- Hunter Biden said Bitcoin and decentralized blockchains are the inevitable future, signaling his support for both.
- He said existing banks and traditional financial institutions will resist the change, but will not be able to stop it in the end.
- The crypto industry has criticized the Biden administration’s hard-line crypto regulation and what it described as limits on traditional financial institutions’ participation in crypto businesses.
Forecast Trend Report by Period
Hunter Biden, son of former US President Joe Biden, publicly voiced support for Bitcoin and blockchain technology.
AMB Crypto reported on June 6 that Biden shared those views in a recent exchange on X after being asked about the fiat currency-based financial system. In that response, he backed decentralized blockchains and Bitcoin.
Biden wrote that decentralized blockchains are “an inevitable future.” He added that legacy banks would resist the shift until the end, but ultimately would not be able to stop it. The remarks were interpreted as a sign that traditional financial institutions will strongly oppose the expansion of blockchain-based financial infrastructure.
The comments contrast with the Biden administration’s hard-line approach to crypto regulation. During Joe Biden’s presidency, the US Securities and Exchange Commission carried out broad investigations and enforcement actions against major crypto companies and projects including Binance, Coinbase, Uniswap, MetaMask, Ripple and Aave.
US banks also struggled at the time to expand crypto custody businesses. The crypto industry has criticized the Biden administration for effectively restricting traditional financial institutions from participating in crypto businesses. Against that backdrop, the industry actively backed President Donald Trump in the 2024 US presidential election on his pro-crypto platform.
Still, the market assigns little chance to Hunter Biden becoming the Democratic presidential nominee in 2028. According to prediction market platform Kalshi, his odds of winning the Democratic nomination stand at 1.7%, while California Governor Gavin Newsom leads at 21%.
