The post Consensys Report: Crypto’s Influence on Voter Choices in the 2024 Election appeared first on Coinpedia Fintech News
The cryptocurrency market has deeply penetrated the 50 states of the United States and its territories in the past few years, as the country continues to struggle 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 believe that it’s only a matter of time before the approval of spot ETF products for other products. Already, two spot ETFs for XRP and Litecoin (LTC) have been filed with the US SEC.
Crypto Issue in Upcoming US Elections
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.
Since Republican presidential candidate Donald Trump 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.
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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.