Why the 2024 election may determine bitcoin’s status in the U.S.

As the U.S. government and major institutions deepen their engagement with bitcoin, Roundtable host Rob Nelson and John Divine, Head of OTC Trading at BlockFills, weigh in on how the upcoming November elections could shape the future of cryptocurrency. With political stakes high and bitcoin’s role under scrutiny, the debate explores whether it will be a unifying asset or a sticking point.

Nelson highlighted Bitcoin’s growing influence within the U.S. financial system, noting that it is becoming a larger part of institutional portfolios despite the associated risks. Government involvement and the launch of Bitcoin ETFs are further cementing its place in the market. But with this growing adoption comes political scrutiny, especially as the 2024 elections approach.

Divine emphasized the importance of the upcoming November elections, which he believes will be critical for bitcoin and the broader crypto industry over the next few years. The political spectrum is clearly divided on the issue, according to Divine, but he hopes to rally bipartisan support behind the idea of ​​bitcoin as a technology and strategic asset. He noted that individuals of all political backgrounds own bitcoin, and that ideally should make it an asset that unites, not divides.

As the election approaches, Divine predicts that bitcoin’s role as a potential strategic reserve asset for the U.S. government and treasury will dominate headlines. Driven by figures like Donald Trump and Robert F. Kennedy Jr., this narrative could have a significant impact on bitcoin’s perception and value. However, Divine expressed concern that if the Democratic Party chooses to sideline bitcoin in the election conversation, it could lead to a lack of media coverage that he sees as detrimental to the asset’s growth.

Nelson echoed that sentiment, emphasizing the power of headline narratives in shaping market movements. While unfortunate, he acknowledged that the media’s portrayal of bitcoin could significantly impact its future. As the election approaches, the stakes for bitcoin couldn’t be higher, with its potential as a strategic reserve asset hanging in the balance.