KEY POINTS
- Bitcoin shed around $1,000 Tuesday night and at one point plunged below $56,000 Wednesday
- The Satoshi Nakamoto Institute's president blamed debate moderators for not bringing up Bitcoin
- Vinny Lingham said Bitcoin's price movement was 'likely the most accurate indicator' of who won the debate
- One X user pointed out Bitcoin's 'weak' side – wobbling to a presidential debate
Vice President Kamala Harris and former President Donald Trump took the ABC News debate stage Tuesday night to square off over the economy, abortion, immigration, and other topics of national interest. However, Bitcoin and the broader cryptocurrency industry weren't mentioned, and interestingly, the leading digital asset bled Tuesday night.
Bitcoin, the world's largest cryptocurrency by market value, has recently made waves in the political world, with Trump vocally expressing support for the community and the broader crypto sector in recent months. Still, the asset hasn't reached a level wherein it can be included in presidential debates.
On decentralized market prediction platform Polymarket, a contract event that asked bettors on whether Trump will mention Bitcoin and crypto during the debate saw crypto traders losing on a $500,000 bet.
Bitcoin Dips Amid Debate No-Show
BTC prices retreated Tuesday night and plummeted Wednesday, data from CoinGecko showed. From trading at around $57,600 Tuesday afternoon, the world's first decentralized digital asset bled some $1,000 and at one point traded below $56,500 in the hours after the debate.
The digital coin went through shaky ground from then on, and at one point Wednesday, it plunged below $56,000. The asset has since gradually recovered, climbing above $58,000 early Thursday.
Still, many crypto users were not pleased that BTC and digital assets weren't brought up during the fiery debate.
Crypto Users React
Michael Goldstein, President of the Satoshi Nakamoto Institute, said "the moderators should be fired," after BTC failed to emerge during the debate, not even once.
Bitcoin was not brought up once during the debate.
— Bitstein (@bitstein) September 11, 2024
The moderators should be fired.
For crypto advocate and entrepreneur Vinny Lingham, Bitcoin's price reaction to the debate "is likely the most accurate indicator" of who won the Tuesday debate.
The Bitcoin price is likely the most accurate indicator of who’s winning the debate and right now it’s saying Harris…
— Vinny Lingham (@VinnyLingham) September 11, 2024
Well-followed crypto analyst @invest_answers noted how Bitcoin didn't like the debate performances of the two presidential foes. Responding to a commenter who said the digital currency's activity as seen in the chart was standard, the analyst said "the moment the debate started going sideways for Trump, Bitcoin's price took a dive."
#Bitcoin not liking the debate performance pic.twitter.com/nUvN2FB749
— InvestAnswers (@invest_answers) September 11, 2024
Long-term crypto user @beaniemaxi said it was "interesting" to see how BTC prices reacted to the debate in real-time. He reminded crypto users that above everything else, "fiscal policy matters," pointing out that there is no correlation between the 2024 presidential winner and crypto prices. "We go higher regardless," he added.
Interesting to watch how Bitcoin reacts in real time to the debate. I don’t see any correlation between the winner of this election and crypto prices. Fiscal policy matters more than anything. And rates will drop no matter who’s in office. We go higher regardless.📈
— Beanie (@beaniemaxi) September 11, 2024
Investor @benemodi noted how despite the dip, Bitcoin was "surprisingly resilient," even with Trump "bombing" the debate so badly.
Debate Unraveled Bitcoin's 'Weak' Side?
One X user pointed out an issue that may send Bitcoiners in a frenzy: "Bitcoin is such a weak investment." The user said the digital coin "can't even handle a debate without wobbling."
This is not the first time BTC's reactionary price movement has been brought to light. In June, the digital asset slumped amid news of the escalating geopolitical situation in the Middle East. At the time, one X user said Bitcoin was "much more sensitive to fear than gold."
