Bitcoin and inflation will be decisive in the election of the next US president

In order to inform about the role that bitcoin (BTC) and other cryptocurrencies are playing in the current political scenario in the United States, the investment firm Grayscale conducted a survey between April 30 and May 2.

The questionnaire was administered by the Harris Poll pollster to some 1,759 people (over 18 years of age) who expressed their intention to vote in the elections.

The results of the study, titled Is 2024 the election for Bitcoin?, highlight the growing importance of cryptocurrencies in the minds of American voters, being a topic of interest for 47% of voters.

This is a group of people who stated that they had invested or wanted to invest in cryptocurrencies and who assured pay more attention to what happens in this ecosystem. This, in the midst of an economic panorama that is increasingly disturbing.

The responses also indicate that inflation, risks to the US dollar and geopolitical tensions are the main causes of this approach to cryptocurrencies, by being cause for concern for 41% of respondents. They are those who look for alternatives to secure their economy and see “the potential value of assets like bitcoin with a transparent and limited supply.”

In this way, the situation of the country’s finances, whose inflation and debt problems have been recognized by the president of the Federal Reserve, Jerome Powell, becomes one of the reasons why more people to set their eyes on bitcoin.

Particularly the rise in the inflation rate registered in recent years It is the problem that most worries a significant part of those surveyed (28%), followed by uncertainty about the economic future.

Taking this data into account, Grayscale observes a more active participation of bitcoin in macroeconomic and geopolitical dynamics thanks to the maturity and solidity achieved by the asset.

Its relevance became more evident after the approval of spot ETFs last January, the halving occurred in April and the rise in the price of BTC in recent months. These are facts that led more people to get involved and understand how the digital currency works. Additionally, the political and economic situation worldwide plays an important role in the feeling of uncertainty that voters experience.

In this context, “the two possible US presidential candidates, Donald Trump and Joe Biden, present drastically different visions for the country, and almost half of registered voters say they would replace them if they had the option,” according to them. Grayscale analysts.

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.

Presidential candidates change stance on bitcoin

The predominant role that bitcoin is playing in these elections has been made evident not only by this Grayscale study but also in other research. As reported by CriptoNoticias, a survey by Digital Currency Group indicated that more than 50% of voters fear that excessive regulation will stifle the cryptocurrency ecosystem.

These results are known to both the Biden re-election campaign team and the people who support Trump. It is known then that it is for this reason that the administration of the president has taken a turn in their strategies for the sector in the last weeksafter having stood out for applying very restrictive policies during almost the entire presidential administration.

The latest reports note that Biden has begun reaching out to industry players over the past two weeks to “gain guidance on the community and policy to pursue regarding cryptocurrencies.” An intention that most likely has to do with the popularity that cryptocurrencies now have among their voters.

It is even expected that this week there will be a greater rapprochement with El Salvador, the country where BTC is legal tender and whose bitcoiner strategy has been harshly questioned from the US. This, within the framework of the inauguration of Nayib Bukele to which Biden sends a presidential delegation.

There is thus a “significant change” in the tone of the Biden administration and campaign towards cryptocurrencies, with a new willingness to understand digital assets and their communities. An attitude that has also been assumed by Trump, who is now friendly with cryptocurrencies, after having been one of his staunch opponents.