HomeNewsAmerican Voters Turn to Bitcoin Amid Geopolitical Tensions and Inflation

American Voters Turn to Bitcoin Amid Geopolitical Tensions and Inflation

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  • Geopolitical pressures and inflation have prompted American voters to consider Bitcoin for their investment portfolio.
  • Nearly half of voters expect to own cryptocurrency, up from 40% in late 2023.

A Harris Poll poll carried out recently on behalf of Grayscale revealed a notable change in American voters’ perceptions about cryptocurrency, especially Bitcoin.

According to the research, more voters are thinking about incorporating crypto into their investing portfolios because of ongoing inflation and global unrest.

Rising Interest in Crypto Amid Geopolitical Tensions 

Part of a longer research project, the poll collected information from April 30 to May 2, 2024. It showed that, compared to 40% at the end of 2023, almost half of the voters (47%) anticipated holding some amount of their financial portfolio in cryptocurrency.

Source: Grayscale

This modification emphasizes how crucial Bitcoin is to the current macroeconomic environment, which is characterized by economic difficulties and geopolitical unrest.

Bitcoin’s Growing Significance in the 2024 US Election

The electorate is growing increasingly interested in Bitcoin as the 2024 US presidential election draws near, and contenders Biden and Trump provide quite different views for the nation.

According to the poll, voters are seeing Bitcoin more and more as an inflation hedge; for 28% of respondents, this is still their top worry. This opinion has merit because both parties—Republicans (18%) and Democrats (19%)—adopt cryptocurrency at comparable rates.

A number of recent occurrences have increased voter enthusiasm in Bitcoin. The approval of the US spot Bitcoin ETF in January 2024 and the April 2024 Bitcoin Halving both had significant effects.

The poll indicates that these incidents have increased the interest in investing in Bitcoin and other cryptocurrencies of 18% and 20% of voters, respectively. Retiree voters have shown special resonance with the ETF approval; 9% of them said they are now more interested in cryptocurrency investments.

The Bitcoin Election: A New Political Landscape 

The idea of the “Bitcoin Election” gained steam when, on March 13, 2024, Bitcoin’s price reached an all-time high. Moreover, Bitcoin’s value has increased more steadily in 2024 than in prior election years.

Together with growing voter interest, this economic environment makes Bitcoin a hot issue in the next presidential debates.

Cryptocurrency interest goes beyond Bitcoin. According to the poll, 32% of voters have been more receptive to learning about or making cryptocurrency investments since the start of the year.

This is a significant rise over November 2023, when only 19% thought cryptocurrency was a viable long-term investment option. Cryptocurrency inclusion in investing portfolios has also become much more expected.

Bipartisan Support and Legislative Developments 

The poll findings demonstrate how equally supported cryptocurrency is by both of the main political parties. Thirty percent or so of both parties’ voters think their parties have good crypto policies.

This balanced interest fits nicely with previous bipartisan legislative initiatives, notably the backing of the FIT21 and SAB 121 legislation, which let financial institutions act as custodians of digital assets, in line with what ETHNews previously disclosed.

Meanwhile, according to CoinMarketCap, the price of BTC is currently around $68,682.49, up 1.48% in the last 24 hours. But it shows a bearish position of 1.35% during the last 7 days.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628