by KEY POINTS
- Bitcoin lost around $1,000 on Tuesday night and at one point dipped below $56,000 on Wednesday
- Satoshi Nakamoto Institute president blamed debate moderators for not bringing up Bitcoin
- Vinny Lingham said Bitcoin’s price movement was ‘probably the most accurate indicator’ of who won the debate
- One X user pointed out Bitcoin’s ‘weak’ side – teetering into a presidential debate
Vice President Kamala Harris and former President Donald Trump took to the ABC News debate stage Tuesday night to take on the economy, abortion, immigration and other issues of national importance. Bitcoin and the broader cryptocurrency industry, however, were not mentioned, and interestingly enough, the leading digital asset bled to death Tuesday night.
Bitcoin, the world’s largest cryptocurrency by market cap, has been making waves in the political world recently, with Trump vocally voicing his support for the community and the broader crypto sector in recent months. Still, the asset has yet to reach a level where it could be included in presidential debates.
On decentralized market prediction platform Polymarket, bettors were asked whether Trump would bring up Bitcoin and crypto during the debate. Crypto traders lost $500,000 on a bet.
Bitcoin drops amid non-performance debates
BTC prices fell Tuesday night and plummeted Wednesday, data from CoinGecko shows. From trading around $57,600 Tuesday afternoon, the world’s first decentralized digital asset lost around $1,000 and at one point traded below $56,500 in the hours following the debate.
The cryptocurrency has been on shaky ground since then, dipping below $56,000 at one point on Wednesday. The asset has since gradually recovered, climbing above $58,000 on Thursday morning.
Still, many crypto users were unhappy that BTC and digital assets were not discussed during the heated debate.
Crypto Users React
Michael Goldstein, president of the Satoshi Nakamoto Institute, said “the moderators should be fired” after BTC was not mentioned once during the debate.
Bitcoin was not mentioned once during the debate.
The moderators should be fired.
— Bitstein (@bitstein) September 11, 2024
For crypto advocate and entrepreneur Vinny Lingham, Bitcoin’s price reaction to the debate is “probably the most accurate indicator” of who won Tuesday’s debate.
The Bitcoin price is probably the most accurate indicator of who is winning the debate and right now it says Harris…
—Vinny Lingham (@VinnyLingham) September 11, 2024
Well-followed crypto analyst @invest_answers noted that Bitcoin didn’t like the debate performances of the two presidential opponents. Responding to a commenter who said that the cryptocurrency’s activity as seen in the chart was standard, the analyst said, “the moment the debate started going sideways for Trump, Bitcoin’s price dropped.”
Longtime crypto user @beaniemaxi said it was “interesting” to see how BTC prices reacted to the debate in real time. He reminded crypto users that “fiscal policy matters above all else” and pointed out that there is no correlation between the 2024 presidential election winner and crypto prices. “We’re going higher regardless,” he added.
Interesting to see how Bitcoin reacts to the debate in real time. I don’t see any correlation between the winner of this election and crypto prices. Fiscal policy is more important than anything. And rates will go down no matter who’s in power. We’re going up anyway.📈
— Beanie (@beaniemaxi) September 11, 2024
Investor @benemodi noted that Bitcoin was “surprisingly resilient” despite the dip, even with Trump “bombarding” the debate so hard.
Debate about Bitcoin’s ‘weak’ side?
One X user pointed out an issue that could send Bitcoiners into a frenzy: “Bitcoin is such a weak investment.” The user said the digital currency “can’t even handle a debate without wobbling.”
This isn’t the first time BTC’s reactionary price action has come to light. In June, the digital asset plummeted amid news of the escalating geopolitical situation in the Middle East. At the time, an X user said that Bitcoin is “much more sensitive to fear than gold.”
