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Biden 'very hostile' to bitcoin: Marathon Digital Holdings CEO

With the 2024 presidential election just five months away, Marathon Digital Holdings (MARA) CEO Fred Thiel joins Catalysts to discuss which candidate the cryptocurrency market favors.

"Former President Trump has obviously positioned himself as the candidate that is pro-bitcoin (BTC-USD). He believes that all bitcoin should be mined in the US and has been very open in his relationships with bitcoin miners and people in the space," Thiel explains.

On the other hand, he says, "the Biden administration has been very hostile to bitcoin," pointing to "Operation Choke Point 2.0" as one way the administration is trying to curb the crypto industry.

"Bitcoin serves the needs of everybody. It doesn't have any political color to it. We think both parties should embrace it. And in Congress, we've already seen the Democrats in both the Senate and the House of Representatives embracing bitcoin and crypto legislation," Thiel explains, stressing the importance of bipartisanship.

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For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Melanie Riehl

Video transcript

Fred as we wrap up here, I finally want to get your take on the upcoming presidential election.

I'm curious from your perspective as an executive in the digital currency space, which candidate would be better for your marketplace, Trump or Biden.

Um So president or former president Trump has obviously positioned himself as the candidate that is pro Bitcoin.

He believes that all Bitcoin should be mined in the US and has been very open to his relationship with Bitcoin miners and people in the space.

The Biden administration has been very hostile to Bitcoin, you know, through its various agencies, it's the banking uh and the so called operation choke 0.2 0.0 whether it's the sec, et cetera.

Um I'm sensing a, a thawing of the cold if you would from the Biden administration, as they realize there are 55 million voters in this country who care about crypto.

That's a pretty large voting block.

And while nobody in this industry wants it to be partisan, I mean, we believe that um Bitcoin serves the needs of everybody.

It doesn't have any political color to it.

Um We think both parties should embrace it and in Congress, we've already seen the Democrats um in both the Senate and House of Representatives embracing Bitcoin and crypto legislation, you know, the S A repeal and then, um and the Fair Markets Act, both of them, you know, bipartisan attempts to get something passed and that were blocked by the White House.

So I think that, you know, what we're going to have to see is more bipartisan work on this to get it work passed.

But it really is a bipartisan thing.

It's not one party versus the other on this.