Benzinga - Joe Biden won the 2020 Presidential Election after defeating incumbent Donald Trump. The current president has outlined many priorities and signed many executive orders since taking office, including some that deal with cryptocurrency regulation.
Here’s a look at how some top cryptocurrencies have performed during Biden’s time in office.
What Happened: In 2022, Biden signed an executive order “to establish the first-ever comprehensive federal digital assets strategy for the United States.” The executive order was put in place to establish cryptocurrency regulation.
“An American approach to digital assets is one that encourages innovation but mitigates the risks to customers, investors, and businesses, broader financial stability, and the environment,” the White House said after the order was signed.
Items like the COVID-19 pandemic, rising inflation and an invasion of Ukraine by Russia led to spikes in the price of several of the top cryptocurrencies in early 2022.
The collapse of several cryptocurrency companies and the bankruptcy of FTX would send the prices of major cryptocurrencies down significantly in the later part of 2022.
Fast forward to now and cryptocurrency is quickly becoming a key issue ahead of the 2024 election.
Ark Invest CEO Cathie Wood told Benzinga that cryptocurrency, specifically Bitcoin is becoming a major issue for voters.
“This is an election year issue,” Wood told Benzinga.
The Ark Invest founder said she knows some young people who have switched their political allegiance based on politicians like Sen. Elizabeth Warren leading an anti-cryptocurrency push.
Wood said some younger individuals she’s talked to have shifted from Democrat to Republican over cryptocurrency stances ‚ something she said politicians and parties should be watching.
“You can’t be on the wrong side of young people and win an election.”
Several 2024 presidential candidates have spoken positively about Bitcoin and also allowed Americans to donate to their campaigns using cryptocurrency.
Florida governor and Republican candidate Ron DeSantis has criticized Biden’s cryptocurrency stances and promised to implement measures to make CBDC’s illegal. DeSantis has said that Biden is waging a war on Bitcoin and his re-election could be bad for the industry.
Republican candidate Vivek Ramaswamy and Democratic candidate Robert Kennedy Jr are among the candidates who accept cryptocurrency donations and have spoken positively about the sector. Kennedy recently shared that he owned 14 Bitcoin.
Miami Mayor Francis Suarez, known as the Bitcoin Mayor and a strong supporter of the leading cryptocurrency, was campaigning in the 2024 presidential election race before dropping out last month.
As the Democratic frontrunner and current president, Biden isn’t seen as a candidate who would have a positive impact on the future of Bitcoin and cryptocurrency, and Republican frontrunner Donald Trump is also not considered a supporter of the sector.
Trump has spoken ill of Bitcoin previously and despite launching his own non-fungible token collection and holding a small amount of Ethereum previously, he doesn’t appear to be a fan of cryptocurrency.
Related Link: 5 Things You Might Not Know About Joe Biden
Investing $100 in Bitcoin, Ethereum and Dogecoin: Biden was elected to the presidency in November 2020 and was sworn in as the 46th president of the United States on Jan. 20, 2021.
Here is a look at how $100 investments in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) have performed during the time Biden has been in office.
Starting Prices (Jan. 20, 2021):
- Bitcoin: $36,378.33
- Ethereum: $1,405.74
- Dogecoin: $0.0092
Current Price (Sept. 25, 2023)
- Bitcoin: $26,128.26
- Ethereum: $1,572.97
- Dogecoin: $0.06072
Here’s how much the $100 investment would be worth today:
- Bitcoin: $71.85, -28.2%
- Ethereum: $111.90, +11.9%
- Dogecoin: $660.00, +560.0%
The total $300 investment on Jan. 20, 2021 would be worth $843.75 today, representing a return of 181.3% in around two years and eight months.
For comparison, investing $300 in the SPDR S&P 500 ETF Trust (NYSE: SPY), which tracks the S&P 500 broad market index, would have netted a return of 11.5% over the same time period with a value of $334.46 today.
Read Next: If Biden Is Re-Elected President - No Future For Crypto In US Says Messari CEO
Want to hear more about cryptocurrency ahead of the 2024 election and it's future under different candidates? The future of cryptocurrency and regulation will be amongn the topics discucssed at Benzinga's second annual Future of Digital Assets on Nov. 14 in New York City. Long will be speaking at Benzinga's Future of Digital Assets on Nov. 14 in New York City. Tickets are selling fast!
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