Anyone who has been following the trajectory of the crypto industry will tell you that over the years, it has not only become more financially powerful but socially as well. A few years ago, business and political leaders from all over were constantly taking shots at the crypto sector and calling it a scam.
Now, crypto assets are being used by some of the biggest companies in the world and are more visible than ever. This, along with its increased financial backing, means that it cannot be as easily dismissed. It is based on this that Grayscale has noted its relevance to the upcoming US Presidential elections.
Crypto’s Big Role
In a recent blog post, Grayscale revealed that it conducted a survey from April 30 to May 2, 2024, where it collected data from, 1,768 adults who are voting in the upcoming US elections. From this survey, it found that cryptocurrency is a growing concern among voters as more of them are investing in digital assets or plan to do so.
As per the results, 32% of respondents are already investing in crypto or are open to doing so. The number of respondents who believe crypto is a solid long-term investment opportunity has also gone up, rising from 19% in November 2023 to 23% at the time of the survey.
It is worth noting that between these times, crypto has seen several major wins. Both Bitcoin and Ether have been approved for spot ETFs in the United States, with the former even reaching a new all-time price high.
In response to this, many consumers have been investing in new and established tokens. As Kane Pepi writes, many are on the lookout for the next 1000x crypto to add to their portfolios. Because of these increased investments, more voters are prioritizing the future of the crypto industry as the elections draw nearer. So far, Grayscale notes, voters do not see any single party as the pro-crypto side just yet and instead, view it as a more bipartisan issue.
“Although Trump is embracing crypto more on the campaign trail, data shows that crypto is a bipartisan issue, with similar ownership rates among Republicans (18%) and Democrats (19%),” the blog post notes.
This perception, however, could very well change ahead of November, especially with the current steps being taken by the Trump camp.
Trump’s Big Plans For Crypto
Donald Trump’s presidential campaign has, so far, been as newsworthy as one would expect. One aspect that has stood out, however, has been the inclusion of crypto. The former president has been both a blockchain critic and lover, calling Bitcoin a scam years ago but also launching his own NFT collection.
This coincided with cryptocurrency being used not just for investment but domestically as well. For example, there has been a growing use of crypto in the gambling space. Thanks to the benefits it offers, such as increased profit and greater privacy, more people are flocking to it. A consumer may use a crypto casino that is more traditional or even opt for an anonymous casino. The Trump team likely saw this shift and slowly began moving more into the digital asset space.
But this election cycle, he has gone full throttle, declaring himself the candidate for the crypto industry and publicly calling out the current administration for its lack of support. It should be noted that the Trump campaign currently takes donations in crypto, becoming the first US presidential campaign to do so.
While respondents to the Grayscale survey are still torn on which party will favor their crypto interests, Donald Trump seems to be currying most of the favor from the industry. Besides having crypto entrepreneurs attend his fundraising events, he has been publicly endorsed by the Winklevoss twins, who are the founders of the crypto exchange Gemini.
Besides the endorsement, the two even donated a million dollars in crypto to Trump’s campaign, though it was refunded due to technicalities with federal law. Despite this, Trump’s efforts to brand himself as a crypto savior continue.
Conclusion
Between the last US election cycle and this one, it is clear that cryptocurrency has more financial, political, and social currency than before. This is evidenced by the fact that major presidential candidates are seeking the industry’s support and voters are considering the industry more in relation to their voting choices.
The study from Grayscale implies that by the next election cycle, crypto might be an even bigger player than it is now. This is ultimately beneficial as it could spell more beneficial laws being put in place, more global visibility, and more financial success for industry stakeholders.
