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Crypto NFT Today: Week 4 of January
Welcome to another edition of Crypto-NFT today! The last two weeks have been full of unmissable events that will set the tone for the future of blockchain, cryptocurrency, and NFTs.
In this week’s edition of Crypto NFT Today, we’ll focus on the role digital assets will play in the 2024 presidential election.
Cryptocurrency in the political landscape
A flashpoint is emerging in American politics, one that cuts across party lines and has the potential to mobilize millions of voters: cryptocurrency.
Unlike 2020, in 2024 cryptocurrency holders will unite into a cohesive voting bloc. This bloc, which includes millions of voters in crucial swing states, has significant influence in determining election results.
Statistics on the importance of cryptocurrencies among voters
Most of Bitcoin’s latest bull run occurred after 2020 presidential elections, giving rise to a new class of millionaires and a large community of crypto voters. Currently, one in five Americans owns digital resources, equal to 52 million people. Notably, this demographic is politically diverse, with 22% identifying as Democrats, 18% as Republicans, and 22% as Independents. Additionally, 60% are Generation Z or Millennials, and 41% are minorities.
A Scottish poll highlights that 46% of Black Americans and 44% of Hispanic Americans believe cryptocurrencies are more accessible than traditional finance. This trend, confirmed by data from the Fed and Pew Research Center, positions cryptocurrencies as a key concern for Black and Hispanic voters, crucial demographics in the 2024 presidential election.
Swing states such as New Hampshire, Nevada, Ohio and Pennsylvania often determine election results. The Morning Consul survey in these states reveals that approximately 18% of voters (3.4 million people) own digital assets, and a staggering 55% of them would be less likely to vote for candidates opposed to crypto values.
Positions of election candidates regarding cryptocurrency
Despite the obvious political advantages to support Bitcoin and cryptocurrencies, Joe Biden and Donald Trump have largely avoided the issue. Biden’s policies and regulatory actions have, at times, alienated the crypto community. On the other hand, Trump, while expressing skepticism in the past, has shown some signs of softening his stance, as seen in his engagement with NFTs and cryptocurrency ownership reports.
By supporting Bitcoin and the values of decentralization, Trump could potentially attract pro-crypto Democrats and independents who would otherwise have voted for Biden. This could be a strategic move to recapture swing states where cryptocurrencies are of substantial importance.
The Democrats saw it Robert F. Kennedy Jr. commit to defending the rights of all Americans to use, store, and mine Bitcoin, while avoiding unwarranted government control. The other side of the coin, Elizabeth Warrenwhile pledging to assemble an “anti-cryptocurrency army,” he recognizes the importance of cryptocurrencies as a force to be reckoned with.
The disproportionate press attention to Bitcoin and cryptocurrencies is another factor pushing politicians to take clear positions on cryptocurrency-related policy, as it significantly increases their public image. Examples include Senator J.D. Vance winning his 2022 term by positioning himself as a pro-Bitcoin candidate and the 2022 New York governor’s race with questions about Bitcoin during public debates, an unprecedented topic in previous elections.