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Will the Crypto Vote Decide The 2024 Presidential Race?

Jun. 07, 2024. 5 min. read. 7 Interactions

Crypto's growing influence in US politics: a new force in the 2024 election. Will it decide the next US president?

Credit: Tesfu Assefa

Introduction

As the 2024 US presidential election approaches, a surprising issue has emerged: cryptocurrency. While once considered a fringe topic, the growing size and influence of the crypto voting bloc has forced candidates to take notice. As the Biden administration faces backlash over its regulatory crackdown, presidential rivals like Donald Trump and Robert F. Kennedy are seizing the opportunity to court disaffected digital asset enthusiasts.

The Rise of the Crypto Constituency

Let’s talk numbers. According to recent Paradigm and DCG Harris polls, a whopping 20% of Americans now own some form of cryptocurrency. That’s about 60 million people! And in key swing states, 1 in 5 voters say crypto is a big deal for them when it comes to picking a candidate. Over 11 million voters hold over $1000 in crypto assets.

If in the region of 10 million of voters say they care about crypto, and elections often swing on a hundred thousand votes or so, that’s a big deal. Crypto isn’t just popular with the tech bros anymore. It’s gaining serious traction with younger voters, college students, and ethnic minorities. 

The Generational and Demographic Divide

Crypto’s political clout is particularly pronounced among younger and minority voters. 

  • 33% of African Americans and Hispanics own, trade, or use crypto (Paradigm)
  • 2 in 5 men aged 18-54 and 1 in 4 college students own crypto (Paradigm)
  • 70% of those polled are dissatisfied with the current financial system (DCG Harris)

These demographics, which have traditionally leaned Democratic, are now up for grabs. If the Biden administration takes a hard line on crypto regulation, it risks alienating this critical bloc.

Biden’s Crypto Crackdown Backfires

So, what’s the current administration’s take on all this? Well, let’s just say President Biden and his crew haven’t exactly been rolling out the red carpet for the crypto community. 

The SEC, led by Gary Gensler (who ironically used to teach about blockchain at MIT), has been slapping lawsuits on major players like Binance and Coinbase left and right. Then there was Operation Choke Point 2.0, which basically cut off a bunch of crypto businesses from the banking system. And don’t even get me started on the proposed 30% tax on crypto mining. It’s enough to make any Bitcoin owner’s blood boil.

Now, some folks argue that Biden is just trying to protect consumers and keep the US dollar on top. But the majority of crypto enthusiasts see it as a massive overreach that’s stifling innovation and financial freedom. It’s a breach of crypto’s most sacred values. 

Trump Enters the Crypto Chat

Enter Donald Trump. Now, if you’ve been following along, you know that Trump used to trash talk Bitcoin like it was his job. He once called it a “scam” and said it was based on “thin air.” But the tables have turned.

After making bank on his NFT collection last year, Trump is suddenly crypto’s biggest cheerleader. He’s got an estimated $6 million in digital assets (the most of any major politician) and he’s brought on pro-Bitcoin advisors like Vivek Ramaswamy. On the campaign trail, he’s been roasting Biden’s SEC and painting himself as the savior of financial freedom.

Is it a genuine change of heart or just political opportunism? You be the judge. But one thing’s for sure: the crypto crowd is eating it up. While some question the sincerity of this pivot, Trump’s overtures have resonated with a community that feels besieged by the current administration.

Will Biden get REKT by RFK?

But wait, there’s more! Outspoken conspiracy theorist Robert F. Kennedy, who’s running as an independent, has also been making waves with the crypto community. He’s been all over TikTok, touting his pro-crypto stance and taking jabs at Biden. And it’s working. He’s gaining serious steam with younger voters who are disillusioned with the current administration’s approach.

In a tight race, even a small defection of crypto-aligned voters could prove decisive.

The Political Calculus

Recent polling suggests that the crypto community is leaning Republican in 2024:

  • 48% of crypto owners support Trump, versus 39% for Biden (13% undecided) (Paradigm)
  • Crypto voters skew younger, more diverse, and more liberal – traditionally Democratic demographics (DCG Harris)

If Democrats hope to prevent a mass exodus, they may need to recalibrate their regulatory approach. The upcoming Senate vote on the SAB21 crypto custody bill offers an opportunity for a strategic pivot.

Will the Crypto Vote Decide The 2024 Presidential Race? (Credit: Tesfu Assefa)

Crypto as a Permanent Political Force

So, what does all this mean for the future of American politics? Well, one thing’s for sure: crypto isn’t going anywhere. As more and more people start investing in digital assets, candidates are going to have to start taking clear stances on regulation and policy.

The crypto community is passionate, vocal, and ready to put their money where their mouth is. They could become a major fundraising force in future elections, not just in the USA but around the world. 

And with Bitcoin potentially gearing up for a huge post-halving bull run, its influence is only going to grow. Politicians who try to ignore or dismiss this movement do so at their own peril.

The Bottom Line

The 2024 presidential race is shaping up to be a watershed moment for crypto politics. The Biden administration’s regulatory attack is pushing away a voting bloc – a growing and increasingly influential one – and rivals like Trump and RFK are circling. 

But beyond the immediate electoral calculus, the rise of the crypto constituency heralds a more fundamental shift. As blockchain technology reshapes our financial and social landscape, it is also rewriting the rules of political engagement. Candidates who fail to grapple with this new reality risk being left behind.

At the end of the day, crypto probably isn’t going to be THE deciding factor in 2024. But it has definitely earned a place at the political table. How the parties and their candidates adapt to this new reality could have big implications down the line.

We’re living in a brave new world of digital finance and decentralized power. In digital democracy, the crypto voter is king. So this election just became a whole new game.

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About the writer

Werner

40.04502 MPXR

Werner Vermaak, who is based in Cape Town, South Africa, has been a crypto editor and writer since 2017. He previously lived in Asia for 15 years and is passionate about the power of Web3.

Comment on this article

2 Comments

2 thoughts on “Will the Crypto Vote Decide The 2024 Presidential Race?

  1. Trump is suddenly crypto’s biggest cheerleader.

    The man is a snake in the grass. Oh, the gymnastics and confusion tactics. He has never been on the side of the common man and is always a double-faced bloodsucker.Aside from our nasty politics, isn't this a fascinating issue? I had never imagined that crypto would be part of the election circus. Still, it is not that decisive here. However, I can see the trend. If the so-called regulation, or in truth the choking, is not handled properly, yes, this will be a big issue in the next (2028) election.

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  2. The Democrats are a right handful when it comes to financial freedom, regardless of crypto. One dodgy regulation here, another dodgy policy there, always a reason to get the old heebie jeebies. They are never the right side mate!

    Yellow man, whether he's in it for the politics or genuinely believes in it, is abetter bet: in 2016, in 2020, and now in 2024. As a republican, he's got a better grasp on relaxed financial policies, and that is with or without crypto.

    The young whippersnappers are as blind as a bat and are well and truly tanked up on this identity and woke malarkey. Yet, they'll also be left high and dry, losing more than money. Before you can say Jack Robinson, they'll be losing their freedom. It's time to say cheerio to the donkey party.

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