As the 2024 U.S. Presidential election approaches, Bitcoin is becoming increasingly significant to voters, with a new survey by Grayscale revealing its rising prominence. With Joe Biden and Donald Trump likely to face off again, the role of Bitcoin in the election is drawing more attention.
Bitcoin's Increasing Influence
Grayscale's survey highlights that geopolitical tensions, concerns about the U.S. dollar, and inflation are contributing to Bitcoin's growing relevance. Nearly half of the voters, 47%, now include cryptocurrencies in their investment portfolios.
Impact of Regulatory Changes
Regulatory developments are also shaping voter attitudes. About one-third of respondents noted that the approval of a spot Bitcoin ETF had increased their interest in Bitcoin investments.
As of the survey's publication, Bitcoin was valued at around $67,800.
"As we near November, it's evident that policymakers and candidates across various offices will increasingly consider crypto as a significant factor in their campaigns," Grayscale stated.
Crypto: A Bipartisan Topic
Despite the contrasting views of Biden and Trump on cryptocurrencies, digital assets are emerging as a crucial issue in the upcoming election. Trump has shown support for cryptocurrencies, whereas Biden advocates for tighter regulation.
"I am very positive and open-minded towards cryptocurrency companies and the burgeoning industry," Trump posted on Truth Social. "Our country must lead in this field. There is no second place."
Conversely, Biden recently indicated he would veto a Congressional resolution aimed at overturning the SEC's controversial staff accounting bulletin, SAB 121. "Restricting the SEC’s capacity to maintain a robust financial regulatory framework for crypto-assets would introduce significant financial instability and market uncertainty," stated a letter from the Biden administration following the vote.
A Divisive Yet Bipartisan Issue
Grayscale's survey reveals that cryptocurrency is a bipartisan issue, with similar ownership rates among Republicans and Democrats. Republicans tend to prioritize economic issues, which may explain Trump's recent pro-crypto stance, while Democrats focus more on social issues.
With the election race between Trump and Biden expected to be close, each candidate's stance on digital assets could play a pivotal role in influencing voters as they head to the polls in November.
