Many in the crypto space are single-issue voters. In other words, their vote in the 2024 presidential election may sway toward whichever candidate is more supportive of digital assets.
That’s according to a recent survey of 1,700 likely voters by Grayscale, a Bitcoin ETF issuer.
One-third of U.S. voters will consider a candidate’s stance on cryptocurrencies in the upcoming 2024 elections.
Up to 77% of respondents believe presidential candidates should be knowledgeable about digital assets.
Experts point out that many in the crypto community are apprehensive about President Joe Biden‘s potential re-election due to his administration’s stringent regulatory approach toward the industry.
Just two months into Biden’s term, an Executive Order was signed directing the government “to study cryptocurrency” and ensure “responsible development of digital assets.”
Biden’s opponent, Republican candidate Donald Trump — who was just convicted in New York for falsifying business records — previously called cryptocurrency "a scam" with value "based on thin air." He has since reversed his stance on Bitcoin, which he hopes can be donated to his campaign.
Bipartisan Interest in Digital Assets
The survey indicates a growing bipartisan interest in digital assets, with voters divided on which political party handles these issues better.
Likely, American voters across the political spectrum show a heightened interest in investing in crypto assets and supporting candidates familiar with emerging technologies.
Increasing Awareness and Investment in Cryptocurrencies
Awareness of cryptocurrencies remains high, with 98% of respondents familiar with Bitcoin and a significant number aware of Ethereum.
Specifically, 54% knew about Ethereum, and 17% reported investing in Bitcoin, a figure comparable to those holding bonds and higher than those investing in exchange-traded funds (ETFs).
The introduction of Ether ETFs, which recently received preliminary SEC approval, could further boost investor interest, with 24% of respondents indicating they would be more inclined to invest with these options available.
See Also: Trump Vs. Biden — The President Plays The Marijuana Rescheduling Card, Voters Like The Thought Of It
Impact on Political Campaigns
The poll’s findings highlight the increasing importance of cryptocurrency positions in political campaigns. Many in the digital asset community might vote for Trump or consider third-party candidates due to Biden’s tough regulatory stance.
In the last election, many crypto-adjacent voters supported Biden because it wasn’t clear back then that he would take such a tough approach against the industry.
Since then, however, the list of cryptocurrency scandals has grown. Here’s a sample:
- There was the downfall of FTX’s Sam Bankman-Fried, who found himself embroiled in a court case that sent shockwaves throughout the financial community.
- Andrey Zverev, a self-proclaimed Russian smuggler, has reportedly used Tether USDT/USD to facilitate transactions for procuring weapons parts and help Russian companies bypass Western sanctions.
- Changpeng Zhao, who was head of the world’s largest cryptocurrency platform, Binance, pleaded guilty to violating anti-money laundering laws in the U.S. Binance has also been scrutinized for not reporting Hamas activity on its blockchain.
As the 2024 election approaches, the crypto community’s preferences and the candidates’ positions on digital assets will play a crucial role in shaping the political landscape.
Benzinga's upcoming event will provide valuable insights into these dynamics, offering perspectives on how political and regulatory shifts could influence the future of cryptocurrencies and blockchain technology.
Future of Digital Assets Event
These insights come as the crypto community looks forward to Benzinga's Future of Digital Assets event in New York City on November 19, 2024. The event, which gathers digital asset companies and institutional investors, promises to delve into the latest developments and future trends in the digital asset space. It allows attendees to network and engage in discussions that could shape the industry’s future.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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