Crypto Issue in Upcoming US Elections

Nearly half of U.S. voters say it's important for their candidate to support pro-crypto policies. The demand for a crypto-friendly future is growing.

The cryptocurrency market has seen a deep penetration into the 50 states of the United States and its territories over the last few years, especially as the country continues to grapple with its ballooning debt crisis. The recent approval of spot Bitcoin ETFs and spot Ethereum ETFs has paved the way for the mainstream adoption of digital assets by the largest single economy in the world.

The majority of Wall Street analysts now believe that it’s only a matter of time before the approval of spot ETF products for other assets. Already, two spot ETFs for XRP and Litecoin (LTC) have been filed with the US SEC.

Crypto Issue in Upcoming US Elections

Nearly half of U.S. voters say it’s important for their candidate to support pro-crypto policies. The demand for a crypto-friendly future is growing. What will your candidate do? ?️ pic.twitter.com/l1iusgRWRV

According to a recent report by Consensys, a web3 company focused on the Ethereum (ETH) network, 40 percent of voters are up for crossing party lines if a candidate expresses pro-crypto views, while a lesser 27 percent are not ready to switch party lines. Additionally, the report noted that 49 percent believe it’s key for their go-to candidate to be all in on pro-crypto policy.

As Republican presidential candidate Donald Trump has focused on the crypto community, including accepting donations in crypto and launching a new web3 project, his prospects of winning the election have significantly increased in the recent past.

According to data from Polymarket, a decentralized prediction market platform, Trump has a 61.3 percent chance of winning the US presidential election on November 5th.

Does It Matter?

The survey by Consensys noted that 19 percent of U.S. voters own crypto assets, with Bitcoin being the most popular asset at 13 percent. Most importantly, the survey highlighted that one in three US voters are considering investing in cryptocurrency within the next year.

However, market experts led by Ripple CEO Brad Garlinghouse and legendary trader Peter Brandt believe that Bitcoin as an asset class will continue to grow under any president.

Moreover, Bitcoin and the altcoin market have offered more investors a way out of beating inflation in the long haul.

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