Historian Names 3 US Presidents That Would Have Bought Bitcoin

Jimmy Aki
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Luke Nichter, a scholar of presidential history at Chapman University, has named three former US presidents who might have been receptive to Bitcoin.

Nichter contends that only some US presidents would have embraced Bitcoin as an official currency due to the inherent challenges of introducing a new currency. Historically, such endeavors have been met with resistance, similar to raising a private army.

Three US Presidents That Would Likely Buy Bitcoin

As the US commemorates Presidents’ Day, discussions about whether former US presidents would have shown interest in Bitcoin have surfaced.

Nitcher gave a plausible answer to the question. He identified Andrew Jackson, Richard Nixon, and Thomas Jefferson as potential digital asset buyers.

The historian stated that these US presidents might have been more receptive to Bitcoin than recent leaders and might have even invested in it themselves.

The scholar’s view on Andrew Jackson, the seventh president (1829-1837), suggests that Jackson’s disdain for financial elites would align with modern Bitcoin proponents. Also, his stance against the first iteration of the Federal Reserve implies shared similar sentiments.

Following Jackson is the 37th president, Richard Nixon. While not an immediately obvious choice, Nichter argued that Nixon’s decision to take the U.S. off the gold standard in 1971 indicates a radical stance on currency.

This suggests he might have approached crypto projects with an open mind, especially given his propensity for paranoia, which many Bitcoin enthusiasts share.

Lastly, Nichter identified Thomas Jefferson, a founding-era president who served from 1801 to 1809, as a potential Bitcoin supporter.

Jefferson’s decentralized vision for America and his reputation as an experimentalist make it plausible that he would have been curious about cryptocurrencies.

Conversely, Nichter also noted that Franklin Delano Roosevelt and Woodrow Wilson, both presidents in the early 20th century, would likely have opposed Bitcoin.

This is due to their preference for central planning and preoccupation with wartime plots and conspiracies. The historian noted that this would have led them to view Bitcoin and its proponents as potential threats.

Crypto Could Be Crucial To US 2024 Election

America’s current leader, Joe Biden, and his predecessor, Donald Trump, have expressed skepticism towards digital assets. Trump even labeled Bitcoin a “scam” in 2021.

However, we could see changes in their stances as the US election set for November 5 comes closer. There are speculations that Biden could be leaning toward Bitcoin advocacy due to the ‘laser eyes’ photo he shared after the recent Super Bowl.

According to data from Coinbase, digital asset ownership extends to 1 in 5 Americans today. This totals 52 million individuals.

Morning Consult reveals that 22% of crypto-holding respondents identify as Democrats. On the other hand, 18% were Republicans, and 22% were Independents. Furthermore, 60% belong to Gen Z or Millennials, with 41% being minorities.

The influence of swing voters on election outcomes is undeniable, prompting campaigns to concentrate efforts in battleground states. These states include New Hampshire, Nevada, Ohio, and Pennsylvania.

Morning Consult surveyed these key states to assess sentiment toward crypto. It was discovered that roughly 18% of voters in these states (3.4 million people) own digital assets.

Notably, 55% of this group expressed reluctance to support candidates opposed to crypto principles.

These principles encompass a belief in the inequity of the current economic structure, favoring large corporations, and a corresponding aspiration for a decentralized, web3 economy.

Crypto stands to sway the votes of up to 1.9 million individuals in these four swing states alone—a potential game-changer in the election.

Given this voting bloc’s rising influence, candidates can reshape the electoral landscape in 2024 by embracing pro-crypto stances.

The statistics paint a clear picture: the presidential nominee who secures the crypto vote may also secure the presidency.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.