Crypto US Election Impact: While the cryptocurrency ecosystem around the world is just starting to get around local government regulation, it appears the U.S. voters are starting to build consensus around crypto. Blockchain experts say ideally the next presidential candidate for 2024 should be able to leverage the crypto ecosystem. Increasing signs of voter importance to crypto stance is clearly shown in recent polls. This is evident from estimates of 20% of U.S. voters already owing crypto assets.
The Political Landscape Around Crypto
This comes amid increasing advocacy for cryptocurrencies from US lawmakers in recent times. In this context, Perianne Boring, founder and CEO of the Chamber of Digital Commerce, revealed some interesting insights on crypto in the political landscape of U.S. ahead of the presidential elections 2024. Speaking to CNBC, she said one in five registered voters today own cryptocurrencies. She added that people from across the aisle are becoming increasingly important in crypto.
“The 2024 election candidate that’s able to figure out how to leverage blockchain is going to be your next President. The watershed moment for crypto in US politics is likely to be in 2024.”
People invested in crypto form, some of whom are new voters, are now part of a very important constituency, she explained. However, things have not really intensified yet when it comes to crypto influence on US politics across the country. Currently there are a handful of candidates who support crypto but it appears the next few years could be critical in driving mass adoption.
Institutional Adoption To Drive Crypto Political Acceptance?
While a section of US lawmakers are actively engaged in driving crypto adoption in the country, the corporate bigwigs are already making strides in this front. Earlier in the year, Blackrock, the largest asset manager, began offering crypto services to its clients. Blackrock partnered with Coinbase to provide its clients with custody, crypto trading, and prime brokerage services.
Lawmakers across the world have been hesitant about crypto adoption due to various investor centric reasons. The most common criticism around crypto is about the high price volatility of the assets and the associated investor risk. Bitcoin (BTC), the largest cryptocurrency, is currently around 70% lower than its all time high it reached at the peak of bull run in 2021. As of writing, BTC price stands at $20,766, up 3.05% in the last 24 hours, according to price tracking platform CoinMarketCap. Despite the price decline, BTC still holds around 40% market share among top cryptocurrencies currently.
“Recent polls show that digital assets are becoming increasingly important to voters. 1 in 5 registered voters today own #crypto,” says @PerianneDC. “The 2024 election, the candidate that’s able to figure out how to leverage blockchain is going to be your next president.” pic.twitter.com/fAk5XrnNYY
— Squawk Box (@SquawkCNBC) November 4, 2022