Tech
Donald Trump says he’s the ‘Crypto President’ at San Francisco tech fundraiser
Ahead of the key US elections in 2024, Donald Trump has once again tried to gain the attention of the crypto community. Second ReutersDuring a San Francisco event on Thursday, Republican presidential candidate Donald Trump portrayed himself as a supporter of cryptocurrencies and attacked Democratic plans to regulate the industry.
The remarks come at a crucial time when millions of Americans will soon vote for their favorite presidential candidate.
Is Donald Trump the president of cryptocurrencies?
Trump has repeatedly tried to prove himself as a supporter of cryptocurrencies. In recent years, Trump’s views on cryptocurrency have evolved. Even though he once called it a “disaster waiting to happen” in 2021, he now stands by it and has done so. tens of millions of dollars in cryptocurrency.
His cryptocurrency holdings have surged following his new pro-crypto stance, reaching highs of more than $33 million in early June. However, its cryptocurrency holdings currently stand at $21 million, suggesting a major collapse.
However, the reverse wasn’t great either. AS reported by Bankless Times Previously, the Biden administration hasn’t exactly been the biggest fan of the cryptocurrency markets. But the administration will lose its grip in the next presidential election in 2024. The influence of cryptocurrency voters will be notable in the next election.
A few months ago, the Biden administration ordered a survey to find out electricity consumption during Bitcoin mining. The move infuriated many in the market, resulting in lawsuits, backlash and disappointment. Ultimately, the Biden administration had to withdraw the survey, even though it left a bad taste in the minds of many.
Why do crypto voters matter?
According to an analysis by Forbes, cryptocurrency owners are coming together to form a single voting bloc in 2024, unlike 2020. Millions of these voters live in crucial states where the last presidential election was determined by the narrowest of margins. Many people think cryptocurrencies will make or break their prospects of winning elections, according to statistics from Morning Consult.
The rise of the cryptocurrency voter is directly associated with the expansion of cryptocurrencies as an asset class. Nowadays, one in five Americans owns digital assets. 52 million people, in fact. The amount is enough to alter the outcome of the election.
Perhaps the most surprising thing about this group is its political makeup: According to survey data from Coinbase and Morning Consult, 22% of respondents who hold Bitcoin identify as Democrats, 18% as Republicans, and 22% as independents.