- The upcoming U.S. presidential election on November 5 is fast approaching, with only 144 days left.
- Recent polls by ABC News’ 538 show a statistical dead heat between Democratic incumbent Joe Biden and Republican challenger Donald Trump.
- A Harris Interactive poll, backed by Grayscale, indicates that cryptocurrency policy is becoming significant for voters in 2024.
With Bitcoin and cryptocurrency gaining importance, the 2024 U.S. presidential election could hinge on digital asset policies. Learn how this emerging factor might influence voters and the election outcome.
Cryptocurrency Policy as an Electoral Issue
Recent polling data has indicated a statistical tie between Joe Biden and Donald Trump as the U.S. presidential election approaches. The electoral college modeling suggests Biden winning in 53 out of 100 simulated scenarios, with Trump winning the remaining 47. This slim margin highlights the potential impact of minor issues on the election result, including policies on digital assets like Bitcoin.
The Growing Importance of Bitcoin
A Harris Interactive poll reveals that cryptocurrency is becoming a central issue in the 2024 elections. In January, the SEC approved 11 exchange-traded funds (ETFs) for Bitcoin, allowing more individuals with retirement plans and institutional investments to gain exposure to the cryptocurrency. This increased accessibility contributed to Bitcoin reaching an all-time high of $73,797 in March, a considerable climb from its November 2022 low of $16,000 per coin.
Voter Sentiment on Crypto
A study from Security.io indicated that 40% of Americans own some form of cryptocurrency. This equates to around 93 million individuals from varying political backgrounds unified by their interest in this asset class. As voters increasingly consider cryptocurrency policy critical, it underscores the importance of digital assets in the upcoming election.
Potential Consequences of Regulatory Decisions
President Biden’s veto of a bipartisan bill aimed at repealing the SEC’s Staff Accounting Bulletin No. 121 could have far-reaching implications. The bulletin complicates and raises the cost for banks and institutions to manage cryptocurrency for their clients, inhibiting other forms of digital innovation. This decision may influence voter sentiment, especially among those dissatisfied with the current economic condition under Biden’s administration.
Impact of Economic Perception
Studies by the Brookings Institute show that voter satisfaction with the economy was higher during Trump’s presidency, with 65% rating the economy as good, compared to 38% under Biden. Only 18% of young adults feel financially better off today than a year ago. With 62% of Gen Z and Millennial voters believing in the future of cryptocurrency, this economic sentiment could significantly influence the election outcome.
The Role of Younger Voters
The Harris poll also indicated that younger voters, particularly from Gen Z and Millennial demographics, view cryptocurrency and blockchain technologies as the future of finance. If this trend holds, it may well tilt the scales in favor of candidates with progressive crypto policies, potentially leading to a “crypto-friendly” administration.
Conclusion
As the U.S. presidential election draws near, the influence of cryptocurrency policy cannot be underestimated. With increasing voter interest in digital assets and contrasting economic perceptions, the candidates’ stances on crypto could become a decisive factor. Whether Biden or Trump emerges victorious, the role of cryptocurrency in this election underscores its growing significance in the financial and political landscape.
