2024 US Voters Bet Big on Bitcoin: What’s Fueling the Crypto Fever?

Published by

Vignesh S G

July 6, 2024

A recent survey conducted by Grayscale has many interesting discoveries a crypto enthusiast loves to hear. The prominent one is its revelation about the growing interest in Bitcoin among US voters. Let’s discuss a few key points revealed by the Phase 2 survey, held by Harris Poll for Grayscale from April 30 to May, 2024.

Rising Interest in Bitcoin: Statistics Data

According to the survey, almost 47% of voters expect to include cryptocurrencies in their investment portfolios. Interestingly, when a similar survey was conducted last year (the Phase 1 survey), only 40% showed interest in including cryptos. This means that since the last survey, a significant shift in voters’ attitudes towards cryptos has occurred.

Bitcoin’s price is also a key crypto-related topic discussed in the survey report. As per the survey, voters are paying more attention to Bitcoin due to ongoing geopolitical tensions, inflation and risks to the US dollar. Over 41% of voters are influenced by the said factors, according to the data presented in the report. A crucial observation of the report is that the price of BTC in 2024 is much higher than during previous election years. On July 6, 2024, the price stood at $56,568. In the 2016 election, Bitcoin was valued at just $729. A significant rise in the price occurred only in 2017. On the last day of 2017, the price touched $13,841. During the 2020 election, BTC was priced at $14,036. But, in less than two months, the price peaked at $61,164. This year has been a remarkable year for BTC. The price of crypto hit an all-time high in mid-March, crossing the mark of $73,000.

Bitcoin Current Market Trend

Recently, the price of BTC has shown volatility. At the time of writing this, the price was nearly $56,568. For the last couple of days, the price has been constantly weakening. It has dropped nearly 7.1% over the past week. But, it has raised over 2.8% in the last 24 hours.

As the 2024 US Election nears, BTC is becoming more prominent in voters’ minds. The survey data clearly underscores this trend.

Stay tuned to Coinpedia for more updates on this!

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.