2024 has been a monumental year for the cryptocurrency community, full of ups and downs, but the culminating moment is yet to come, as the United States will vote on its next president on November 5th. Trade analysts are already speculating outlandish predictions about the price of Bitcoin. It has already reached unprecedented heights this week, with its value reaching $73,000.
Both former President Donald Trump and his opponent, Vice President Kamala Harris, are doing their best to woo the crypto community ahead of the big day. An estimated 50 million U.S. voters own some form of cryptocurrency, and this election they are listening to politicians and looking for candidates who strongly support cryptocurrencies.
Furthermore, the historic approval of Spot Bitcoin and Ethereum Exchange Traded Funds (ETFs) in the US marked a significant step toward mainstream acceptance and created a positive aura in the community. However, there is still a lot of uncertainty surrounding current crypto regulations, and voters are watching closely to see which political parties keep their promises.
One thing is certain: American voters are likely to vote for a president whose views are beneficial to them and the crypto community as a whole. If this is the case, it means that a clear and effective monetary policy will be a decisive factor in securing votes in the 2024 US election. Here's why:
Why are cryptocurrencies important in the 2024 US election?
Growing awareness and interest in cryptocurrencies
The level of interest in cryptocurrencies is growing, and this is the most notable change over the past year. A recent study by Grayscale showed that 53% of respondents are currently aware of cryptocurrencies, compared to 47% in 2023.
Furthermore, nearly one-fifth of voters would consider investing in cryptocurrencies again if there was a better regulated market, but they do not know where their favorite candidates stand on important issues such as privacy, security, and security. There are some voters who are not in that position at this time, as they are still evaluating whether they are in such a position. and the stability of cryptocurrencies.
For candidates, this therefore means that the regulation of cryptocurrencies can no longer be just an economic or technical issue. Cryptocurrency regulation has become an election issue, and to some extent, favorable crypto policies can help candidates gain support from this active voter base.
Cryptocurrency Regulation: Potential Benefits for Parties
Voters choose to vote based on their belief that a political party aligns with their ideals, and that continues to be the case for voters in this election. At the moment, Republicans are viewed more favorably than Democrats, especially when it comes to cryptocurrency policy. The same is true among crypto holders.
However, both sides have an opportunity to strengthen their positions. The survey shows that a significant portion of voters are still undecided on which party can best regulate cryptocurrencies, giving centrist candidates from both parties room to recalibrate their arguments on cryptocurrencies. is giving.
Focusing on regulating cryptocurrencies would be more beneficial for candidates because it crosses partisan lines. Economic privacy and security appear to be issues that appeal to both Democratic and Republican voters, but issues centered on economic competitiveness and job creation through technological advances are most appealing to young people. By addressing these issues, candidates will be able to broaden their appeal.
The importance of clear virtual currency regulations
One of the concerns of voters regarding cryptocurrencies is the need for proper laws and regulations. Many Americans believe that current financial infrastructure is outdated and lacks transparency, especially when it comes to new developments such as blockchain and decentralized finance (DeFi).
Voters recognize the benefits of cryptocurrencies, such as faster payments, wider availability of services, and reduced dependence on traditional financial intermediaries, but there is also a need for limits.
In fact, nearly 80% of American voters believe that some kind of control in the form of regulation is necessary to manage new technologies for investor protection and national security purposes, according to a Grayscale survey. It was shown that
Those who have already deposited funds in cryptocurrencies will not be hindered by the regulations. It is considered the next step for safe growth of the market. More definitions, including ones that protect investors from fraud and manipulation, could prevent problems from occurring in the first place and create healthier investments for current and potential consumers of cryptocurrencies.
Voters believe that well-designed regulation could help stabilize crypto markets and provide them as a reasonable long-term investment option while alleviating concerns about excessive market volatility. I highly rate it.
conclusion
Clear and balanced cryptocurrency regulation could win votes in favor of candidates in the 2024 election. Candidates could win the hearts and minds of crypto-conscious voters by convincing them that Terran's troubled election was stolen over issues of security, privacy, and innovation, and thus the world of technology. Demonstrate that you are a leader who is ready to embrace
Also read: Bitcoin hits $71,000 ahead of US election: Is now the best time to invest?
