News
Nearly 50% of American voters want cryptocurrencies in their wallets!
Thu May 30, 2024 ▪ 4 min reading ▪ by Luc Jose A.
As inflation and geopolitical tensions persist, crypto is gaining popularity among American voters. Nearly half of voters are now considering incorporating these assets into their portfolio. Why this renewed interest and what are its potential consequences on the financial market?
Cryptos appeal to American voters
American voters’ interest in crypto has increased significantly, driven by geopolitical tensions and rising inflation. According to a recent Grayscale study, 47% of voters expect to include crypto in their portfolio, up from 40% at the end of last year. This growing popularity of these assets, particularly Bitcoin, is largely due to their perception as a hedge against inflation and a reliable alternative to traditional financial systems, which are considered unstable during times of economic uncertainty.
This behavioral shift is particularly visible among younger generations and minority communities, who are looking for innovative solutions to protect their financial futures. Bitcoin, often referred to as digital gold, is considered a potentially safe store of value in times of crisis. Bitcoin’s growing popularity reflects increased awareness of the benefits offered by crypto and a growing desire to protect against unpredictable economic fluctuations.
Other factors behind this renewed interest
In addition to inflation and geopolitical tensions, several other factors have contributed to this growing interest in crypto according to the Grayscale survey. These include recent events related to the queen of cryptos. One of the most notable events was the approval of the first Bitcoin Spot ETF in the United States in January 2024. This ETF offers investors a simplified method to access Bitcoin without the complexities of direct ownership.
By making Bitcoin more accessible to institutional and individual investors, this approval not only legitimized crypto but also increased market confidence in its stability and reliability. This move by US regulators has boosted demand and attracted a new segment of investors who now view Bitcoin as a reliable part of their financial portfolios.
Another key factor is the April 2024 halving, which halved mining rewards and decreased the rate of new Bitcoin creation. This reduction in supply, combined with increasing demand, has historically led to a significant increase in the price of Bitcoin. Anticipation of this event has attracted many investors looking to capitalize on the scarcity dynamic, thereby increasing interest and engagement in Bitcoin. These two events have strongly contributed to the increase in voter interest in crypto in 2024.
Growing voter interest in crypto suggests a shift toward wider adoption. In the future, this could lead to significant developments in financial regulation and technological innovation, thereby shaping the digital economy in a sustainable way.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.