The recognition of cryptocurrencies continues to rise, and US presidential candidates more and more strive to attraction to the rising variety of crypto-savvy voters. With thousands and thousands of Americans now investing in digital belongings, the political panorama is shifting to accommodate this new wave of curiosity.
As the 2024 US presidential election approaches, varied candidates have shared their views and actions on digital belongings and blockchain know-how.
The Rise of Crypto Voters in America
GMI PAC, a crypto-focused political motion committee, was established in January 2022. Its title, “GMI,” stands for the favored crypto slang “gonna make it.” As a part of its efforts to gauge the importance of crypto to voters within the US, the PAC commissioned a ballot.
The ballot’s findings reveal that 44% of US voters personal or contemplate proudly owning digital belongings. This means that the citizens is starting to take an curiosity in crypto coverage points. Of these voters, 17% already personal crypto, making them a extremely aggressive group that each Democrats and Republicans have been concentrating on in current elections.
The core group of crypto voters primarily consists of younger males beneath the age of 55, representing 58%. Furthermore, one-third of crypto-owning voters are individuals of shade.
Interestingly, the ballot discovered that crypto voters don’t overwhelmingly lean towards one political celebration. This signifies that each Democrats and Republicans have a possibility to win their assist.
Cryptocurrency possession spans the political spectrum, with 18% of Democrats, 16% of independents, and 16% of Republicans at present proudly owning digital belongings. As such, presidential candidates can’t afford to ignore this important voting bloc.
Presidential Candidates Courting Crypto Voters in High-Stakes Race
Donald Trump
Former President Donald Trump was initially skeptical of cryptocurrencies, expressing issues about their volatility, potential for facilitating unlawful actions, and competitors with the US greenback. In 2019, Trump claimed he was “not a fan” of Bitcoin and different cryptos and criticized Facebook’s Libra challenge.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” mentioned Trump.
Despite his earlier reservations, Trump has just lately modified his coronary heart towards crypto. In December 2022, the previous president introduced the launch of his personal NFT assortment. This shift in perspective means that Trump has turn out to be extra open to the potential advantages of digital belongings and blockchain know-how.
Trump’s entry into the NFT area signifies his assist for crypto innovation and the rising significance of digital belongings within the international economic system. His involvement within the trade may doubtlessly affect his future coverage positions and encourage a extra favorable stance.
While Trump has not explicitly mentioned his place on crypto regulation, his previous statements relating to the dangers related to digital belongings counsel that he’s possible to assist measures geared toward defending shoppers and buyers and addressing potential unlawful actions facilitated by crypto.
Ron DeSantis
Florida Governor Ron DeSantis has proactively created a crypto-friendly surroundings in his state. In June 2021, he signed a invoice that established a regulatory framework for digital currencies, making Florida one of the crypto-friendly states within the US.
DeSantis sees the potential for blockchain know-how to revolutionize varied sectors, together with finance, provide chain administration, and healthcare. He helps adopting blockchain options nationwide and has inspired companies to discover its potential purposes whereas condemning the concept of a Central Bank Digital Currency (CBDC).
“I think what the danger of the digital currency is that, one, they want to make that the sole currency, they want to get rid of crypto. They don’t like crypto because they can’t control crypto. So they want to put everything in a central bank digital currency,” mentioned DeSantis.
Under DeSantis’s management, Florida has attracted quite a few cryptocurrency and blockchain firms, contributing to the state’s financial development and creating new job alternatives. He has positioned Florida as an innovation hub, drawing in entrepreneurs and startups nationwide.
DeSantis acknowledges the significance of training the general public about crypto and its underlying know-how. He additionally helps initiatives to improve consciousness and understanding of digital belongings and their potential influence on society and the economic system.
Robert F. Kennedy, Jr.
Robert F. Kennedy, Jr., has proven a eager curiosity in blockchain know-how. Especially for its potential purposes in varied sectors, together with environmental conservation. Kennedy is a robust proponent of decentralization and believes blockchain know-how can play a task in empowering people by curbing reliance on centralized establishments.
He has urged the federal government to promote the event of decentralized options and undertake a regulatory method that fosters innovation and protects shoppers.
“Cryptocurrencies, led by Bitcoin, along with other crypto technologies, are a major innovation engine. It is a mistake for the US government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” mentioned Kennedy.
The Democratic White House contender has voiced issues over the environmental influence of crypto mining. Particularly relating to the excessive vitality consumption related to proof-of-work algorithms. He has known as for adopting renewable vitality sources to energy crypto mining operations. The aim is to cut back their carbon footprint and assist sustainable improvement.
“Yes, energy use is a concern (though somewhat overstated), but Bitcoin mining uses about the same as video games and no one is calling for a ban on those. The environmental argument is a selective pretext to suppress anything that threatens elite power structures,” affirmed Kennedy.
While recognizing the potential advantages of cryptocurrencies, Kennedy stays cautious in regards to the dangers concerned. He emphasizes the significance of shopper safety. Additionally, Kennedy advocates for stronger regulatory measures to forestall fraud and defend buyers from dangerous actors within the trade.
Ted Cruz
Ted Cruz has been a vocal supporter of cryptocurrencies and their potential for fostering financial development and monetary inclusion. The US Senator just lately expressed his enthusiasm for Bitcoin, stating that it has “a lot of potential” and urging the US to lead in growing digital belongings.
Cruz has criticized extreme regulation within the cryptocurrency area, arguing that it may stifle innovation and hinder the trade’s development. He believes the federal government ought to undertake a “light touch” method. Thus, permitting companies and entrepreneurs to thrive with out being slowed down by pointless bureaucratic constraints.
“Cryptocurrency is generating new jobs, encouraging entrepreneurs to invent new values and creating new hedges against inflation, and presenting new opportunities. It is also increasingly being used as a secure form of payment for goods and services. This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill,” mentioned Cruz.
The Republican presidential candidate has advocated for the crypto trade’s development in his residence state of Texas. In March, he co-sponsored a invoice to set up a regulatory sandbox within the state. It offered a supportive surroundings for crypto and blockchain startups to innovate and develop new services.
“The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it,” concluded Senator Cruz.
While supportive of the crypto trade, Cruz acknowledges the dangers of investing in digital belongings. He encourages accountable investing and urges buyers to educate themselves about cryptocurrencies’ potential dangers and rewards earlier than diving in.
The Choice Is Yours
As the affect of crypto continues to develop, US presidential candidates more and more acknowledge the significance of interesting to crypto voters.
Each candidate mentioned has proven various ranges of assist for digital belongings and blockchain know-how. Some advocate for better regulatory readability whereas others assist innovation and monetary inclusion. Meanwhile, a number of even embrace the trade by launching their very own crypto ventures.
As the 2024 election approaches, it stays to be seen how these positions will evolve and the way they may form the way forward for crypto coverage within the United States.
Disclaimer
Following the Trust Project tips, this function article presents opinions and views from trade specialists or people. BeInCrypto is devoted to clear reporting, however the views expressed on this article don’t essentially mirror these of BeInCrypto or its workers. Readers ought to confirm info independently and seek the advice of with knowledgeable earlier than making choices based mostly on this content material.