For the crypto community, 2024 has been a monumental year full of ups and downs, but the pinnacle moment is yet to arrive, as United States will vote for its next president on November 5. Trade analysts are already speculating wild predictions for Bitcoin’s price that has already reached unprecedented heights touching $73,000 value this week.
Former President Donald Trump and opposing candidate VP Kamala Harris are both trying their best to woo the crypto community before the big day. An estimated 50 million voters in U.S. hold some form of cryptocurrencies and this elections, they are listening closely to the politicians, looking for the candidates who are fiercely pro-crypto.
Moreover, the historic approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the US represented important steps towards mainstream acceptability thereby creating a positive aura for the community. But there is still a lot of uncertainty over current crypto regulations and voters are closely monitoring which political party will live up to their promises.
One thing that is certain is that U.S. voters are highly likely to vote for a president whose views are of benefit to them and also the crypto community at large. If that is the case, then it means that a clear and effective currency policy will be a decisive element in securing votes in the U.S. 2024 election, and here is why!!
Why Crypto Matters in U.S. Elections 2024?
Increased Awareness and Interest in Cryptocurrency
The level of interest in cryptocurrency has expanded, which has been the most noticeable change in the past year. Grayscale’s recent surveys indicate that 53% of respondents are now aware of cryptocurrency, as compared to 47% figures being recorded in 2023.
Additionally, nearly a fifth of voters would be willing to consider investing in crypto again provided there are better-regulated markets, but at this time others do not as they are still assessing where their favorite candidates stand on critical issues such as privacy, security, and stability of the cryptos.
Hence for the candidates, it means that the regulation of crypto cannot be merely a financial or technological issue anymore—it has become electoral, and to some degree, favorable policies on crypto may help candidates win over this active segment of voters.
Crypto Regulation: A Potential Party Advantage
Voters choose to vote based on their beliefs of a party’s alignment with their ethos, and that also happens to be true for voters in this election too, and at this time Republicans are generally viewed more favorably than Democrats when it comes to crypto policies, especially so among crypto owners.
However, both parties have an opportunity to enhance their position. The research shows that a considerable fraction of the electorate is still undecided as to which party can regulate crypto best and presents an opening for center-ground candidates of both parties to recalibrate their propositions on crypto.
Turning to cryptocurrency regulation would also be more beneficial to candidates because it crosses the party divide. Financial privacy as well as security seem to be issues that appeal to both Democrats and Republicans voters, while issues centered on economic competitiveness and job creation through technological advancements appeal most to the youth. By dealing with these issues, candidates will broaden their scope of appeal.
Importance of Clear Crypto Regulation
One of the voter concerns engaging with cryptocurrency is the need for proper laws and regulations. A large number of American citizens think that the current financial infrastructure is obsolete and lacks transparency, especially in regards to new developments such as blockchain and decentralized finance (DeFi).
Even though voters recognize such benefits of crypto as faster payments, broader service availability and reduced reliance on traditional financial middlemen, there is also the need for restrictions.
In fact, Grayscale’s research indicated that nearly 80% of American voters believe that some controls in the form of regulation are necessary to manage new technologies to assist in the protection of investors and for the purposes of national security.
Those that have already placed their money in crypto are not put off by regulation; it is seen as the next stage for the growth of the market safely. More definitions, such as the one protecting investors from fraud and manipulation, could prevent problems from arising in the first place and create a healthier investment for present and potential consumers of crypto.
The electorate appreciates that well-formulated regulations could help stabilize the crypto market and offer it as a reasonable long-term investment option while relieving fears of excessive market fluctuations.
Conclusion
It is likely that clear and balanced cryptocurrency regulations will be a vote getter in favor of candidates in the 2024 elections. Candidates can win over the crypto-sensitive voters by convincing them that their Terran troubled elections were stolen over security, privacy, and innovation issues and in this way, present themselves as leaders who are ready to embrace a tech world.
Also Read: Bitcoin Breaks $71K Ahead of US Elections: Is This Best Time to Invest?