The US 2024 Elections are Shaping Up to be Crucial for Crypto's Future

2024-11-06 11:41:38 Primitive Reading

From financemagnates

With the power of American democracy in full display right now, many crypto experts believe that the 2024 U.S. presidential election will be a defining moment in the history of the digital asset industry. This is because both candidates — i.e. Rep. Donald Trump and Dem. Kamala Harris — has proposed distinctly different visions for the future of this yet-nascent space.

To elaborate, what truly makes this election significant is the unprecedented emergence of cryptocurrency holders as a meaningful voting bloc. Recent surveys indicate that crypto ownership among Americans ranges anywhere between 7% to 21%, representing approximately 18 to 50 million potential voters.

More importantly, 73% of these voters have made it clear that they will consider a candidate's stance on crypto as a crucial factor in their voting decision. In swing states like Arizona and Georgia, where election margins were razor-thin in 2020, pro-crypto advocates now significantly outnumber previous margins, potentially making crypto policy a decisive factor in these states.

Crypto voters hold a lot of clout in battleground states. Here’s why

A DCG-commissioned survey from May 2024 — which included 1,201 voters from Michigan, Ohio, Montana, Pennsylvania, Nevada, and Arizona — found that over 20% of voters in these crucial states view crypto as a major issue in the ongoing election.

Not only that, the findings showed a strong commitment to upholding crypto-related agendas among digital asset-friendly voters, with over 90% of them determined to participate in the electoral process.

The survey also uncovered significant concerns about the current financial system, with 80% of the respondents stating that it unequivocally favors the elite strata of society. Among pro-crypto voters specifically, 66% view cryptocurrency as offering a more accessible path to financial success than traditional finance, while 55% expressed concern that overregulation could stifle innovation.

The contrasting visions of Mr. Trump and Ms. Harris explained

From the outside looking in, it is clear that both candidates have fostered a markedly different approach to crypto regulation and innovation. Donald Trump, for instance, has evolved his stance from being a skeptic to a full-blown pro-crypto advocate.

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