Grayscale, the cryptocurrency giant, says that two voting demographics, the Y Generation and the Z Generation, could play a significant role in determining the outcome of the upcoming 2024 presidential elections. In a new article, the cryptocurrency manager states that Bitcoin (BTC) reached its highest level during an American presidential election cycle.
The renowned company Grayscale stated that the Y Generation and the Z Generation voters are becoming increasingly interested in their financial status, which could influence the outcome of the “Bitcoin election”. The company made the following statements on the subject:
Our team is curious about how these trends could be relevant to the upcoming 2024 American presidential elections, and this article is designed to capture our initial thoughts. Bitcoin is currently trading at its highest price in an American presidential election cycle; it is currently trading above $29,000. Additionally, the highest level of the previous election cycle in the fourth quarter of 2020 was $20,000. The demographic that has become particularly distrustful of institutions and also concerned about the financial future of institutions may be the most critical demographic for voters before 2024. It is predicted that in the 2024 presidential elections, young people will have the highest voter turnout in history, with initial reports stating that Millennials and Gen-Zers will make up 44% of American voters by 2024.
According to Grayscale, as prominent politicians such as Donald Trump, Ron DeSantis, Joe Biden, and Robert Kennedy Jr. begin to express their stances on Bitcoin and the cryptocurrency industry, the crypto king could become more relevant in politics. The company stated the following on the subject:
The realities and ongoing maturation of the Bitcoin ecosystem demonstrate that Bitcoin is more relevant to an American election than ever before and will continue to be. In fact, early political candidates are already beginning to share their positions on Bitcoin and cryptocurrencies more broadly.