Markets
47% of voters are banking on cryptocurrencies in the 2024 elections
A recent Harris Poll poll conducted for Grayscale reveals a significant shift in voter sentiment towards cryptocurrency.
Nearly half of American voters plan to include cryptocurrencies in their investment portfolios, confirming their growing importance in the 2024 US elections.
Investment outlook and impact of inflation
According to survey, 65% of Bitcoin holders consider it an investment in the future of blockchain technology. 53% use Bitcoin as a currency, while 43% consider it a speculative asset. Notably, 36% see BTC n as digital gold or an inflation hedge and 8% do not fully understand it.
Inflation has played a crucial role in shaping Bitcoin’s appeal. Due to rising inflation, 21% of voters are more interested in Bitcoin, while 33% are less interested, and 44% report no change.
Over two in five voters are waiting for more policies and regulations before investing in cryptocurrency. This sentiment is especially strong among Generation Z and Millennials. Voter interest in cryptocurrencies is on the rise, with expectations rising from 40% in late 2023 to 47% in early 2024. Additionally, 44% await further regulatory clarity. 41% are paying more attention to cryptocurrencies due to geopolitical tensions, inflation and the weakening US dollar, while 39% want economic improvement before investing.
To know more: Cryptocurrency Regulation: What are the advantages and disadvantages?
Perceptions on cryptocurrencies as an investment. Source: Greyscale
Cryptocurrency ownership rates are similar between Republicans (18%) and Democrats (19%), with both parties showing a balanced interest in cryptocurrency-related policies. About 30% of voters believe that both the Democratic and Republican parties are positioned favorably cryptographic policies. Significant events such as the approval of the American commercial Bitcoin ETF in January 2024 and the Bitcoin halving in April 2024 have increased interest, particularly among retired voters.
Despite the growing recognition, the level of understanding of cryptocurrencies and blockchain technology is still far from high. A study of Please highlights a significant knowledge gap among cryptocurrency investors. About 35% lack confidence in their understanding and 60% struggle with blockchain technology concepts. Popular crypto terms like DAODEX e ICO they are often sought out, reflecting intense curiosity.
To know more: Best online blockchain courses in 2024
As the 2024 US elections approaches, the influence of cryptocurrency on voter sentiment and investment strategies is evident. With nearly half of voters planning to include cryptocurrencies in their portfolios, the demand for clear policies and regulations is growing. This trend highlights the critical role that digital assets will play in shaping the country’s political and economic future. Politicians and candidates must address these emerging concerns to resonate with an increasingly cryptocurrency-conscious electorate.
“As November approaches, it seems clear that cryptocurrencies will be increasingly considered by politicians and candidates of all offices preparing to run in the 2024 elections,” the report concludes.
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