NFTs
Crypto NFT Today: Week January 4
Welcome to another edition of NFT Crypto Today! The last two weeks have been full of unmissable events that will define points for the future of blockchain, cryptocurrency and NFTs.
In this week’s edition of Crypto NFT Today, we will focus on the role digital assets will play in the 2024 presidential election.
Cryptocurrency on the political scene
A focal point is emerging in American politics, bigger than party lines and with the potential to mobilize millions of voters: cryptocurrency.
In contrast to 2020, cryptocurrency holders are uniting into a cohesive voting bloc in 2024. This bloc, comprising millions of voters in crucial swing states, has significant influence in determining election results.
Statistics on the importance of crypto among voters
Most of Bitcoin’s Latest Bull Run occurred after 2020 presidential election, giving rise to a new class of millionaires and a substantial community of crypto voters. Currently, one in five Americans has digital assets, totaling 52 million people. Notably, this demographic is politically diverse, with 22% identifying as Democrats, 18% as Republicans, and 22% as Independents. Furthermore, 60% belong to Generation Z or Millennials and 41% are minorities.
A Chess Search highlights that 46% of Black Americans and 44% of Hispanic Americans consider cryptocurrencies to be more accessible than traditional finance. This trend, confirmed by data from the Fed and the Pew Research Center, positions encryption as a key concern for Black and Hispanic voters, crucial demographics in the 2024 presidential election.
Swing states like New Hampshire, Nevada, Ohio and Pennsylvania often determine election results. Morning Consult Poll in these states reveals that approximately 18% of voters (3.4 million people) own digital assets, and a surprising 55% of them would be less inclined to vote for candidates who oppose crypto values.
Electoral candidates’ positions regarding cryptocurrency
Despite the obvious political advantages From endorsing Bitcoin and crypto, 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, although he has expressed skepticism in the past, has shown some signs of softening his stance, as can be seen in his involvement with NFTs and reports on cryptocurrency ownership.
By championing Bitcoin and decentralization values, Trump could potentially attract pro-cryptocurrency Democrats and independents who would otherwise have voted for Biden. This could be a strategic move to win back swing states where encryption has substantial importance.
The Democrats saw Robert F. Kennedy Jr.. commit to defending the rights of all Americans to use, custody, and mine Bitcoin while avoiding unwarranted government scrutiny. On the other hand, Elizabeth Warrenwhile promising to assemble an “anti-crypto army”, it recognizes the importance of cryptography as a force to be reckoned with.
The disproportionate press attention to Bitcoin and cryptocurrencies is another factor that leads politicians to take clear stances on crypto policy, as it significantly boosts their public image. Examples include Senator JD Vance’s victory in his 2022 term by positioning himself as a pro-Bitcoin candidate and the 2022 New York governor’s race featuring questions about Bitcoin during public debates, an unprecedented topic in previous elections.