The upcoming 2024 US general election is gearing up to be a battleground for crypto, with the digital asset dividing policymakers and influencing voters’ decisions. A recent Grayscale survey titled “2024 Election: The Role of Crypto” sheds light on this growing phenomenon.
Key Findings:
- First-ever crypto mention in a Presidential primary debate: Over the past month, Bitcoin, Ethereum, and crypto in general were discussed for the first time in an American Presidential primary debate, highlighting the increasing mainstream attention towards the digital asset class.
- High inflation fuels Bitcoin’s appeal: With 26% of respondents citing inflation as the biggest concern, Bitcoin’s potential as a hedge against rising prices is gaining traction.
- Regulatory clarity remains a hurdle: A significant 46% of voters are waiting for clearer regulations before investing in crypto, indicating a desire for a stable and predictable regulatory environment.
- Young voters driving crypto adoption: Half of young voters who already own crypto consider candidates’ stances on digital assets when making voting decisions, suggesting a powerful influence on the coming election.
- Millennials leading the charge: A fifth of respondents already own crypto, with Millennials leading the pack. Notably, 40% of Millennials believe crypto will be a staple in their future portfolios.
- Gen Z and Millennials embrace the future: The survey revealed that more Gen Z and Millennials own crypto than equities, showcasing their embrace of blockchain technology and its potential to revolutionize finance.
Campaigning for Pro-Crypto Candidates:
Crypto exchange Coinbase is spearheading a campaign emphasizing the growing crypto constituency. They argue that over 50 million Americans own crypto, representing a significant voting bloc that deserves attention. Coinbase urges crypto enthusiasts to advocate for pro-crypto candidates and oppose restrictive legislation aimed at stifling innovation.
Furthermore, a growing distrust towards traditional financial institutions is brewing within the crypto community. The recent news of Senator Elizabeth Warren seeking assistance from the American Bankers Association (ABA) in crafting the Digital Asset Anti-Money Laundering Act has fueled this sentiment.
Finance lawyer Scott Johnsson offers strategic advice:
“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.”
Overall, the Grayscale survey paints a picture of a crypto-infused 2024 US election. With rising inflation, increasing adoption among young voters, and growing political engagement, crypto is poised to play a significant role in shaping the political landscape. As policymakers grapple with regulatory challenges and candidates take stances on digital assets, the upcoming election promises to be a watershed moment for the future of crypto in the United States.
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