Crypto Influence The US Elections: Trump Favourite?

Crypto is increasingly becoming a major election issue in the U.S.. According to a survey conducted in February and March 2024, 19% of registered US voters own cryptocurrency. 48% of them plan to vote for Donald Trump and 38% for his main challenger Joe Biden.

19% of voters hold crypto

The stance of political players towards cryptocurrency could be decisive in the race for the US presidency this November. According to the results of an opinion poll conducted in February and March 2024 by Paradigm: 19% of registered U.S. voters hold cryptocurrency. Given that more than 161 million Americans are registered to vote, this means that more than 30 million registered voters own cryptocurrencies.

Several factors explain the interest of Americans in crypto. One of these is the weakness of the traditional financial system. Indeed, up to 69% of Americans say they are dissatisfied with the current financial system according to Paradigm. On the other hand, approval of Bitcoin ETFs has stimulated Americans’ attraction to digital assets. 6% of US voters have invested in Bitcoin ETFs and a further 6% are considering doing so.

Cryptocurrency holders prefer Donald Trump

The 19% of US crypto-holding voters were also asked about their preference for next November’s elections, which presage a duel between President Joe Biden and his predecessor Donald Trump.

According to the survey, 48 % of U.S. crypto voters want to vote for former president Donald Trump. His main challenger Joe Biden benefits from 39 % of voting intentions among crypto voters. The remaining 13% are undecided.

These results are different from the reality of 2020 when Joe Biden and Donald Trump clashed at the ballot box. Among crypto voters surveyed by Paradigm, 43% remember voting for the president Biden in 2020. Only 39% of crypto voters recall voting for former president Trump that year. So what could have changed in 4 years?

Biden fought crypto while Trump is more open

The decline in popularity of Joe Biden among pro-crypto voters could be justified by his policy towards it. Indeed, Biden introduced a very strict and demanding tax regime for players in the ecosystem. In addition to the 30% tax for mining players, crypto companies operating in the USA have been hit with a new 25% tax on unrealized profits, as well as an increase in the capital gains tax.

In addition to taxation, the Biden administration has fiercely attacked crypto mining. In some like New York, crypto mining activities have even been temporarily banned. The mining industry has nevertheless courageously resist Biden’s offensive.

For his part, former President Donald Trump has been quite supportive of cryptocurrency. In addition to launching NFTs, Trump is multiplying his pro-crypto media outings. In a recent interview on CNBC, he even went so far as to call Bitcoin additional form of currency. Although he still expresses a preference for the US dollar, the former president has no plans to ban Bitcoin.

With 19% of voters holding cryptocurrencies, US politicians can no longer ignore the sector. Not only can crypto swing a presidential election, it’s affecting Americans’ savings. As a good politician, Donald Trump has understood this and is positioning himself as its defender.