Voters holding Bitcoin and other cryptocurrencies could have a decisive influence on the upcoming US presidential election, according to the latest market commentary released this week by cryptocurrency financial services firm Galaxy Digital.
The report notes that recent polls show increased ownership of cryptocurrencies, especially among young voters and communities of color, and that these “crypto voters” They argue that it could affect the outcome of a close presidential race.
“As November quickly approaches and investors begin to narrow their influence in voting on the market, the crypto industry could play an even bigger role than ever before,” the Galaxy Digital report said. Citing a March poll by currency venture capital firm Paradigm, it said: He found that 19% of registered voters own cryptocurrencies, including more than 11 million of his own who own more than $1,000 worth.
The Paradigm poll also found that crypto holders currently support Trump over Biden, 48% to 39%.
Regardless of cryptocurrency ownership, the Paradigm poll found 45% of registered voters backing Trump and 42% backing Biden, outpacing other national polls showing a close race. It reflects. However, Paradigm's research suggests that some 2020 Biden voters who own cryptocurrencies are switching to Trump, “perhaps due to actions taken by some agencies in the Biden administration.” It is said to be “Tame”.
Although the cryptocurrency industry has not made clear what the actions are, the cryptocurrency industry has widely accused the Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, of regulating digital assets through enforcement actions rather than clear rules. I've been criticizing.
Biden's senior advisers are also calling for stronger crypto regulation. Congressional Republicans, by contrast, are seeking to pass legislation that would limit federal oversight of cryptocurrencies. Meanwhile, digital assets have become a key issue in the election campaign, with President Trump vowing to block the creation of central bank digital currencies (CBDCs) if re-elected.
Paradigm says, “Obviously, one of these things is; [crypto owner] The group's interest is in how policymakers approach cryptocurrencies,'' the Galaxy report said.
The latest report states, “The stronghold of crypto ownership among Americans is further evidenced by the fact that just 32% of the voting population own some type of stock.” It has said.
Cryptocurrency-focused political action committees (PACs) are already spending large amounts of money to influence key 2024 races. FairShake, one of the leading PACs, has raised over $85 million from major cryptocurrency players such as Coinbase and Andreessen Horowitz. He spent more than $10 million to defeat a crypto-skeptical Democrat in the California Senate primary.
Fairshake now plans to target four key Senate races that could determine control of the Senate: Ohio, Montana, Michigan, and Maryland. In Ohio and Montana, Fairshake will focus on general elections where incumbent Democratic senators are questioning the need for cryptocurrencies.
The PAC has not yet announced which candidates it will support in those states.
However, Matthew Siegel, head of digital asset research at investment firm VanEck, argues that the Biden administration is preventing widespread adoption of cryptocurrencies and that a Trump victory could give the industry a boost.
“The Biden administration doesn't want banks and brokers to touch digital assets,” Siegel said. Decryption last month. “With a new president, there will be even more support for this industry.”
The growing influence of crypto-asset holders as an electoral force has coincided with the surge in popularity of Bitcoin and other digital assets. Led by the launch of the first U.S. Bitcoin exchange-traded fund (ETF), the largest cryptocurrency reached an all-time high of more than $73,000 last month.
“Consistent demand pressure from the newly launched spot BTC ETF has pushed ‘digital gold’ above $70,000 for the first time in history,” Galaxy’s report said. “This month, mainstream adoption of Bitcoin gained further support on several fronts, including increased interest from major financial advisors and pension funds.”
However, the report notes that the impending “halving” of Bitcoin mining rewards next week – which has previously served as a catalyst for even bigger gains – is likely to be a looming halving, given that Bitcoin has hit new all-time highs ahead of the event. , warns that it may not have the same impact this cycle.
Still, now that the “dark cloud” of the criminal case against FTX founder Sam Bankman Fried is in the rearview mirror, Galaxy insists the crypto industry is poised for growth as the 2024 election approaches .
“We hope that by weeding out the bad actors, we provide a free path for brighter days to come in the digital asset space,” the report concludes.
Edited by Ryan Ozawa.
