April 14, 2024
Crypto NFT Today: Latest News in Blockchain, Cryptocurrency and NFT – January Week 4 – Innovation & Tech Today


Welcome to another edition of Crypto NFT Today! The past two weeks have certainly been full of events worth knowing about that will be turning points for the future of blockchain, cryptocurrencies, and NFTs.

In this week’s edition of Crypto NFT Today, we’ll focus on the role digital assets play in the 2024 presidential election.

Cryptocurrencies in the political landscape

A focal point is emerging in American politics that transcends party lines and has the potential to unite millions of voters: cryptocurrencies.

Unlike 2020, crypto holders are uniting into a cohesive voting block in 2024. This bloc, comprising millions of voters in key swing states, wields significant influence in determining election outcomes.

Statistics on the importance of crypto among voters

The majority of the previous Bitcoin bull run occurred after the 2020 presidential election, which led to the emergence of a new class of millionaires and a large community of crypto voters. Currently, one in five Americans own digital assets worth 52 million. Notably, this demographic is politically diverse, with 22% identifying as Democrat, 18% as Republican, and 22% as independent. Additionally, 60% belong to Gen Z or Millennials, and 41% are minorities.

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A plaid survey highlights that 46% of black Americans and 44% of Hispanic Americans find cryptocurrencies more accessible than traditional finance. This trend, confirmed by data from the Fed and Pew Research Center, makes crypto a major concern for Black and Hispanic voters, a key demographic in the 2024 presidential election.

Swing states such as New Hampshire, Nevada, Ohio, and Pennsylvania often determine election outcomes. Morning Consult’s survey in these states shows that about 18% of voters (3.4 million people) own digital assets, and a staggering 55% of them are less likely to vote for candidates who oppose crypto values. Will be interested.

Positions of election candidates regarding cryptocurrencies

Despite the obvious political benefits of supporting 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. Trump, on the other hand, has shown some signs of softening his stance, while expressing skepticism in the past, as seen in reports of his association with NFTs and cryptocurrency ownership.

By supporting Bitcoin and decentralization values, Trump could potentially attract crypto-supporting Democrats and independents who might otherwise have voted for Biden. This could be a strategic move to win back the swing states where crypto holds substantial importance.

The Democrats defeated Robert F. Kennedy Jr. has been seen as committed to advocating for the rights of all Americans to access, conserve, and mine Bitcoin, while avoiding undue government scrutiny. Elizabeth Warren, on the other hand, acknowledged the importance of crypto as a force to be reckoned with, promising to assemble an “anti-crypto army.”

The disproportionate focus of the press on Bitcoin and cryptocurrencies is another factor pushing politicians to take a clear position on crypto policy, as it significantly boosts their public image. Examples include Senator JD Vance winning his 2022 term by presenting himself as a pro-Bitcoin candidate and raising questions about Bitcoin during a public debate in the 2022 New York gubernatorial race, an unprecedented topic in previous elections.

Source: innotechtoday.com

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