by The popularity of cryptocurrencies continues to grow, and US presidential candidates are increasingly trying to appeal to the growing number of cryptocurrency-savvy voters. With millions of Americans now investing in digital assets, the political landscape is shifting to accommodate this new wave of interest.
As the 2024 US presidential election approaches, various candidates shared their views and actions on digital assets and blockchain technology.
Cryptocurrency Voter Growth in America
GMI PAC, a political action committee focused on cryptocurrencies, was created in January 2022. Its name “GMI” stands for popular crypto slang for “we’ll do it.” As part of its efforts to gauge the importance of cryptocurrencies to U.S. voters, PAC commissioned a survey.
Survey results show that 44% of US voters own or are considering owning digital assets. This suggests that the electorate is starting to take an interest in crypto policy issues. Of these voters, 17% already own cryptocurrencies, making them a highly competitive group targeted by both Democrats and Republicans in the last election.
The core group of crypto voters consists mainly of young men under the age of 55, accounting for 58%. Moreover, one-third of cryptocurrency voters are people of color.
Interestingly, the survey found that cryptocurrency voters do not overwhelmingly lean towards one political party. This means that both Democrats and Republicans have a chance to win their support.
Cryptocurrency ownership spans the political spectrum, with 18% of Democrats, 16% of Independents and 16% of Republicans now owning digital assets. As such, presidential candidates cannot afford to ignore this significant electoral bloc.
Presidential candidates court cryptocurrency voters in a high-stakes race
Donald Trump
Former President Donald Trump was initially skeptical of cryptocurrencies, expressing concerns about their volatility, potential to facilitate illicit activities, and competition with the US dollar. In 2019, Trump claimed he was “not a fan” of Bitcoin and other cryptocurrencies and criticized Facebook’s Libra project.
“I am not a fan of Bitcoin and other cryptocurrencies that are not money and whose value is very volatile and based on nothing. Unregulated crypto assets can facilitate unlawful behavior, including drug trafficking and other illicit activities. he said trump
Despite earlier reservations, Trump has recently turned his heart towards cryptocurrencies. In December 2022, the former CEO announced the launch of his own NFT collection. This shift in attitude suggests Trump has become more receptive to the potential benefits of digital assets and blockchain technology.
Trump’s entry into the NFT space demonstrates his support for crypto innovation and the growing importance of digital assets in the global economy. His involvement in the industry could potentially influence his future political stance and encourage a more favorable stance.
While Trump has not explicitly discussed his stance on cryptocurrency regulation, his previous statements regarding the risks of digital assets suggest he is likely to support measures to protect consumers and investors and address potential illegal activities facilitated by cryptocurrencies.
Ron DeSantis
Florida Governor Ron DeSantis has proactively created a cryptocurrency-friendly environment in his state. In June 2021, he signed a bill that established a regulatory framework for digital currencies, making Florida one of the most cryptocurrency-friendly states in the US.
DeSantis sees the potential of blockchain technology to revolutionize various sectors, including finance, supply chain management and healthcare. He supports the implementation of blockchain solutions across the country and encourages companies to explore its potential applications, while condemning the idea of a central bank digital currency (CBDC).
“I think the danger of digital currency is that first of all they want to make it the only currency, they want to get rid of crypto. They don’t like cryptocurrencies because they can’t control them. So they want to put everything in the central bank’s digital currency,” DeSantis said.
Under DeSantis’s leadership, Florida attracted many cryptocurrency and blockchain companies, contributing to the state’s economic growth and job creation. It has positioned Florida as a hub for innovation, attracting entrepreneurs and start-ups from across the country.
DeSantis recognizes the importance of educating the public about cryptography and the underlying technology. It also supports initiatives to increase awareness and understanding of digital resources and their potential impact on society and the economy.
Robert F. Kennedy Jr.
Robert F. Kennedy Jr. showed a keen interest in blockchain technology. Especially due to the potential applications in various sectors, including environmental protection. Kennedy is a strong advocate of decentralization and believes that blockchain technology can play a role in empowering individuals by reducing reliance on centralized institutions.
He called on the government to promote the development of decentralized solutions and adopt a regulatory approach that fosters innovation and protects consumers.
“Cryptocurrencies, led by Bitcoin, along with other cryptographic technologies, are a major driver of innovation. The mistake of the US government is to limit industry and direct innovation elsewhere. Biden’s Proposed 30% Tax on Cryptocurrency Mining Is a Bad Idea he said Kennedy.
The Democratic candidate for the White House expressed concern about the environmental impact of cryptocurrency mining. Especially with regard to the high power consumption associated with proof-of-work algorithms. He called for the adoption of renewable energy sources to power cryptocurrency mining operations. The goal is to reduce their carbon footprint and support sustainable development.
“Yes, power consumption is an issue (albeit a bit exaggerated), but bitcoin mining uses more or less the same as video games and no one is calling for them to be banned. The environmental argument is a selective excuse to suppress anything that threatens elite power structures.” he confirmed Kennedy.
While recognizing the potential benefits of cryptocurrencies, Kennedy remains cautious about the risks involved. It emphasizes the importance of consumer protection. In addition, Kennedy advocates stronger regulatory measures to prevent fraud and protect investors from bad actors in the industry.
Ted Cruz
Ted Cruz has been a vocal proponent of cryptocurrencies and their potential to support economic growth and financial inclusion. A US senator recently expressed his enthusiasm for Bitcoin, stating that it has “high potential” and calling on the US to lead the way in developing digital assets.
Cruz criticized over-regulation in the cryptocurrency space, arguing that it could stifle innovation and stunt the industry’s growth. He believes the government should adopt a “light touch” approach. In this way, it allows companies and entrepreneurs to develop without getting bogged down in unnecessary bureaucratic restrictions.
“Cryptocurrencies generate new jobs, encourage entrepreneurs to invent new values and create new hedges against inflation, and create new opportunities. It is also increasingly used as a secure form of payment for goods and services. That’s why we here at the U.S. Capitol should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit the Capitol,” Cruz said.
The Republican presidential candidate has advocated the development of the crypto industry in his home state of Texas. In March, he co-sponsored a bill to create a regulatory sandbox in the state. It has provided a supportive environment for cryptocurrency and blockchain startups to innovate and develop new products and services.
“The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in ensuring that a large government does not try to centralize or control the cryptocurrency and instead allows it to thrive in the United States. We should empower entrepreneurs, enable innovation, and enhance individual freedom, not suppress it,” concluded Senator Cruz.
By supporting the crypto industry, Cruz is aware of the risks involved in investing in digital assets. It encourages responsible investing and encourages investors to familiarize themselves with the potential risks and benefits of cryptocurrencies before diving in.
The choice is yours
As the influence of crypto continues to grow, US presidential candidates are increasingly recognizing the importance of appealing to crypto voters.
Each of the candidates discussed showed different levels of support for digital assets and blockchain technology. Some advocate greater regulatory clarity, while others support innovation and financial inclusion. Meanwhile, some are even covering the industry by launching their own crypto ventures.
As the 2024 election approaches, it remains to be seen how these positions will evolve and how they could shape the future of crypto politics in the United States.
Reservation
In line with Trust Project guidelines, this article contains the views and perspectives of industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its employees. Readers should self-verify the information and consult a professional before making a decision based on this content.
