How bitcoin politically appeals to Democrats and Republicans

As the 2024 presidential election lies just two months away, Fundstrat vice president of digital asset strategy Sean Farrell joins Morning Brief to break down bitcoin's (BTC-USD) political future as the crypto community awaits a definitive stance from presidential candidates Donald Trump and Kamala Harris. Bitcoin has slid below $58,000 in Tuesday's session.

"It is unfortunate that it has become a partisan issue because I think there are qualities of bitcoin that are endemic to bitcoin that certainly play to the interests of people who skew to the right side of the political spectrum. But certainly, there are aspects of the technology that really play into a lot of the themes around access to banking services and holding the elites accountable that play into a lot of the themes that the left presumably identifies with," Farrell tells Yahoo Finance.

Down the line, he not only hopes to see bitcoin become a bipartisan issue, but he has his sights set on the proliferation of stablecoins outside of bitcoin. He believes that stablecoins are "a great way to extend the dominance of the dollar while also leveraging this new emerging technology."

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Melanie Riehl

Video Transcript

But both political candidates are trying to win the approval or at least get some of the mind share from crypto holders out there or investors.

And we know that great scale as well in the Harris poll.

They had also run a study asking the question of is 2024 the Bitcoin election.

Is this the Bitcoin election from, from your perspective?

And I mean, even when they ran that poll, it was two different candidates actually.

So what could these candidates say that ultimately win over Bitcoin or crypto enthusiasts?

Yeah, I mean, it's, it's pretty simple, I think, um you know, it is unfortunate that it has become a partisan issue because I think, uh you know, there are qualities of Bitcoin that are endemic to Bitcoin that, that certainly, um you know, play to the interests of people who skew to the right side of the spectrum, the political spectrum.

Uh But certainly there are aspects of the technology that really play into a lot of the themes around uh you know, access to banking services and, and holding uh you know, the elites accountable um that play into a lot of themes that, that the left, uh, presumably identifies with.

So it's unfortunate that it has become partisan but, you know, I think that, um, either party and, and one has already done this, uh, that, uh supports the, you know, freedom to self custody to transact, uh, to mine Bitcoin in the US.

Um, I think that certainly is, uh, that's enough for me to, you know, label them a crypto proponent.

I think another big thing would be to come out and support the proliferation of stablecoins uh staple coins I think are outside of Bitcoin.

The uh one product that crypto has created that has clear product market fit is a great way to extend the dominance of the dollar.

Uh While also, um you know, leveraging this, this new emerging technology, certainly Sean, great to get some insights from you today and thanks so much for teeing up and, and previewing September plus Q four of this year.

We appreciate it, Sean Farrell of fundstrat.

Thanks.