Welcome to the latest edition of Crypto NFT Today! Over the past two weeks, there have been several important events that will shape the future of blockchain, cryptocurrency, and NFTs. In this week’s edition, we will be discussing the role of digital assets in the upcoming 2024 presidential election.
Cryptocurrency is becoming a focal point in American politics, transcending party lines and potentially mobilizing millions of voters. Unlike in 2020, the crypto community is now united and can make a significant impact on electoral outcomes. This voting block consists of millions of individuals in crucial swing states, making them a powerful force to be reckoned with.
According to recent statistics, one in five Americans currently owns digital assets, totaling to about 52 million people. This diverse demographic includes 22% Democrats, 18% Republicans, and 22% Independents. Additionally, 60% of them are from Gen Z or Millennials, and 41% are minorities.
Furthermore, a survey conducted by Plaid revealed that 46% of Black Americans and 44% of Hispanic Americans find cryptocurrencies more accessible than traditional finance. This trend is also supported by data from the Federal Reserve and the Pew Research Center, making crypto a crucial issue for these important voter demographics.
Swing states such as New Hampshire, Nevada, Ohio, and Pennsylvania play a significant role in determining election outcomes. A recent poll by Morning Consult in these states showed that around 18% of voters (equivalent to 3.4 million people) own digital assets, and 55% of them would be less likely to vote for candidates who oppose crypto values.
Despite the potential political advantages of endorsing Bitcoin and crypto, both Joe Biden and Donald Trump have largely avoided the topic. Biden’s policies and regulatory actions have sometimes alienated the crypto community, while Trump has shown signs of softening his stance as seen in his engagement with NFTs and reports of cryptocurrency ownership.
By embracing Bitcoin and decentralization values, Trump could potentially attract pro-crypto Democrats and Independents who may have otherwise voted for Biden. This could be a strategic move to win back swing states where crypto holds significant importance.
On the other hand, the Democratic party has seen Robert F. Kennedy Jr. advocate for the rights of all Americans to use, hold, and mine Bitcoin without unnecessary government interference. However, Elizabeth Warren has promised to form an “anti-crypto army” while acknowledging the growing influence of crypto.
The media’s increased coverage of Bitcoin and cryptocurrencies has also driven politicians to take a clear stance on crypto policies, as it can greatly enhance their public image. For instance, Senator JD Vance won his 2022 term by positioning himself as a pro-Bitcoin candidate, and the 2022 New York Governor’s race featured discussions about Bitcoin during public debates, a topic rarely seen in previous elections.
In conclusion, the role of digital assets in the 2024 presidential election cannot be underestimated. With a diverse and influential voter demographic, swing states at play, and the media’s attention on crypto, it is clear that cryptocurrency will have a significant impact on the political landscape in the years to come.
