The post Crypto Community Pledges to Oust Biden in 2024 For Controversial Remarks appeared first on Coinpedia Fintech News
During the 49th G7 summit in Hiroshima, Japan, President Joe Biden’s statements ignited a strong reaction from crypto enthusiasts.
Displeased with the administration’s intentions to introduce stricter regulations and apparent lack of support for the sector, they have issued a stern warning: they will seek to remove the administration in the upcoming 2024 US Presidential election.
President Biden’s Remarks
While addressing the press during the summit, President Biden expressed his disagreement with prioritizing the protection of crypto traders, indirectly signaling his government’s intention to implement stricter policies. His statement came as he discussed the budget negotiations made with congressional leaders prior to the summit, putting food assistance for nearly a million Americans at risk.
“I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a million Americans.”
Crypto Markets Suffer Impact
The cryptocurrency market has responded to Biden’s remarks, with Bitcoin, one of the major players, experiencing a slight decrease of approximately 1.35% over the past week.
Also Read: Peter Schiff: Biden Should Resign to Solve Inflation Crisis, Here’s the New Obstacle for Feds – Coinpedia Fintech News
This downward trend has continued in the last 24 hours, with the price dropping by nearly 1.37%. Similarly, Ethereum‘s value also declined by about 0.50% in the previous week, with a further decrease of over 0.66% observed in the last 24 hours. These dips reflect the current market dynamics within the entire sector.
Backlash Against Biden’s Economic Report
Adding fuel to the fire, President Biden’s Economic Report, released on March 20, 2023, faced strong criticism from the crypto community. The report cast doubts on the credibility of crypto assets as an investment option and their potential to become alternatives to fiat currencies.
Ironically, more than 15% of the report was dedicated to addressing concerns related to the crypto industry, indicating that while the administration expressed doubts, it recognized the undeniable force of cryptocurrencies in the emerging economic landscape.
The release of the Economic Report triggered widespread uproar within the crypto community, leading to a call for unity against the administration.
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