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Bitcoin increasingly relevant in 2024 US election: Grayscale survey

The BlockThe Block2024/05/29 05:13
By:The Block

Nearly half of U.S. voters expect to have crypto as part of their portfolio, according to Grayscale’s latest survey.

U.S. voters are increasingly drawn to bitcoin, fueled by macroeconomic developments and its maturation as an asset, Grayscale’s latest poll revealed. Around 47% of American voters expect to include crypto as part of their portfolio, underscoring the topic’s prominence in the upcoming November election.

About 32% of voters said they are more open to learning about crypto as an investment, the survey showed. This may be supported by the fact that the largest chunk of voters, 28%, chose inflation as the most pressing issue in the upcoming U.S. election.

Geopolitical tension, polarizing political discourse and continuing inflation have led more U.S. voters to seek bitcoin, but also major developments surrounding the token including the approval of spot bitcoin exchange-traded funds, according to the survey.

“It seems clear that crypto will increasingly be considered by policymakers and candidates across all offices that are preparing to run for office in the 2024 election,” Grayscale noted.

Former President and current 2024 leading Republican candidate Donald Trump has publicly announced his support for the U.S. crypto economy recently, saying that the U.S. needs to forge a leadership position in the global crypto race.

Billionaire Mark Cuban, in a response to Trump’s public support for crypto, wrote that the 2024 election may be impacted by how crypto has been regulated so far. "If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC," Cuban wrote in an X post.

Grayscale’s survey, conducted prior to Trump’s pro-crypto declaration, showed that voters are split on which party is more favorable to the crypto industry. An equal percentage of voters, 30% each, said that both the Democratic and Republican parties have the most favorable views towards crypto policies.

Meanwhile, the price of bitcoin rose 1.3% to $68,700 in the past 24 hours, according to The Block’s crypto price dashboard.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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