Investigative journalist and author Zeke Faux believed the ongoing pro-cryptocurrency stance adopted by presidential nominees Donald Trump and Kamala Harris is miscalculated, as the cohort that finds the asset class appealing isn’t as large as it’s made out to be.
What Happened: During a recent discussion at Yahoo Finance’s Asking For A Trend show, Faux spoke about the rising prominence of cryptocurrency in political dialogue.
"It’s really wild, especially as someone who covers cryptocurrency,” Fauz said on the two candidates’ promoting the asset class on the campaign trail. “Sometimes it’s kind of hard to cover all of this stuff with a straight face because we’ve seen so many scams, so much fraud."
Faux, who authored “Number Go Up,” a book that critically examined the world of cryptocurrencies, said that politicians are just repeating the industry’s talking points, while the average enthusiast has become disillusioned.
He even called Trump’s pledge to establish a Bitcoin BTC/USD reserve, a “crazy” idea.
Faux added that politicians have pushed the idea that there are a lot of Bitcoin voters and that they are doing this to appeal to them, while the truth is quite the reverse.
“I really don’t think there’s a lot of people where cryptocurrency is like top of mind, but there’s definitely quite a few really rich cryptocurrency guys." he stated.
Why It Matters: Faux’s commentary comes as analysts predict the presidential election to be a catalyst for the cryptocurrency market.
According to QCP Capital, regardless of who wins, the industry stands to benefit in the aftermath.
Trump started the cryptocurrency embrace early into his campaign, and after months of speculation, Harris too put her cards on the table.
A June survey indicated that one-third of voters will consider a candidate's stance on cryptocurrencies in the upcoming 2024 elections.
Price Action: At the time of writing, Bitcoin was exchanging hands at $61,368.94, down 0.47% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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