Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
In this week’s edition of Crypto NFT Today, we will be focusing on the role digital assets will have in the 2024 presidential election.
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Cryptocurrency in the Political Landscape
A focal point is emerging in American politics, one that’s bigger than party lines and has the potential to mobilize millions of voters: cryptocurrency.
In contrast to 2020, crypto holders are uniting into a cohesive voting block in 2024. This block, comprising millions of voters in crucial swing states, holds significant influence in determining electoral outcomes.
Statistics on the Significance of Crypto Among Voters
The majority of the last Bitcoin bull run occurred post-2020 presidential election, giving rise to a new class of millionaires and a substantial community of crypto voters. Presently, one in five Americans owns digital assets, amounting to 52 million people. Notably, this demographic is politically diverse, with 22% identifying as Democrats, 18% as Republicans, and 22% as Independents. Additionally, 60% belong to Gen Z or Millennials, and 41% are minorities.
A Plaid survey highlights that 46% of Black Americans and 44% of Hispanic Americans find cryptocurrencies more accessible than traditional finance. This trend, confirmed by data from the Fed and Pew Research Center, positions crypto as a key concern for Black and Hispanic voters, crucial demographics in the 2024 presidential election.
Swing states like New Hampshire, Nevada, Ohio, and Pennsylvania often determine election outcomes. Morning Consult’s poll in these states reveals that approximately 18% of voters (3.4 million people) hold digital assets, and a staggering 55% of them would be less inclined to vote for candidates opposing crypto values.
Positions of Election Candidates Regarding Cryptocurrency
Despite the evident political advantages of endorsing Bitcoin and crypto, Joe Biden and Donald Trump have largely avoided the issue. Biden’s policies and regulatory actions have, at times, alienated the crypto community. On the other hand, Trump, while expressing skepticism in the past, has shown some signs of softening his stance, as seen in his engagement with NFTs and reports of cryptocurrency ownership.
By championing Bitcoin and decentralization values, Trump could potentially attract pro-crypto Democrats and Independents who might have otherwise voted for Biden. This could be a strategic move to win back swing states where crypto holds substantial importance.
The Democrats have seen Robert F. Kennedy Jr. commit to championing the rights of all Americans to use, custody, and mine Bitcoin, steering clear of unwarranted government scrutiny. On the flip side, Elizabeth Warren, while pledging to assemble an “anti-crypto army,” acknowledges the significance of crypto as a force to be reckoned with.
The press’s disproportionate attention to Bitcoin and cryptocurrencies is another factor driving politicians to take clear positions on crypto policy, as it significantly boosts their public image. Examples include Senator JD Vance winning his 2022 term by positioning himself as a pro-Bitcoin candidate and the 2022 New York Governor’s race featuring questions about Bitcoin during public debates, a topic unprecedented in previous elections.