The forthcoming US 2024 elections have sparked intense interest and anticipation across the nation, serving as a pivotal moment in shaping America’s future. Intriguingly, the political landscape is intersecting with the decentralized world of cryptocurrency, giving rise to an intriguing fusion of technology and finance. This unique merger has captured the attention of both political enthusiasts and blockchain advocates alike.
The Interplay of US Politics and Crypto
The relationship between the US government, its governing bodies, and crypto has been fraught with tension. However, these entities play a crucial role in shaping policies related to the voting period. The upcoming presidential race between Trump and Biden brings unique perspectives and plans regarding Bitcoin and the broader crypto ecosystem.
The ‘Dance of Death’ between US Politics and Crypto
The term ‘dance of death’ or ‘performance dance’ signifies the intense, confrontational nature of interactions between adversaries. Historically, this term has been used to describe physical confrontations or metaphorical struggles between opposing forces. In the contemporary context, the pas de deux of conflict is between crypto and US politics.
Crypto’s Impact on US Voter Demographics
While the mainstream media primarily focuses on the November general election race, significant structural developments are unfolding beneath the surface. One such development is the growing awareness of cryptocurrency among American voters. They are not only buying and holding crypto but also recognizing its worth.
According to a report from Paradigm, cryptocurrency is becoming an attractive alternative for individuals who have been left behind by traditional financial institutions. With 69% of Americans expressing dissatisfaction with the current financial system, many are turning to decentralized currencies that offer individuals more control instead of relying on giant banks.
Crypto Ownership Among US Voters: A Hidden Force
Based on available data, 45% of registered voters are intending to vote for Trump, while 42% are supporting Biden. However, an analysis of crypto ownership among these voters reveals a more significant hidden force. According to the report from Paradigm and the recent Morning Consult survey, 48% of cryptocurrency owners intend to vote for Trump, while 39% favor Biden. These numbers are not insignificant.
Furthermore, 19% of American registered voters have purchased crypto, with 18% and 19% being Republicans and Democrats, respectively. The report from Paradigm suggests that cryptocurrency owners make up a larger portion of the electorate than officials realize – a fifth of the population is not a small subset.
The Political Influence of Crypto: Data and Insights
As crypto-focused political donors and super PACs ramp up their spending, recent weeks have seen significant investments in advertising and airtime by Fairshake, a crypto-focused super PAC. The group spent over $10.1 million against Rep. Katie Porter in California’s US Senate open primary, according to FEC filings.
While there is no clear political division among crypto owners, data from Paradigm and the Defend American Jobs super PAC reveals that Republican-focused campaigns have been the most successful recipients of crypto super PAC funding. The group spent nearly $4 million in recent weeks to support four Republicans.
Crypto ownership is particularly high among communities of color and the younger demographic. 32%-33% of Hispanics and African Americans, respectively, own, trade, or utilize cryptocurrencies.
The growing awareness and adoption of cryptocurrencies among American voters will undoubtedly influence policymakers’ perspectives on the issue. Younger and nonwhite voters, in particular, are expressing concerns about how policymakers will view decentralized currencies.
“I’ve seen it suggested that saying 20% of voters own crypto is misleading because they likely nearly all only own a token amount of it,” Paradigm policy director Justin Slaughter wrote on Twitter. “Well, we polled ownership size too.”
