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What Biden's Election Means for Bitcoin

President-elect Biden could have some crypto-savvy folks in his corner—although the incoming administration could bring about more regulation, too.

If you checked United States Presidential candidate Joe Biden’s Twitter account on July 15, you would’ve seen a rather surprising message from the former Vice President, now President-elect. Not only was his account tweeting about Bitcoin, it offered to double any amount sent to the specified account within 30 minutes as a way of “giving back to the community.”

The offer—and the tweet—were the work of hackers who’d broken into Biden’s account, along with those of 130 other prominent public figures, including politicians and celebrities.

The incident did, however, prompt Biden’s only public statement to date on Bitcoin. The day after the Twitter hack, Biden’s campaign tweeted, “I don’t have Bitcoin, and I’ll never ask you to send me any. But if you want to chip in to help make Donald Trump a one-term President, you can do that here.” Expectedly, the link didn’t accept Bitcoin—just US Dollars.

In truth, the incoming 46th President has no known position on Bitcoin or cryptocurrency. Biden never tweeted about it before the July hack, and an email to his campaign from Decrypt seeking his position yielded no response. A pro-Biden political action committee, Draft Biden 2016, accepted Bitcoin donations back in 2015, although Biden ultimately did not run for president and the PAC was not officially connected to the then-VP.

The outgoing President Donald Trump has tweeted that he is “not a fan of Bitcoin and other cryptocurrencies,” but has largely been hands-off in his handling of digital assets, as the agencies under his command reckon with the impact and influence of crypto on their respective fields.

One could argue that Biden has plenty of other issues piling up on the Resolute desk as he moves ahead with his transition plans, from the coronavirus pandemic to the state of the economy and Trump’s record on both domestic and international politics.

Still, Biden's term in office could have a significant impact on cryptocurrency as the industry continues to grow and mature in the US and the world at large. Here’s a look at what Biden’s potential cabinet members think of cryptocurrency, as well as perspective from multiple crypto industry leaders that Decrypt spoke with.