The upcoming US elections will have a huge impact on financial markets going forward. The tug-of-war between economic policies and the outlook of the markets has been a key topic for debate for both the Biden administration and the Trump hopefuls. However, a key aspect of this year’s elections is the support of crypto voters. Amid the dilemma of who to vote for, the crypto community seems to be in a tussle of choice.

Anthony Scaramucci urges crypto voters to choose Biden administration

According to a report by Bloomberg, Anthony Scaramucci has asked the crypto community to vote for Joe Biden in hopes of a second term.  The founder of SkyBridge is currently rooting for a Biden 2.0 despite the administration’s severe stance toward the cryptocurrency business. Scaramucci, who has been a former director of communications for President Trump stated that although a Trump administration would be better for cryptocurrency regulation in the near run, “he’s going to create havoc and unpredictability in the legal system in the long run.”

Is Trump a crypto savior?

Donald Trump’s election campaign has been based on better economic policies time and again. However, masking behind the promises of a bull run in the financial sector is the fact that Trump might have flipped the narrative of being a crypto supporter.

According to a research by Politico, in a 2019 tweet, President Trump mocked bitcoin and other digital currencies, saying they were “based on thin air.” However, in order to capitalize on broader worries about government overreach, a number of Republican officials have warmed up to and even courted the crypto believers in the years that have passed.

Just recently, during a campaign event in New Hampshire, former President Donald Trump declared that he would “never allow the creation of a central bank digital currency”. While one might take the remark as a sign of Trump being in support of decentralized currency, it overplays the very same principal of legitimization of crypto assets in mainstream.

The 2024 elections will have up to 1.9 million votes being decided by crypto supporters. This would be sufficient to swing the election and probably tip the elections. In such a scenario, jumping the crypto bandwagon seems obvious for election candidates.

Republican or Democrats: which way will crypto voter lean?

Crypto voters will have a huge role to play this time in elections. According to Forbes, 1 in 5 Americans today own digital assets. That’s 52 million people. Perhaps most striking is the political composition of this demographic. Forbes further mentioned that according to survey data from Coinbase and Morning Consult, 22% of respondent crypto holders identified as Democrats, 18% as Republicans, and 22% as Independents.

CoinGape previously reported that there has been a noticeable shift in American voters’ interests. According to a Harris Poll study, seventy-three percent of participants think that prospective US presidents should be knowledgeable about cutting-edge technology like  crypto and artificial intelligence.

In such a scenario, the race towards forming a government in The US will likely have to be with consideration of the digital asset community.

The post US Elections 2024: Crypto Voters Could Rally Behind Biden Despite Tough Enforcement appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am