Welcome to another edition of Crypto NFT today! The past two weeks have been filled with must-know events that define the future of blockchain, cryptocurrencies, and NFTs.
This week on Crypto NFT Today, we focus on the role digital assets will play in the 2024 presidential election.
Cryptocurrency in a political context
The focus of American politics is bigger than partisanship, and one that has the potential to mobilize millions of voters: cryptocurrencies.
In contrast to 2020, in 2024 crypto holders will unite into a cohesive voting bloc. This bloc is made up of millions of voters in key battleground states and has significant influence in determining election outcomes.
Statistics on the importance of cryptocurrencies among voters
Much of the last Bitcoin bull market occurred after the 2020 presidential election, which created a sizable community of new wealthy and crypto voters. Currently, one in five Americans, or 52 million Americans, own digital assets. Notably, this demographic is politically diverse, with 22% identifying as a Democrat, 18% as a Republican, and 22% as an independent. Furthermore, 60% belong to her Gen Z or Millennial generation, and 41% are minorities.
A Plaid survey found that 46% of Black Americans and 44% of Hispanic Americans feel that cryptocurrencies are more accessible than traditional finance. This trend is confirmed by data from the Federal Reserve and Pew Research Center, with cryptocurrencies becoming a key concern for Black and Hispanic voters, key demographics in the 2024 presidential election.
Battleground states such as New Hampshire, Nevada, Ohio and Pennsylvania often determine election results. Morning Consult polling in these states shows that approximately 18% of voters (3.4 million people) own digital assets, and a whopping 55% of them are likely to vote for a candidate who opposes the value of cryptocurrencies. was found to be low.
Election candidates’ positions regarding virtual currencies
Despite the clear political benefits of supporting Bitcoin and cryptocurrencies, Joe Biden and Donald Trump have largely avoided the issue. Biden’s policies and regulatory actions have at times alienated the crypto community. Meanwhile, President Trump, who has expressed skepticism in the past, has shown signs of softening his stance, as seen in reports about his involvement in NFTs and his ownership of cryptocurrencies.
By championing the values of Bitcoin and decentralization, Trump could attract pro-crypto Democrats and independents who might otherwise vote for Biden. This could be a strategic move to take back battleground states where cryptocurrencies hold great importance.
Democrats have seen Robert F. Kennedy Jr. committed to defending the rights of all Americans to use, store, and mine Bitcoin, avoiding undue government oversight. Meanwhile, Elizabeth Warren acknowledged the importance of cryptocurrencies as a force to be reckoned with, even as she promised to form an “anti-cryptocurrency army.”
The disproportionate focus on Bitcoin and cryptocurrencies in the news media is another factor pushing politicians to take clear positions on crypto policy, which has significantly affected their public image. is improving. Examples include Sen. J.D. Vance winning a term in 2022 by positioning himself as a pro-Bitcoin candidate, and the 2022 New York gubernatorial election in which questions about Bitcoin were asked during public debates. For example, the issue has become an unprecedented topic in past elections.