Former President Donald J. Trump, as late as 2021, denounced Bitcoin as a "scam" and a "threat to the US Dollar." However, in a surprising turnaround, he now actively courts the pro-Bitcoin electorate. This shift reflects the evolving landscape surrounding the largest cryptocurrency by market capitalization and could have implications for the development of the US Presidential election.

One significant factor driving this change is the increasing ownership of Bitcoin among Americans, with over 20% of the population now holding the cryptocurrency. The 2020 US presidential election was marked by chaos, with delays in results and the disruption caused by the January 6, 2021, riots. Amidst this tumult, both Donald Trump and Joe Biden found common ground in their stance on Bitcoin regulation, a position that Trump has since reversed to bolster his electoral prospects.

While Trump has embraced Bitcoin to court voters, President Joe Biden's stance on the cryptocurrency has remained steadfast. Although there are expectations of a potential relaxation of policies towards the digital currency economy, Biden's position has not significantly shifted. Despite some members of his administration supporting pro-crypto legislation, it may not be sufficient to alter the overall narrative.

The hawkish regulatory stance towards Bitcoin during the 2020 halving has gradually evolved. Previously, discussions of a spot Bitcoin ETF were prominent, but institutional readiness was lacking. Now, Bitcoin finds itself at the forefront of both Presidential and Congressional elections, with notable candidates engaging in pro-Bitcoin campaigns and appearances on crypto-related platforms. This evolution underscores the significant journey of Bitcoin and suggests its continued relevance in the political arena.