Summary
Galaxy Digital report suggests that crypto owners could have a significant impact on the U.S. presidential election, with younger voters and communities of color showing growing interest in cryptocurrencies. A Paradigm poll found that 19% of registered voters own crypto, with Trump currently favored over Biden among crypto owners. Biden’s administration has faced criticism from the crypto industry for its regulatory stance, while Trump has promised to block a central bank digital currency if re-elected. Crypto-focused PACs are already spending big to influence key 2024 races. The report also notes Bitcoin’s record high and growing mainstream adoption, but warns that the upcoming halving event may not have the same impact as in the past. Galaxy Digital believes the crypto industry is poised for growth as the 2024 election approaches.
Key Points
1. Voters who hold Bitcoin and other cryptocurrencies could have a decisive impact in the upcoming U.S. presidential election, according to Galaxy Digital’s latest market commentary.
2. The Paradigm poll found that crypto owners currently favor Trump over Biden by 48% to 39%, which could influence the election outcome in a close race.
3. Crypto-focused political action committees (PACs) are already spending big to influence key 2024 races, with Fairshake planning to target critical Senate races in Ohio, Montana, Michigan, and Maryland.