Janice R. Andrews
Cryptocurrency has unexpectedly become a focal point in the 2024 U.S. presidential race, according to Zeke Faux, author of “Number Go Up.” Speaking on Yahoo Finance’s “Asking for a Trend,” Faux explored Bitcoin’s growing influence in political discussions.
Faux observed that Bitcoin advocates have pivoted from promoting its everyday use to positioning it as “digital gold” for value storage. However, he argued that Bitcoin’s price fluctuations more closely mirror risk assets than serve as the promised financial safeguard, suggesting it remains speculative.
The phrase “Number Go Up,” which titles Faux’s book, comes from a Bitcoin supporter’s conference statement about ever-increasing prices driving further investment—a cycle Faux finds unsustainable, despite cryptocurrency’s recent resurgence.
Notably, both Donald Trump and Kamala Harris have addressed crypto during their campaigns. Faux expressed surprise at politicians’ newfound interest, given the industry’s history of fraudulent activities. He noted that while enthusiasm within the crypto community has waned, Washington seems to be adopting pro-crypto rhetoric, possibly to appeal to Bitcoin-holding voters.
Faux questioned whether cryptocurrency truly resonates with most voters, suggesting politicians may be more interested in pleasing wealthy crypto investors than addressing a widespread concern.
This emergence of crypto as a campaign topic marks a significant shift, integrating it into American political discourse despite ongoing skepticism and market volatility.
