Donald Trump’s running mate JD Vance is the first bitcoin holder to run for Vice President, forming a pro-crypto ticket alongside the former US president that has boosted the market and reassured the broader industry.
Bitcoin surged in price by nearly 10 per cent following the attempted assassination of Trump over the weekend, with leading bookmakers further lowering the odds of the Republican nominee retaking the White House.
The cryptocurrency continued to rise in price following Trump’s pick of Mr Vance for his running mate, who has held a crypto-friendly stance during his time as a senator and has a personal stake in its success.
In 2022, Mr Vance disclosed that he held between $100,000 and $250,000 of bitcoin, which would be worth somewhere between $136,000 and $390,000 at today’s prices.
His most recent Senate financial disclosure report does not list the buying or selling of any cryptocurrencies, suggesting he still holds the bitcoin disclosed in 2022. Crypto advocates were quick to hail the first “bitcoiner” on a presidential ticket following his nomination on Monday.
In 2023, Vance introduced a bill that would protect crypto firms and exchanges from being cut off by traditional banks, while draft legislation for another industry-friendly bill is also circulating, according to Politico.
In 2021, the former venture capitalist issued a statement opposing an amendment to the Infrastructure Bill that he claimed would “amount to a backdoor ban of bitcoin and other popular cryptocurrencies”.
He added: “Our tech sector used to be defined by innovative upstarts and is now dominated by boring monopolists… The crypto community has stood in stark contrast to this shift. It is one of the few sectors of our economy where conservatives and other free thinkers can operate without pressure from the social justice mob.”
Trump has pitched himself as the “crypto president” this campaign, having previously dismissed bitcoin as a “scam against the dollar”.
The former president is set to speak at the Bitcoin 2024 conference in Nashville this month, with organisers claiming he will “deliver a speech that is heard around the world”.
