Cryptocurrency and the 2024 Elections

Two days ago i wrote an article regarding Stand With Crypto, the Political Action Group (PAC) created by cryptocurrency industry leaders and supporters. i think the PAC has not only legal basis to be created but political too, survey's conducted about cryptocurrency and it's importance in people's economic future found out that there's a need to really put cryptocurrency in the political and economic agenda of America. Survey conducted by Harris Poll in behalf of Grayscale found out that:

• Voter concerns around inflation underscore the significance of Bitcoin in an election year.
• 46% of voters say that they are waiting for additional policies before investing in crypto.
• Half of young voters, who own crypto at higher rates than equities, are considering candidate positions on crypto before casting their votes.

If the survey result will be used as a basis for any candidate to run this coming elections, cryptocurrency should be in his/her platform. Today, cryptocurrency is particularly relevant to Americans, given that financial stability and inflation are top voter concerns. This is evident in voter priorities: respondents ranked "financial stability and being able to pay my bills" as their second most important value, surpassing other priorities such as family, patriotism, community engagement, and finding purpose.
According to respondents, inflation is overwhelmingly seen as the most pressing problem in America today, as illustrated in the graphic below. This issue is highly relevant to cryptocurrency, especially Bitcoin, which is traditionally linked to monetary debasement.


Historically, inflation and other economic concerns have spurred interest in investing in assets like Bitcoin. This is likely due to Bitcoin’s hard-capped supply, enabling it to function as a store of value similar to digital gold. Notably, the more familiar respondents were with crypto, the more likely they were to be interested in Bitcoin due to inflation or other macroeconomic events. This indicates two things: first, those familiar with Bitcoin perceive it as a macro asset; second, additional education may be needed to help a broader audience understand emerging technologies like Bitcoin, fostering greater mainstream adoption.

Nearly 70% of respondents report owning some type of investment asset, and about 19% say they own cryptocurrency. Ownership is particularly high among men (23%), Black and Hispanic voters (26% and 32%, respectively), and younger voters (31% of Gen Z). These same groups are also the most likely to report that inflation has increased their interest in crypto (25% of men, 36% of Black voters, 39% of Hispanic voters, and 40% of Gen Z, compared to just 6% of Boomers).
More Gen Z and Millennials own crypto (31% and 35%, respectively) than equities (17% and 24%). Additionally, a majority of Gen Z and Millennial voters believe that "crypto and blockchain technology are the future of finance" (54% and 58%). A significant majority (68% of those aged 18-34) also indicated that they would be "much" or "somewhat" more likely to invest in crypto if clearer policies and regulations were in place.


Although the percentage of Americans owning crypto has not increased since the post-FTX era, these demographic trends and other findings are promising: 40% of investors agree that their future portfolios will include crypto.

Economic uncertainty and Inflation is the most pressing concern for every voters, thanks to both Republican and Democratic parties for not doing anything to alleviate the voters, their constituents concern about it but listens to their donors with both ears open and pockets too. Clearly there's a basis for any politician to run on crypto and as of this writing Stand With Crypto is already supporting 4 candidates, 2 each from both Democratic and Republican Party. Donald Trump has already embraced crypto, during an event promoting his NFT, Trump declared he loves crypto and Biden and the Democrats hate's it, whether Trump knows crypto and how it works is another matter. But not all Democrats are against it, 21 Democrats on Wednesday defied Biden’s veto threat and joined with Republicans in voting for a resolution to overturn SEC crypto guidance.

The 2024 elections will be a partisan issue for cryptocurrency whether we like it or not, and if Donald Trump will be the presidential candidate for the republican party, it will be a partisan issue for the elections. And we have to keep in mind Trump derided cryptocurrency during his presidency, posting on his Tweeter/X that he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” adding that “unregulated Crypto Assets” can facilitate the drug trade and other illegal activity. Why the sudden 180 turn?
What we don't want to happen is digital asset regulation becoming more partisan as elections is getting near, trying to build support in both parties, which will likely be key to enacting legislation is the key and that we want. Supporting candidates from both parties is not a guarantee of getting the regulatory clarity that we want. And a $100 million war chest for the elections is also not a guarantee you get the right candidate for your agenda, the truth is if influence can be bought, it can also be sold.



https://www.grayscale.com/elections
https://www.axios.com/2024/05/13/crypto-pac-2024-election-coinbase-ripple
https://www.politico.com/story/2019/07/11/trump-attacks-facebooks-libra-currency-1411914
https://www.politico.com/news/2024/05/10/trump-crypto-biden-00157051

Image
https://imgsrv2.voi.id/