In the 2020 election, 43% of voters backed Biden while 39% supported Trump. However, a notable shift is emerging in the landscape as cryptocurrency ownership becomes increasingly influential in shaping voter preferences for the upcoming 2024 elections.
Around 19% of voters currently own or plan to invest in cryptocurrency, with approximately 11 million registered voters possessing over $1000 worth of digital assets. Moreover, a significant portion of undergraduate students, who previously constituted a considerable segment of Trump’s voter base, are now involved in the crypto market.
This shift towards Trump among crypto investors can be attributed to several factors. The Biden Administration‘s regulatory measures targeting certain crypto entities and activities have led to a sense of alienation among some investors.
Recent actions by the US Treasury Department and the Securities and Exchange Commission (SEC) under Biden’s tenure, such as the reprimand of crypto exchange Binance and the Ripple vs SEC case, have contributed to this sentiment.
However, some believe that Biden’s policies could positively impact Bitcoin and financial markets. Anthony Scaramucci, former White House Communications Director, suggests that Biden’s support for traditional hierarchical structures could benefit the crypto industry.
On the other hand, Trump’s administration has expressed openness towards Bitcoin and cryptocurrencies, promising policies conducive to their growth. Trump’s criticism of the Federal Reserve and his pledge to replace its Chair, Jerome Powell, hint at a potential policy shift favoring digital currencies.
Additionally, Trump’s vocal opposition to Central Bank Digital Currencies (CBDCs) aligns with the preferences of Bitcoin proponents. His previous statement about blocking CBDCs if elected president underscores this stance.
