Recent data from a Paradigm poll reveals that 48% of US crypto owners are leaning towards Donald Trump in the upcoming presidential race, with 39% favoring Joe Biden and 13% still undecided.
This is a change from the 2020 election, where 43% of owners recalled voting for Biden and 39% for Trump.
How Crypto Could Swing US Elections
Around 19% of voters hold or plan to invest in cryptocurrency, and around 11 million registered voters own more than $1000 worth of cryptocurrency. A little over a quarter of undergraduates, who comprised a notable portion of Trump’s voter base in the primaries, also own crypto. Therefore, new and old crypto supporters could be crucial in the 2024 elections.
This pivot towards Trump among crypto investors may be due to several factors. The Biden Administration’s regulatory actions against certain crypto companies and activities may have alienated some investors.
The US Treasury Department recently chastened crypto exchange Binance for its lax money laundering controls, while the US Securities and Exchange Commission’s (SEC) crypto case, Ripple vs SEC, occurred during Biden’s watch.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
However, former White House Director of Communications Anthony Scaramucci thinks that Joe Biden can impact Bitcoin and financial markets in a more positive way. His upholding traditional hierarchical societal structures is good for crypto, the SkyBridge Capital CEO said. Scaramucci served for 11 days during Trump’s previous term.
Trump’s administration’s proposed support for Bitcoin and crypto has been refreshing for US crypto investors, perhaps contributing to the surge in undergraduate constituents. His new sneakers, which could be bought with digital currencies, convinced him of the size of the crypto market.
“There has been a lot of use of [Bitcoin and cryptocurrencies] and I’m not sure I want to take them away at this point,” Trump said.
Trump has been a notable critic of the Federal Reserve and promised to replace Jerome Powell as Chair. This could suggest a policy shift to more favorable cryptocurrencies. Higher bond yields under Trump’s administration could also make Bitcoin an attractive hedge against economic instability.
Read more: What Is Fiat Currency? How Does It Differ From Cryptocurrency?
The former US president’s well-documented tirade against Central Bank Digital Currencies (CBDCs) may also be good for Bitcoin. Trump previously said he would never allow a CBDC if elected president. BeInCrypto contacted the presidential candidate on X (formerly Twitter) for comment but did not hear back at press time.
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