How Crypto Assets Are Projected to Shape the Landscape of the 2024 US Presidential Election

  • Cryptocurrencies hold considerable sway in the 2024 US presidential campaign, exerting influence over both candidates and voters.
  • Survey data indicates a mounting apprehension among voters regarding candidates’ positions on cryptocurrency regulation and advocacy.
  • The evolving attitudes of political figures like Donald Trump and Joe Biden reflect the dynamic nature of crypto in politics.

Cryptocurrencies are poised to become a central point within the up-and-coming United States Presidential election, gathering considerable consideration and impact. As their global presence grows, debates over their regulation and impact on traditional financial systems are assuming paramount importance.

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It’s anticipated that both candidates and voters will prioritize their positions on cryptocurrencies, potentially molding domestic and international economic agendas. According to the online survey conducted by blockchain conglomerate Digital Currency Group (DGC), more than 20% of voters in several swing states consider crypto to be a key issue in the upcoming US presidential election.

Survey results from DCG also show that nearly half of voters overall (48%) distrust political candidates disrupting crypto, while a quarter stated that enthusiasm for crypto could increase their trust in political candidates. As many as 30% are likely to support a political candidate who is friendly towards crypto.

This shows that crypto is increasingly becoming an election issue, with more politicians from both parties willing to support or condemn crypto. This is a stark contrast to the last presidential election cycle before the era of single-issue voters like Ryan Selkis (who will speak at Consensus this month) took over the task of finding and supporting pro-crypto politicians. Crypto is also a concern for the candidates themselves.

Former President Donald Trump has turned 180 degrees from his previous criticism of crypto, apparently because he sees the industry as a potential and profitable ally. Outside candidate Robert F. Kennedy Jr. has also been a vocal supporter of Bitcoin.

On the other hand, Joe Biden, the current President of the United States, takes a cautious approach to cryptocurrency. This has caused dissatisfaction among crypto figures in the US. In a post, Biden called on Congress and the Commodity Futures Trading Commission (CFTC) to implement legislation that fits the crypto landscape.

Interestingly, crypto appears to be particularly important in key battleground states including Arizona, Michigan, Montana, Nevada, Ohio, and Pennsylvania, according to an online Harris Poll survey of more than 1,000 voters in each state commissioned by DCG in early April. One-third of voters with a “positive towards crypto” view think that politicians should make crypto regulation a priority.

Julie Stitzel, senior vice president of policy at DCG said in a statement that the data shows that crypto is a top concern for voters in swing Senate states and that a pro-crypto position is a positive for policymakers and candidates.

The issue of crypto has become increasingly heated in this year’s US elections, reflecting voter interest in regulation and the growth of the industry. It may be wise to expect policy changes that could impact the crypto market.

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