Bitcoin's role in the election forced Biden to "change the aggressive tone" in his policies.
Grayscale, an investment firm, conducted a survey between April 30 and May 2, 2024, to understand the role of Bitcoin (BTC) and other cryptocurrencies in the current political landscape in the United States. The Harris Poll applied the questionnaire to 1.759 people aged 18 and above who expressed interest in voting in elections. The results showed that 47% of voters are interested in Bitcoin, with 41% seeking alternatives to secure their economy and seeing the potential value of Bitcoin with a transparent and limited offer.
The situation of the US's finances, with inflation and debt issues recognized by Federal Reserve President Jerome Powell, has led more people to invest in Bitcoin. The high inflation rate recorded in recent years is the most concerning issue for 28% of respondents, followed by uncertainty about the future of the economy.
Grayscale observed a more active participation of Bitcoin in the macroeconomic and geopolitical dynamics due to the hard work and solidarity achieved by the activity. This relevance became more evident after the approval of ETFs in January, the halving in April, and the price increase of BTC in recent months.
The global political and economic situation plays a significant role in the sense of uncertainty experienced by voters. In this context, the two possible presidential candidates, Donald Trump and Joe Biden, present drastically different visions for the country, and nearly half of registered voters believe they would replace them if they had the option.
Ahead of the June 2024 US presidential debate between Biden and Trump, voters are expressing uncertainty and a sense that the stakes are high: wars rage around the world, political discourse remains deeply polarized, and inflation persists in the United States. Joined.
Greyscale.
Change of position of the candidates
Bitcoin's dominant role in the upcoming elections has been demonstrated by a Grayscale study and a Digital Currency Group survey, where over 50% of voters fear excessive regulation stifling the ecosystem of cryptocurrencies. This is due to the knowledge of both the Biden campaign and the people supporting Trump. The administration of President Biden has shifted its strategies for the sector in recent weeks, having applied restrictive policies throughout his presidency. Biden has started communicating with industry actors to obtain guidance on the community and policy to follow in relation to cryptocurrencies, which is likely due to the popularity of cryptocurrencies among his electors. This week is expected to see a greater increase in El Salvador, where BTC is legal and its bitcoin strategy has been extensively debated from the U.S., during the takeover of Nayib Bukele. This is a significant "cambio" in the administration and campaign towards cryptocurrencies, with a new will to understand digital activities and their communities. This attitude has also influenced Trump, who is now more akin to cryptocurrencies after being one of his opponents.
