This text discusses the potential impact of cryptocurrencies on the upcoming U.S. elections, specifically focusing on former President Donald Trump’s newfound interest in crypto and the potential voting power of crypto holders.
As a political analyst, I would express it this way: Come November 5th, Americans will cast their votes to elect the next president of our country. The forthcoming elections are projected to be closely contested, given the deepening divide among voters and historically low voter turnout rates.
As the date of the election approaches, presidential hopefuls are making efforts to win over voters by promising them a better tomorrow.
Now, cryptocurrency has been caught up in the mix.
As a researcher studying the developments in the crypto industry, I’ve noticed a shift in Former President Donald Trump’s stance towards cryptocurrencies. He now appears to be more open and supportive, expressing optimism for a prosperous future of this sector within the US economy.
It’s an intriguing question: Has Trump genuinely adopted a pro-Bitcoin stance, or is he simply using the cryptocurrency issue to fuel political controversy and win over voters before the upcoming elections?
Trump’s opinion on crypto changes
Throughout his tenure as president, Trump frequently expressed skepticism towards cryptocurrencies. Using language commonly found among political figures, he described cryptos as having no tangible value, being “mere numbers on a screen,” and associated them with illegal transactions such as drug trafficking.
However, as the 2024 elections approach, Trump has shifted his narrative.
On May 8, at a gathering for his nonfungible token (NFT) owners at Mar-a-Lago in Florida, he shocked the crypto world by leveling allegations of collusion between President Joe Biden and SEC Chairman Gary Gensler against cryptocurrencies. Simultaneously, he positioned himself as the preferred choice for pro-crypto voters with his presidential candidacy.
BREAKING: DONALD TRUMP IS FINE WITH CRYPTO
— Frank (33.3%) (@frankdegods) May 9, 2024
Crypto community criticizes Biden’s policy
Trump’s latest announcement of supporting cryptocurrencies comes in response to the Biden administration’s warning that they will veto the H.J.Res. 109 SEC crypto legislation. This proposed bill would enable US-supervised financial entities to securely hold digital currencies.
Charlemagne Hoskinson, a notable figure in the cryptocurrency world and the co-founder of Ethereum and Cardano, has voiced his backing for the bill. He criticized the Biden administration for allegedly causing harm to the industry in various ways.
Biden and Crypto
— Charles Hoskinson (@IOHK_Charles) May 8, 2024
In a recent statement, Hoskinson expressed that the Trump administration largely disregarded the cryptocurrency sector, whereas the Biden administration has taken a proactive approach aimed at curbing the growth of cryptocurrencies.
“A vote for Biden is a vote against the American cryptocurrency industry.”
According to Ryan Selkis, the founder and CEO of Messari, if President Biden is re-elected, the cryptocurrency sector may encounter a wave of unfavorable regulations.
I’ve noticed the crypto community expressing displeasure with the Biden administration, and Trump has seized upon this issue by stating that “the crypto industry is leaving the U.S. due to unfavorable attitudes towards cryptocurrencies.” To prevent this exodus of the crypto sector from the United States, Trump advocates for a more welcoming approach, saying “we need to allow them to stay here.”
Does Trump actually care about crypto?
In the cryptocurrency world, there are those who have publicly expressed their support for Trump, while others remain skeptical regarding his true intentions.
Monica Taher, a previous tech and business innovation leader for El Salvador’s administration, shared her perspective with CryptoMoon, expressing concern that certain politicans are exploiting the crypto trend to boost their image and be perceived as trailblazers.
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I’ve observed Trump’s actions and can’t help but see him as a prime example of seizing opportunities when it suits him. Previously, he was openly critical of cryptocurrencies. However, with financial hardships reportedly mounting, Trump has now embraced the digital currency trend by accepting donations in this form. This shift was confirmed during his NFT holder event.
Trump’s campaign has been experiencing significant financial losses as they work to defend the former president against 91 criminal charges in two state courts and two federal districts. Cryptocurrency could offer a potential solution for this cash-strapped campaign to acquire fresh financing.
Andrew M. Bailey, a co-author of “Resistance Money” and a fellow at the Bitcoin Policy Institute, shared with CryptoMoon his perspective that Donald Trump has adopted a reactive stance towards the cryptocurrency industry in response to Senator Elizabeth Warren’s and the Biden administration’s hostile approach.
Bailey remarked that Trump’s pro-crypto stance aligns with his past pattern of expressing support for cryptocurrencies, pledging to encourage innovation, but ultimately taking no concrete actions. Nevertheless, he speculated that this attempt to win crypto supporters, despite its ambiguity, could still be successful, regardless of its insincere or unclear nature.
As a seasoned crypto investor with a background in political work, I strongly recommend putting your trust only in individuals who genuinely dedicate themselves to informing and educating their communities about the intricacies of this new monetary system. The key lies in prioritizing financial inclusion over empty marketing tactics.
Crypto holder’s votes could be relevant in swing states
As a crypto investor, I can say that regardless of the reasons, former President Trump might discover a new segment of supporters in the near future.
According to a survey conducted by Paradigm on March 14, approximately one in five registered American voters can claim ownership of cryptocurrencies. This substantial figure debunks the notion that this sector represents a minority or obscure segment of the population.
As an analyst, I’ve examined Paradigm’s latest poll findings, and I can tell you that among crypto holders, there seems to be a shift in political allegiance. In contrast to the 2020 election where 39% of these respondents voted for Trump, a larger proportion, specifically 48%, now express their support for him in the 2024 presidential race.
In the so-called “swing states” where the election result is still undecided, this could be a decisive factor.
In the fiercely contested arena of elections, swing states attract substantial focus and investment from political parties due to their ability to sway the outcome of the election. (Paradigm observes)
“This data collectively shows that crypto owners are themselves a swing vote demographic, one that could be decisive if the election is yet another razor-thin race.”
In collaboration with The Harris Poll, Digital Currency Group (DCG) released a survey on May 7 with the title “Crypto Opinions in Select US States: A Study of Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona.”
In the recent study, a strong intent to participate in the forthcoming elections was evident as 93% of the respondents declared their voting plans. This significant finding is noteworthy given the historical context of low voter turnout rates in this country. Moreover, 74% of these engaged individuals identified themselves as politically active.
Approximately half of these voters lean towards the Republican party (43%), while slightly over half favor the Democratic party (45%).
While crypto is a significant topic in the upcoming election, it’s important to note that there are other crucial issues at stake as well. As for the role of a presidential candidate’s stance on crypto in securing their victory, it could certainly be a factor, particularly given the growing importance of this technology in our economy and society.
Based on the results of the DGC survey, approximately one quarter (26%) of the participants indicated that they take notice of a political candidate’s standpoint on cryptocurrency. Meanwhile, around one fifth (21%) of the respondents consider crypto as a substantial concern when preparing for the upcoming election.
The attitudes of respondents towards cryptocurrencies can largely be explained by their fear of overregulation: 55% of them expressed worry that stringent regulatory measures may hinder the advancement of this field. As reported by CryptoMoon, venture capitalist Tim Draper shared similar sentiments.
“America was known for freedom, and now we are known for inconsistent, unfair, abusive regulation.”
Overwhelmingly, 83% of respondents wished legislators understood crypto before regulating it.
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Draper shared the same worry, casting doubt on regulators’ understanding of the subject matter and maintaining that “many of those attempting to regulate cryptocurrency don’t personally use a digital wallet for this digital currency.”
The November elections are approximately half a year off, providing ample opportunity for candidates to shift their stances or for any legal issues concerning Donald Trump to escalate further.
if Trump aims to garner a significant voting bloc of cryptocurrency owners, he must persuade this group that he genuinely supports their cause. One effective method would be to propose clear-cut strategies or policies regarding cryptocurrencies.
Otherwise, it could become merely one more politician’s empty promise.
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2024-05-15 16:14