News
09
May
us election

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Are cryptos a decisive theme in the US Presidential Election?

The US presidential election in November is one of the most watched events of the year. Republican Donald Trump and Democrat Joe Biden will face each other again, like four years ago. The elections are predicted to be an even fight, and the outcome will again be decided in so-called swing states.

At the moment, it seems that cryptos may even become the deciding theme of the election. The idea would have sounded absurd four years ago, but the situation is developing more and more in this direction – also in critical states. There are three clear reasons behind this:

  1. Actions of the SEC
  2. Donald Trump’s attitude towards cryptocurrencies
  3. Robert F. Kennedy Jr

We have reported on the SEC’s war on crypto several times. We published the previous news on the subject at the end of April. After a brief hiatus, the regulatory war has flared up in the United States. In the latest twist, the SEC has also attacked Robinhood, a platform preferred by small investors for buying stocks and cryptos.

In addition to Robinhood, the SEC has already targeted, e.g., Ripple, Binance, Paxos, Kraken, Coinbase, Uniswap, and MetaMask wallet developer Consensys.

The current government is trying to regulate the entire crypto sector to death in the US. If these decision-makers get a four-year extension, the aftermath could be devastating. This is how Ryan Selkis envisioned the subject in X.

The question is: has the Biden administration thought through its strategy? According to the latest research, up to 50 million Americans own cryptocurrencies, which means 20 percent of the adult population. The SEC’s attacks on the crypto sector are also a blow to this constituency.

Many swing state voters also own cryptocurrencies. According to a recent survey, almost a third of these voters are in favor of cryptos, and 40 percent consider them an important issue. That would mean 12 percent of swing state voters.

Of course, cryptocurrencies are not the kind of topic as defense, finance, pensions, etc. It’s about whether the “crypto voter” base is big enough and angry enough in states where it can swing the votes couple of percent in Trump’s direction.

Donald Trump has also changed his attitude to a crypto-positive one. He was not a supporter of cryptos in his 2016-2020 season, but now the situation is different. Trump stated in a recent interview that he is “fine with crypto.”

Trump has previously also published his own NFT collection and, according to the latest information, also accepts donations made in crypto to his campaign. Joe Biden hasn’t spoken a word about cryptos and certainly doesn’t understand the whole concept, so Trump wins the voters on his side in this matter one hundred and zero.

The third factor is Robert F. Kennedy Jr., who switched from the Democratic ranks to an independent candidate at the end of 2023. Kennedy has no business until the presidency, despite the famous name. However, he can gather crucial percentages of Biden’s votes in certain states.

Robert Kennedy has been profiled as a very pro-Bitcoin candidate. He has also been seen as a speaker at Bitcoin conferences.

The situation was very different four years ago. The number of crypto-investors in the United States was significantly lower, as most joined only after the boom of 2021. Donald Trump was also clearly anti-crypto during his 2016-2020 term. Now, the number of “crypto voters” is tens of millions larger, and Trump has profiled himself as a pro-crypto candidate.

The 2024 presidential election is likely to be a watershed for the future of the entire crypto sector in the United States. If the current administration gets another extension and succeeds in its attacks, the outcome could be bleak for cryptocurrencies. Such a policy can also have ripple effects on other countries, such as Europe.

AboutBitcoin Team

Hey! We're the AboutBitcoin squad, a team of crypto lovers who've been all about cryptocurrency since 2017. Every week, we drop the latest news and cool insights from the crypto world. Come hang with us as we dive into the crazy, ever-changing scene of cryptocurrencies – it's gonna be an awesome adventure!