With the 2024 presidential election just five months away, Marathon Digital Holdings (MARA) CEO Fred Thiel joins Catalysts to discuss which candidate the cryptocurrency market favors.

"Former President Trump has obviously positioned himself as the candidate that is pro-bitcoin (BTC-USD). He believes that all bitcoin should be mined in the US and has been very open in his relationships with bitcoin miners and people in the space," Thiel explains.

On the other hand, he says, "the Biden administration has been very hostile to bitcoin," pointing to "Operation Choke Point 2.0" as one way the administration is trying to curb the crypto industry.

"Bitcoin serves the needs of everybody. It doesn't have any political color to it. We think both parties should embrace it. And in Congress, we've already seen the Democrats in both the Senate and the House of Representatives embracing bitcoin and crypto legislation," Thiel explains, stressing the importance of bipartisanship.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Melanie Riehl