Bitcoin Rebounds as Crypto Voters Eye US Presidential Election

As the 2024 US presidential election approaches, traders and investors are expecting to see some fiery price action in Bitcoin, which has recorded some gains in the past few hours. This rise comes as candidates and voters alike debate the role of digital assets in America’s financial future.

A recent Coinbase study reveals that crypto owners could significantly impact key battleground states. One in six crypto holders lives in seven crucial swing states, making their votes potentially decisive. These crypto-savvy voters are predominantly younger, with Gen Z and Millennials making up 65% of registered crypto owners.

Crypto voters are going to make a big difference in November’s key races.

1 in 6 crypto owners live in seven key battleground states.

More about who these crypto voters are in 🧵 pic.twitter.com/Xz6TaIPLW2

— Coinbase 🛡️ (@coinbase) July 10, 2024

The study also found that crypto voters are more diverse than the general population. They represent 35% of non-white registered voters, showing that digital currency appeals to a broad range of Americans. This diversity could reshape political strategies as candidates vie for support.

Interestingly, crypto enthusiasm crosses party lines. The Coinbase report shows an almost even split among crypto owners: 35% identify as Democrats, 34% as Republicans, and 31% are open to persuasion. This bipartisan interest suggests that cryptocurrency could become a unifying issue in an otherwise divided political landscape.

Crypto voters are not just numerous; they’re also highly engaged. Nine out of ten registered crypto owners plan to vote in the upcoming election. Even more striking, these voters are four times more likely to support a pro-crypto candidate. This enthusiasm could push politicians to develop clearer stances on digital asset regulation and innovation.

Trump to Speak at Upcoming Bitcoin Conference

Former President Donald Trump, the presumptive Republican nominee, seems to be tapping into this crypto momentum. He’s scheduled to speak at a major Bitcoin conference in Nashville on July 27. This 30-minute address signals Trump’s growing embrace of cryptocurrency, a shift from his previous skepticism during his first term.

OFFICIAL: 🇺🇸 DONALD TRUMP TO SPEAK AT THE WORLD’S LARGEST #BITCOIN CONFERENCE THIS MONTH! pic.twitter.com/VOqaUpo3tG

— Bitcoin Magazine (@BitcoinMagazine) July 10, 2024

Trump’s evolving stance on crypto stands in contrast to the perceived approach of the Biden administration. Some in the crypto community view Biden as less supportive of digital assets. This difference could become a key point of debate as the election nears.

Other candidates are also recognizing the importance of the crypto vote. Robert F. Kennedy Jr. made headlines as the first presidential candidate to accept campaign donations in Bitcoin. Both he and Trump have pledged to oppose the development of a central bank digital currency (CBDC) in the US, a position that resonates with many crypto enthusiasts.

As the election approaches, it’s clear that cryptocurrency is no longer a fringe issue. Candidates who can effectively address crypto concerns may find themselves with a significant advantage come November.