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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 24, 2024 13:10 UTC
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Consensys Reveals Why Crypto Could Decide the U.S. 2024 Election Winner
The US is leading the way in mainstream crypto adoption, with spot ETF approvals and growing public interest.
Pro-crypto candidates like Donald Trump are gaining traction, influencing voter preferences and election outcomes.
Despite potential political shifts, Bitcoin and altcoins are seen as long-term investments for inflation protection.
The cryptocurrency market has made significant strides across all 50 U.S. states and territories, especially as the nation deals with a growing debt crisis. The recent approval of spot Bitcoin and Ethereum ETFs has opened the door for wider adoption of digital assets in the world’s largest economy.
Read more on this below.
Spot ETFs: More Approvals Ahead?
Wall Street analysts believe it’s only a matter of time before more spot ETFs get the green light. Applications for spot ETFs for XRP and Litecoin (LTC) are already pending approval by the U.S. Securities and Exchange Commission (SEC).
A report from ConsenSys, a company focused on the Ethereum (ETH) network, reveals strong support for pro-crypto policies among voters. According to the report, 40% of voters would switch party support for a candidate who backs crypto, while 27% would not. Nearly half (49%) of voters consider a candidate’s crypto stance as an important factor in earning their vote.
Why Trump’s Crypto Strategy Could Be a Winner
Republican candidate Donald Trump has been engaging the crypto community by accepting donations in digital assets and launching a Web3 initiative. This strategy appears to be working, with Trump’s chances of winning the November 5th election now at 61.3%, according to data from Polymarket, a decentralized prediction market.
The ConsenSys survey also shows that 19% of U.S. voters own crypto, with Bitcoin being the most popular choice at 13%. Additionally, one in three voters is considering investing in digital assets within the next year.
Crypto Markets Are Headed Up
Despite the election’s potential impact, experts like Ripple CEO Brad Garlinghouse and veteran trader Peter Brandt expect Bitcoin’s growth as an asset to continue no matter who is in the White House.
Furthermore, Bitcoin and other digital currencies are seen as a hedge against long-term inflation, drawing more investors seeking to protect their finances.
Do you think pro-crypto policies will sway the election outcome? Let us know where you stand.
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