressed interest in speaking at the conference but sources note campaign duties may prevent him from joining.
Vance is the first candidate on a presidential ticket to own Bitcoin and his past pro-crypto comments help give Trump the ultimate credibility in the crypto space.
“You don’t need to look further than the fact he owns it,” Green adds.
Speculators are very excited by the prospect of how Trump — who already has his own successful line of NFT digital artworks, which are typically bought with cryptocurrency — and Vance could potentially open up opportunities for them.
“President Trump and Vice President Vance will be the first Crypto Administration,” venture capitalist Shervin Pishevar told the post.
“Expect the FDA, FCC, SEC and more to be reimagined for the 21st century and activist policies holding back progress and innovation to cease and desist.”
And catering to crypto fans, the source adds, is a natural extension of Trump’s efforts to appeal to voters on economic issues.
“It’s a mobilized group — they’re very online, they take action, and this is an issue that directly affects them and their bank accounts,” a source said. “It would be insane for people in this industry to vote against their best interest.”
“These are single issue voters, voting with their digital wallet in mind,” the source added.
Of course, it’s not just Trump and Vance who are seen as pro-crypto. The Republican Party updated its platform earlier this month to read, “Republicans Will End Democrats’ Unlawful and unAmerican Crypto Crackdown.”
Still, the fact that Trump — who previously called digital coins a “scam” — picked someone who has been a longtime advocate of Bitcoin feels significant, these people say.
“Crypto is a huge demographic and will very much impact how people vote in 2024,” Frank Chaparro, director of special projects at crypto news site The Block said. “And that will help Trump.”
During his administration Biden has appointed officials who have tried to crack down on the currency — passing laws that make it difficult for traditional institutions to hold cryptocurrency.
“Biden’s administration is deeply aligned with [SEC Chair] Gary Gensler who effectively has been working day in and day out to destroy the wealth of millions of hard working Americans,” Chaparro adds.
Vance, on the other hand, has proposed legislation allowing crypto funds and exchanges to work with traditional financial institutions. He’s posted on social media and written open letters to Gensler advocating for digital coins.