Ahead of the key 2024 US elections, Donald Trump has again tried to gain attention from the crypto community. According to Reuters, during a San Francisco event on Thursday, Republican presidential candidate Donald Trump portrayed himself as a supporter of cryptocurrencies and attacked Democratic plans to regulate the industry.
The remarks come at a very crucial time when millions of Americans are going to cast their vote for their preferred presidential candidate soon.
Is Donald Trump The Crypto President?
Trump has time and again tried to prove himself as a pro-crypto supporter. Over the past several years, Trump’s views on cryptocurrency have evolved. While he once referred to it as a “disaster waiting to happen” in 2021, he now supports it and has tens of millions of dollars in cryptocurrency.
His cryptocurrency holdings have increased as a result of his new pro-crypto position, reaching highs of over $33 million in early June. However, his crypto holdings currently stand at $21 million, giving a hint of a great plunge.
However, the opposite hasn’t been great either. As reported by Bankless Times earlier, the Biden administration hasn’t exactly been the crypto markets’ biggest fan. But, the administration is going to lose its fist in the upcoming 2024 presidential elections. Notable will be the influence of cryptocurrency voters in the next elections.
A few months back the Biden administration had ordered a survey to find out the electricity consumption done during Bitcoin mining. The move enraged many in the market, resulting in lawsuits, backlash, and disappointment. Eventually, the Biden administration had to take back the survey, though it left a sour taste in the minds of many.
Why Are Crypto Voters Important?
According to an analysis by Forbes, owners of cryptocurrencies are uniting to form a single voting bloc in 2024, unlike in 2020. Millions of these voters live in crucial swing states where the last presidential election was determined by the narrowest of margins. Many people think that cryptocurrencies will make or break their prospects of winning the elections, according to statistics from Morning Consult.
The rise of the cryptocurrency voter is directly associated with the expansion of cryptocurrencies as an asset class. These days, one in five Americans owns digital assets. 52 million people, precisely. The quantity is sufficient to alter the outcome of the elections.
Perhaps most surprising about this group is its political composition: according to survey data from Coinbase and Morning Consult, 22% of respondents who held Bitcoin identified as Democrats, 18% as Republicans, and 22% as Independents.
