February 23, 2024
Crypto

Crypto Will be Influential in The 2024 Presidential Elections


The upcoming US general election in November 2024 will be heavily influenced by crypto and the divisions between policymakers for and against it. These are the findings from a recent Grayscale survey on the role of crypto in the elections. 

Over the past month, Bitcoin, Ethereum, and crypto in general were all mentioned in an American Presidential primary debate for the first time, it reported. 

Crypto’s Role in US Elections 

The national survey called “2024 Election: The Role of Crypto” was conducted on Grayscale’s behalf by The Harris Poll. 

It was conducted between November 27 and 29 among 1,759 adults who plan to vote in the 2024 presidential election.

High inflation is a top voter concern, underscoring Bitcoin’s significance as a potential inflation hedge. 26% of respondents said that high inflation is the most pressing problem in America right now. 

Interest in BTC based on inflation concerns. Source: Grayscale

Inflation and other economic woes have generated interest in investing in assets like Bitcoin, it noted. From this, it surmised that those familiar with Bitcoin see it as a macro asset. 

Secondly, there may be additional education needed to help a broader audience better understand crypto for greater mainstream adoption.  

More significantly, 46% of voters are waiting for additional crypto policies before investing, highlighting a desire for regulatory clarity.

Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024

Moreover, half of young voters who own crypto are considering candidates’ positions on digital assets, suggesting it will influence voting decisions.

A fifth of the respondents already own crypto, especially Millennials, where 40% believe crypto will be in their future portfolio.

The survey noted that more Gen Z and Millennials own crypto than equities. Additionally, the majority of these voters agree that “crypto and blockchain technology are the future of finance.”  

Campaigning for Pro-Crypto Candidates 

Coinbase has been running a campaign claiming that more than 50 million Americans own crypto. They argue that this is a huge voter base that should be addressed.

The firm is calling on the 15% of the population that owns crypto to stand up against tyrannical legislation and policymakers that aim to crack down on it. 

Additionally, there is a growing distrust among this cohort of the banking industry in America. This week, it was reported that Elizabeth Warren sought help from the American Bankers Association (ABA) for assistance in crafting the Digital Asset Anti-Money Laundering Act.

Finance lawyer Scott Johnsson said,

“If you’re angry at Elizabeth Warren, don’t spend your time and resources trying to oust her out of her Senate seat.” 

“That’s not worth the energy. Instead, focus on vulnerable seats that have supported her crusade this past year,” he added. 

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