• President Joe Biden’s statement during the 49th G7 summit in Hiroshima, Japan sparked an uproar from crypto enthusiasts.
• They have issued a stern warning that they will seek to oust the administration in the upcoming 2024 US Presidential election.
• The cryptocurrency market has responded to Biden’s remarks, with Bitcoin dropping by approximately 1.35% over the past week.
Crypto Community Vows to Oust Biden in 2024
The crypto community is up in arms after President Joe Biden’s controversial statements at the 49th G7 Summit in Hiroshima, Japan. Crypto supporters are pledging to remove the administration from office in the upcoming 2024 US Presidential election for not offering enough support or introducing stricter regulations on their sector.
Cause of Uproar
President Biden made his comments while discussing budget negotiations between congressional leaders which would cut food assistance for nearly a million Americans if approved. He stated: “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.” His remark sparked strong reaction from crypto enthusiasts who feel that their sector is not being given enough priority or recognition by the current administration.
The cryptocurrency market has reacted negatively to President Biden’s statement, with Bitcoin dropping by 1.35% over the past week and an additional decrease of 1.37% over the last 24 hours. Other major players such as Ethereum (ETH) have also experienced losses as a result of this announcement, further fueling crypto supporters‘ anger towards the current administration and their pledges to challenge it come 2024 elections.
Peter Schiff Weighs In
Financial pundit Peter Schiff expressed his opinion on President Biden’s remarks, tweeting „Biden declared war on us crypto people.“ Schiff also suggested that if Biden wanted to solve inflation concerns he should resign rather than introduce more restrictions on cryptocurrencies.
Crypto Community’s Response
Crypto supporters have taken matters into their own hands and are vowing to oust President Joe Biden during the next US Presidential election due in 2024 for his alleged lack of support and attempts at imposing stricter regulations on cryptocurrencies. This has been evident through various social media posts featuring hashtags such as #MAGA and #XRPArmy, among others expressing similar sentiments against Joe Biden and his policies affecting digital assets markets worldwide