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If we remember the South Korean elections, we can better understand the impact of cryptocurrencies on voters. In 2022, the elections in the country were won by the front that approached cryptocurrencies more moderately. Now, as the US prepares for the 2024 elections, we can see that cryptocurrencies are more on the agenda. So how do the presidential candidates approach cryptocurrencies?
Cryptocurrencies and Elections
Cryptocurrencies continue to grow in popularity and US presidential candidates are trying to appeal to a growing number of crypto-savvy voters. With millions of Americans now investing in cryptocurrencies, the political landscape is changing to accommodate this new wave of interest.
GMI PAC, a crypto-focused political action committee, was founded in January 2022. As part of its efforts to gauge the importance of crypto to US voters, the PAC commissioned a survey. The survey found that at least 44% of US voters are investing or considering investing in cryptocurrencies. This shows that a significant portion of voters are very interested in the crypto policy of politicians.
While 17% of the respondents are already cryptocurrency investors and every vote counts in a two-party system, it is unthinkable to ignore the cryptocurrency investor electorate. Moreover, cryptocurrency regulations are currently being debated in the country and the House of Representatives aims to introduce comprehensive rules within 2 months.
But with the elections just over a year away (November 5, 2024), would the Democrats dare to introduce anti-crypto rules? In fact, their view is based on the assumption that more of their voters are crypto-haters and are losing money. But Republicans in particular don’t think so and are starting to take a pro-crypto stance in Congress.
US Presidential Candidates’ Approach to Crypto
All of these issues will be much better understood next year when the heat of the election starts to be felt. As people see cryptocurrencies becoming a part of politicians’ promises, perhaps the groundwork for the next bull season will already be in place. Most importantly, as mentioned above, the Democrats, who are in charge today, are likely to be constrained by strict rules.
The core group of crypto voters is primarily made up of young men under the age of 55, representing 58%. Furthermore, one-third of crypto-owning voters are people of color. Interestingly, the survey found that crypto voters overwhelmingly do not gravitate towards a single political party. This suggests that both Democrats and Republicans have an opportunity to gain their support. Cryptocurrency ownership spans the political spectrum; 18% of Democrats, 16% of independents and 16% of Republicans currently own digital assets. Therefore, presidential candidates cannot afford to ignore this important voting bloc.
So what have they done or are doing with cryptocurrencies?
Donald Trump
The former president, the strongest Republican candidate, is determined to return to office. In 2019, Trump claimed that he was “not a fan” of Bitcoin 
$101,853 and other cryptocurrencies and criticized Facebook’s Libra project. Despite his earlier reservations, Trump has recently quickly changed his stance on crypto. In 2022, the former president announced the launch of his own NFT collection.
This change in attitude suggests that he may have a more positive approach to the crypto and blockchain world.
Ron DeSantis
Florida Governor Ron DeSantis has proactively created a crypto-friendly environment in his state. In June 2021, he signed a bill creating a regulatory framework for digital currencies, making Florida one of the most crypto-friendly states in the US.
DeSantis recognizes the importance of educating the public about crypto and the underlying technology. He also supports initiatives to increase awareness and understanding of digital assets and their potential impact on society and the economy.
Robert F. Kennedy
Robert F. Kennedy, Jr. has a keen interest in blockchain technology. 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 has also previously said;
Cryptocurrencies and other crypto technologies, led by Bitcoin, are an important area of innovation. It is a mistake for the US government to block the sector and direct innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. Yes, energy use is a concern (albeit exaggerated), but Bitcoin mining uses about the same energy as video games and no one is calling for a ban. The environmental argument is a selective excuse to suppress anything that threatens elite power structures.
Ted Cruz
Ted Cruz has been a strong supporter of cryptocurrencies and their potential to spur economic growth and financial inclusion. Cruz has criticized over-regulation in the cryptocurrency space, arguing that it can stifle innovation and hinder the growth of the sector.
Cryptocurrency creates new jobs, encourages entrepreneurs to invent new values and new measures against inflation, and offers new opportunities. It is also increasingly being used as a secure form of payment for goods and services. That’s why here at the United States Capitol, we must increase accessibility for visitors to Capitol Hill and show our support for the burgeoning cryptocurrency sector.
