Bitcoin’s Impact on the U.S. Presidential Election
A series of bitcoin-related statements and policy announcements show how politicians are paying greater attention to crypto this campaign season. Crypto-skeptics, in particular, should pay attention lest they come across as anti-innovation. This story is part of CoinDesk’s Mining Week 2023.
Main Breakdowns:
- Several major Republican candidates, including Ron DeSantis and Francis Suarez, are proponents of Bitcoin, highlighting its values of freedom, privacy, and decentralization.
- Robert F. Kennedy Jr. of the Democratic party pledged to support Americans’ rights to use and mine Bitcoin without government scrutiny, while Elizabeth Warren has taken a negative stance.
- The growth of the crypto industry and increasing number of investors in the U.S. is hard to ignore, with 8%-11% of Americans owning cryptocurrencies.
- Black and Hispanic Americans view cryptocurrencies as more accessible than traditional finance, making their support a key factor in the upcoming election.
- Bitcoin receives significant press attention, and politicians are taking strong stances on crypto policy to boost their public profiles.
- The Biden administration maintains a tough-on-crypto policy, but specific policies targeting Bitcoin mining could negatively impact candidates in swing vote regions.
- The political and regulatory crackdown on the crypto industry has united supporters and created a pro-crypto voting bloc.
- Anti-innovation policies risk damaging U.S. competitiveness on the global stage, and pro-Bitcoin candidates attract a growing cohort of young, diverse, and politically-engaged voters.
Hot Take:
The increased attention to crypto in the U.S. presidential election reflects the growing influence and importance of the industry. Politicians must carefully consider their stance on crypto policy to avoid alienating a significant and politically-engaged voter base. Anti-innovation policies risk damaging the U.S.’s competitiveness and may unite diverse crypto supporters as a single-issue voting bloc.
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