Bitcoin’s relevance is increasing ahead of the 2024 U.S. Presidential election as Joe Biden and Donald Trump are expected to face off once more for the White House, according to a Tuesday survey by Grayscale.
According to Grayscale’s survey, Bitcoin’s spotlight is growing partly due to geopolitical tensions, U.S. dollar risks, and inflation. 47% of voters utilize crypto in their investment portfolios.
Grayscale Survey Shows Bitcoin Of Increasing Importance To Voters
Regulatory developments in the crypto industry also seem to be affecting voter perception, with nearly one in three claiming spot Bitcoin ETF approval made them more interested in investing in Bitcoin.
At the time of publication, Bitcoin was trading around $67,800.
NEW POLL: With US elections on the horizon, American voters’ feelings about #crypto are coming into focus. Here are some of the findings from @HarrisPoll’s latest longitudinal survey on behalf of @Grayscale. 1/5
Read the full report: https://t.co/d3mMEASVh9 pic.twitter.com/YrAf0LCBs2
— Grayscale (@Grayscale) May 28, 2024
“As we approach November, it seems clear that crypto will increasingly be considered by policymakers and candidates across all offices that are preparing to run for office in the 2024 election,” Grayscale said.
Crypto Is A Bipartisan Issue Despite Trump And Biden’s Differing Views
Crypto is quickly becoming a hot-button political topic, and digital assets are expected to play a major role in several key races in November.
Republican frontrunner Donald Trump largely embraced cryptocurrencies, while current U.S. President Joe Biden has pushed for increased regulation in the sector.
“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” Trump said in a recent Truth Social post. “Our country must be the leader in the field. There is no second place.”
Meanwhile, Biden announced earlier this month that he would veto a resolution passed by Congress that would effectively overturn the U.S. Securities and Exchange Commission’s (SEC) controversial staff accounting bulletin SAB 121.
“Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty,” a letter from the Biden administration stated shortly after the vote.
Despite the candidates’ differing views on digital assets, Grayscale’s latest findings show crypto is a bipartisan issue, with crypto ownership rates nearly equal among both Republicans and Democrats.
The survey found that Republicans are more likely to care about economic issues while Democrats are more interested in social causes, potentially explaining why Trump has recently leaned into crypto on the campaign trail.
With Trump and Biden neck-and-neck in the polls, each candidate’s approach to digital assets could be critical for voters as they head to the ballot box in November.
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