After El Salvador, Get Ready for a Crypto Boom in the US in 2024
Key Insights
- A recent survey found that 70% of US voters want a president familiar with crypto and emerging technologies like AI.
- 19% of Americans already own cryptocurrency, and 40% plan to buy in the future.
- Notably, 50% of those with cryptocurrency as their top asset class will consider a candidate's crypto stance before voting.
- Coinbase CEO Brian Armstrong warns that being anti-crypto might be a bad strategy for presidential candidates.
- The US is primed for a significant crypto boom in 2024 and beyond if a pro-crypto president is elected.
The topic of cryptocurrency grows hotter in the US political landscape every day.
This includes everything from Donald Trump's latest NFT drop during his presidential campaign, to Sen. Elizabeth Warren's anti-crypto bills, to Coinbase CEO, Brian Armstrong and other crypto giants' vow to support pro-crypto candidates with about $78 million.
This time around, a pro-crypto candidate may actually win this election.
Let's hope so, because the US becoming a pro-crypto country may turn out to be the spark that lights one of the biggest crypto bull runs we have ever seen.
US Citizens Prefer A Pro-Crypto Candidate
According to a recent study conducted by Grayscale and Morning Consult between 27 November and 29 November 2023, among 2,200 registered voters, about 70% of U.S. voters want a president who knows a bit about crypto and other emerging technologies like AI.
This is interesting because as it stands, more than half of the current presidential candidates are pro-crypto.
This means there is a very good chance of a pro-crypto president in the US after the 2024 elections.
Furthermore, the results of the survey also show that about 19% of U.S. voters currently own some form of crypto, while 40% plan to buy some in the future.
However, the survey also indicates that Americans are hoping for more clarity and regulation in crypto because 46% of voters say they are waiting for more guidance before investing.
Even more interesting is how about 50% of voters who have crypto as the largest asset class in their portfolios say they will consider a candidate's stance on crypto before voting for them.
Being Anti-Crypto Is a "Really Bad" Political Strategy
According to a recent tweet from Coinbase CEO, Brian Armstrong, US presidential candidate being anti crypto may not be the best strategy for the upcoming elections.
To buttress his point, Armstrong notes that 52 million Americans have used crypto (this is about 15% of 340 million Americans, according to datacommons), 38% of young people believe in the economic importance of crypto. Only a meagre 9% of Americans are satisfied with the current financial system.
This Might Happen if We See a Pro-crypto US President
The US has been a hotspot for regulatory witch hunts for crypto violators for years.
The Securities and Exchange Commission in particular, has gone after several crypto-affiliated individuals and companies relentlessly since 2020, including some of the most well-known cases like Ripple, Coinbase and Binance (Binance, by the way, is currently facing a $2.7 billion fine with the CFTC).
Having a pro-crypto president may support growth and innovation in the US' crypto sector, and may see to it that excessive regulation on crypto is reduced.
Furthermore, a pro-crypto president may see to it that the pending spot Bitcoin ETFs are successfully approved, and properly implemented.
CBDCs as well, may become phased out with the introduction of a decentralized alternative to the US dollar.
To summarize things, a pro-crypto president in the US may transform the country into a hotspot for the most amazing crypto innovations going forward.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.