Michael Saylor, the CEO of software firm MicroStrategy Inc. MSTR declared Bitcoin BTC/USD a political force, a statement that comes amid significant political developments favoring the world’s largest cryptocurrency.
What Happened: On Thursday, Saylor responded to a New York Post video on the significance of Senator J.D. Vance’s (R-Ohio) vice-presidential candidacy for cryptocurrency.
One of the most influential advocates of the digital currency, Saylor stated, “Bitcoin has become a political force,” underlining its importance as a major poll issue this election.
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Earlier this week, former President Donald Trump announced Vance as his running mate, a known pro-cryptocurrency advocate. Vance holds a significant amount of Bitcoin and has been actively promoting legislation favorable to the cryptocurrency industry.
Why It Matters: The selection of Vance as a vice-presidential candidate has stirred the industry. Todd Gordon, founder of Inside Edge Capital, has even predicted that Bitcoin could surpass the $100,000 mark this year, citing the pro-cryptocurrency stance of the potential Trump-Vance presidential ticket as a contributing factor.
Support for Donald Trump and candidates seen as supportive of cryptocurrencies has risen from people within the industry. Winklevoss twins, the co-founders of cryptocurrency exchange Gemini, donated $1 million in Bitcoin to support John Deaton's political campaign against Senator Elizabeth Warren (D-Mass.). Last month, the brothers donated $2 million in Bitcoin to Trump’s 2024 election campaign.
However, not everyone is in agreement. Ethereum ETH/USD co-founder, Vitalik Buterin, raised objections to choosing political allegiances based solely on a candidate’s pro-cryptocurrency stance.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,484.20, down 1.88% in the last 24 hours, according to data from Benzinga Pro.
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