The first general debate of the 2024 US Presidential election concluded without a single mention of cryptocurrencies or Bitcoin. This silence, despite significant backing from crypto political action committees (PACs), sent shockwaves through the market.
As a result, politically themed (PolitiFi) meme coins took a substantial hit.
Coinbase Expresses Disappointment With the US Presidential Debate
Held in Atlanta, Georgia, the debate featured current President Joe Biden and former President Donald Trump. Moderated by CNN anchors Jake Tapper and Dana Bash, the 90-minute discussion spanned topics from the economy to foreign policy. However, it only briefly touched on economic issues and completely avoided technology policy, including the crypto sector.
Consequently, the crypto community, which had hoped for at least some acknowledgment from Trump, known for his crypto-friendly stance, was left disappointed.
After the debate, the total market capitalization of PolitiFi meme coins fell 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 decline of 15.3%, while Joe Biden-themed meme coin Jeo Boden (BODEN) plummeted by a staggering 32.5%.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Coinbase, a major player in the crypto exchange market, expressed its disappointment shortly after the debate.
“The first presidential debate has just ended, and crypto has not been mentioned. With 52 million Americans and 19% of Georgians owning crypto, it’s time to make sure it’s part of the conversation going forward,” Coinbase stated.
In light of the debate’s oversight, Coinbase is now focusing its efforts on its PAC, Stand With Crypto, which has received over $87 million in donations.
Moreover, Coinbase supports the Fairshake Super PAC, to which it contributed an additional $25 million in June. Collectively, Fairshake and its affiliates have raised over $177 million this election cycle, including $70 million spent in support of pro-crypto candidates.
Despite the debate’s lack of discussion on crypto, Trump’s actions suggest a strong alignment with the crypto community. This may significantly influence his political prospects.
According to the prediction market Polymarket, the odds of Trump winning the 2024 Presidential election have increased. It now stands at 63%.
Earlier this month, Trump reiterated his support for the crypto industry during meetings with executives from crypto miners like CleanSpark and Riot Platforms. He emphasized the importance of Bitcoin mining in stabilizing the energy grid.
“We want all the remaining Bitcoin to be made in the USA. It will help us be energy-dominant,” Trump declared.
Furthermore, Trump’s active engagement with the crypto community has been notable. At a recent Libertarian Party convention, he promised to commute Ross Ulbricht’s sentence and announced his campaign’s acceptance of crypto donations.
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This proactive stance was highlighted during a fundraiser that attracted prominent figures like the Winklevoss twins and raised $12 million to support his campaign against Joe Biden.
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