Welcome to another edition of NFT Crypto Today! The last two weeks have been full of must-see events that will define points for the future of blockchain, cryptocurrencies and NFTs.
In this week's edition of Crypto NFT Today, we will focus on the role digital assets will play in the 2024 presidential election.
Cryptocurrency in the political landscape
A focal point is emerging in American politics, one that cuts across partisan lines and has the potential to mobilize millions of voters: cryptocurrency.
Unlike 2020, cryptocurrency holders will come together into a cohesive voting bloc in 2024. This bloc, comprising millions of voters in crucial swing states, has significant influence in determining election results.
Statistics on the importance of cryptocurrencies among voters
Most of the latest Bitcoin bull run occurred after 2020 presidential elections, giving rise to a new class of millionaires and a substantial community of crypto voters. Today, one in five Americans owns digital resources, which amounts to 52 million people. Notably, this demographic is politically diverse: 22% identify as Democrats, 18% as Republicans, and 22% as independents. Additionally, 60% belong to Generation Z or Millennials, and 41% are minorities.
TO checkered survey highlights that 46% of African Americans and 44% of Hispanic Americans find cryptocurrencies more accessible than traditional finance. This trend, confirmed by data from the Federal Reserve and the Pew Research Center, positions cryptocurrencies as a key concern for Black and Hispanic voters, crucial demographic groups in the 2024 presidential election.
Swing states such as New Hampshire, Nevada, Ohio and Pennsylvania often determine election results. Morning Consult Survey in these states reveals that approximately 18% of voters (3.4 million people) own digital assets, and a staggering 55% of them would be less inclined to vote for candidates who oppose crypto securities.
Positions of electoral candidates regarding cryptocurrencies
Despite the obvious political advantages To support Bitcoin and cryptocurrencies, Joe Biden and Donald Trump have largely avoided the topic. 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 commitment to NFTs and reports of cryptocurrency ownership.
By championing Bitcoin and decentralization values, Trump could potentially attract pro-cryptocurrency Democrats and independents who would have otherwise voted for Biden. This could be a strategic move to win back swing states where cryptocurrencies are of substantial importance.
Democrats have seen Robert F. Kennedy Jr.. commit to defending the rights of all Americans to use, custody, and mine Bitcoin, avoiding unwarranted government scrutiny. On the other hand, Elizabeth WarrenAlthough he pledges to form an โanti-cryptocurrency army,โ he recognizes the importance of cryptocurrencies as a force to be reckoned with.
The disproportionate press attention towards Bitcoin and cryptocurrencies is another factor leading politicians to take clear positions on crypto policy, as it significantly improves 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 gubernatorial race by raising questions about Bitcoin during public debates, an unprecedented topic in previous elections.
