By Ariel Solomon
- Crypto is a hot topic in this election with a projected lead of $9.78M in revenue at the end of the year
- Eight in ten crypto voters say a presidential candidate’s position on crypto matters
This political cycle, crypto has become a bipartisan issue which may help determine the future of American leadership. Emerging from the shadows of America’s worries over: inflation, the value of the dollar, and geopolitical concerns, crypto is being embraced by Americans for its transparency, digital viability, and capped supply. According to the Crypto Council for Innovation, eight in ten crypto voters say that a “candidate’s position on cryptocurrency matters” and an 83% supermajority say they prefer a candidate who has clear rules for cryptocurrency and its investment.
Why This Matters: With 47% of voters expecting some of their investment portfolio to include crypto, this group now represents a material voting bloc. Many have turned to cryptocurrencies as a means of financial inclusion after feeling left behind by traditional financial systems. And given the maturation of the industry, younger investors see crypto and blockchain technology as the future of finance. The projected revenue of the cryptocurrency industry in the U.S is expected to reach nearly $10 million in 2024. Crypto voters view Bitcoin as a means of combating inflation, which is this year’s most pressing political issue; so a candidate’s view on the future of digital assets will impact campaign performance.
The two candidates have had to change tune to get in line. Notably, Donald Trump previously called crypto a “scam against the dollar.” His campaign now accepts Crypto as a form of donation and he is expected to speak at crypto conferences this summer. Kamala Harris, the Democratic frontrunner, has been less vocal about digital currencies and has exhibited cautiousness against broader tech trends like AI. It is yet to be seen how the Democratic party will approach this hot topic.
Situational Awareness: A large number of elites, who have traditionally voted Democrat like Elon Musk have begun to publicly side with the Republican party due to their position on emerging technologies, taxes, and even crypto. With such strong convictions from the voters, both presidential candidates have an opportunity to keep and/or win over a large number of voters by espousing views that are pro-tech, including digital currencies.
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