Bitcoin Remains Unfazed Despite Trump vs. Biden Debate Snub

Despite the intense speculation, Bitcoin didn’t make an appearance in the Trump vs. Biden debate. However, Bitcoin seemed indifferent to this omission, briefly rising to $62,000. This price uptick might reflect how Biden’s performance may have discouraged undecided voters, potentially increasing Trump’s chances.

Debate Overview

There was much anticipation that cryptocurrencies might be discussed during the first U.S. presidential debate, but this did not happen. Instead, the focus was on Joe Biden’s performance. Biden, at 81, confused billionaires with trillionaires, appeared disoriented at times, and frequently shifted topics mid-answer.

Biden’s performance raised concerns about his ability to serve another term. Even some Democrats described the debate as a “disaster” and called for a new nominee. Despite attempts to downplay his performance as just having a cold, calls for Biden to step aside are growing.

Bitcoin’s Reaction

Bitcoin didn’t react negatively to its absence from the debate. On the contrary, the cryptocurrency experienced a rise, peaking at $62,000 during the debate. This could be interpreted as the market viewing Biden’s missteps as beneficial for Trump’s campaign, which is perceived positively by the crypto community.

Prediction markets shifted noticeably post-debate, suggesting that Trump’s improved performance might sway undecided voters.

Trump’s Stance on Bitcoin

A Trump victory is seen as favorable for the crypto sector. He has promised pro-Bitcoin policies and has received substantial donations from the crypto community. However, some skepticism remains about whether Trump’s promises are genuine.

Analysts caution that a Republican victory could trigger inflation and economic setbacks, potentially impacting Bitcoin negatively. Additionally, Biden highlighted Trump’s own issues, including his recent felony conviction related to falsifying business records.

Impact on Donations

The debate significantly influenced political donations. Kraken chairman Jesse Powell donated $1 million to Trump’s campaign, criticizing the Biden administration’s regulatory approach. This indicates growing support for Trump from the crypto sector.

Looking Ahead

Trump, at 78, will likely continue questioning Biden’s fitness for office. On social media, Trump has shared videos of Biden’s gaffes, questioning his capability to serve another term. Within the Democratic Party, there is a push for a new nominee, though logistical challenges exist as many state primaries are already concluded.

The debate has intensified the spotlight on Biden’s candidacy, and with another debate scheduled for September, this issue is far from resolved.