The popularity of cryptocurrencies continues to rise and US presidential candidates are increasingly trying to appeal to the growing number of crypto-savvy voters. With millions of Americans now investing in digital assets, the political landscape is shifting to accommodate this new wave of interest.

As the 2024 US presidential election approaches, various candidates have shared their views and actions on digital assets and blockchain technology.

The Rise of Crypto Voters in America

GMI PAC, a crypto-focused political action committee, was founded in January 2022. Its name “GMI” stands for the popular crypto slang “gonna make it”. As part of its effort to gauge the importance of crypto to U.S. voters, the PAC commissioned a poll.

The poll results show that 44% of US voters own or are considering owning digital assets. This indicates that the electorate is starting to take an interest in crypto policy issues. Of those voters, 17% already own crypto, making them a highly competitive group that both Democrats and Republicans have targeted in the last election.

At 58%, the core group of crypto voters consists primarily of young men under the age of 55. Additionally, a third of crypto owners are people of color.

Interestingly, the poll revealed that crypto voters do not overwhelmingly lean towards one political party. This suggests that both Democrats and Republicans have an opportunity to win their support.

Cryptocurrency ownership spans the political spectrum, with 18% of Democrats, 16% of Independents, and 16% of Republicans currently owning digital assets. As a result, presidential candidates cannot afford to ignore this significant block of votes.

Presidential candidates are vying for crypto voters in a high-stakes race

donald trump

Former President Donald Trump was initially skeptical about cryptocurrencies, raising concerns about their volatility, their potential to facilitate illegal activities, and their competition with the US dollar. In 2019, Trump claimed he was “not a fan” of Bitcoin and other cryptos and criticized Facebook’s Libra project.

“I’m not a fan of bitcoin and other cryptocurrencies that aren’t money and whose value is very volatile and based on nothing. Unregulated crypto assets can facilitate unlawful conduct, including drug dealing and other illegal activities.” called Trump card.

Despite his previous reservations, Trump has recently changed his heart towards crypto. In December 2022, the former president announced the launch of his own NFT collection. This shift in attitude suggests Trump has become more open to the potential benefits of digital assets and blockchain technology.

Trump’s entry into the NFT space demonstrates his support for crypto innovation and the growing importance of digital assets in the global economy. His involvement in the industry could potentially influence his future political positions and encourage a more favorable stance.

While Trump has not explicitly discussed his position on crypto regulation, his previous comments on the risks associated with digital assets suggest that he is likely to support measures to protect consumers and investors and to combat potential illegal activities facilitated by crypto becomes.

Ron DeSantis

Florida Governor Ron DeSantis has been proactive in creating a crypto-friendly environment in his state. In June 2021, he signed a bill that established a regulatory framework for digital currencies and made Florida one of the most crypto-friendly states in the US.

DeSantis sees the potential of blockchain technology to revolutionize various sectors including finance, supply chain management and healthcare. He supports the nationwide adoption of blockchain solutions and has encouraged companies to explore their potential applications, while condemning the idea of ​​a central bank digital currency (CBDC).

“I think the danger of digital currency is that they want to make it the only currency, they want to get rid of crypto. They don’t like crypto because they can’t control crypto. So they want to put everything into a central bank digital currency,” DeSantis said.

Under DeSantis’ leadership, Florida has attracted numerous cryptocurrency and blockchain companies that have contributed to the state’s economic growth and created new job opportunities. He has positioned Florida as a center of innovation, attracting entrepreneurs and startups across the country.

DeSantis recognizes the importance of educating the public about crypto and the underlying technology. He also supports initiatives to increase awareness and understanding of digital assets and their potential impact on society and the economy.

Robert F Kennedy Jr.

Robert F. Kennedy, Jr. has shown great interest in blockchain technology. Especially for its potential applications in various sectors including environmental protection. Kennedy is a strong proponent of decentralization and believes that blockchain technology can play a role in empowering individuals by curbing dependence on centralized institutions.

He has urged the government to encourage the development of decentralized solutions and adopt a regulatory approach that encourages innovation and protects consumers.

“Cryptocurrencies, led by Bitcoin, along with other crypto technologies, are a major driver of innovation. It is a mistake for the US government to weaken the industry and encourage innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea.” called Kennedy.

The Democratic White House contender has raised concerns about the environmental impact of crypto mining. Especially considering the high energy consumption associated with proof-of-work algorithms. He has called for using renewable energy sources for crypto mining operations. The aim is to reduce their carbon footprint and support sustainable development.

“Yes, energy consumption is an issue (albeit a bit of an overstatement), but bitcoin mining consumes about the same as video games and no one is asking for them to be banned. The environmental argument is a selective pretext to suppress anything that threatens elite power structures.” confirmed Kennedy.

While acknowledging the potential benefits of cryptocurrencies, Kennedy remains cautious about the risks involved. He emphasizes the importance of consumer protection. In addition, Kennedy advocates stricter regulatory measures to prevent fraud and protect investors from bad players in the industry.

ted cruz

Ted Cruz is a vocal supporter of cryptocurrencies and their potential to boost economic growth and financial inclusion. The US Senator recently expressed his enthusiasm for Bitcoin, declaring that it has “a lot of potential” and calling on the US to take the lead in developing digital assets.

Cruz has criticized the over-regulation in the cryptocurrency space, arguing that it could stifle innovation and hamper the industry’s growth. He believes the government should take a “light touch” approach. This allows businesses and entrepreneurs to thrive without being hampered by unnecessary bureaucratic constraints.

“Cryptocurrency creates new jobs, encourages entrepreneurs to invent new values, creates new hedges against inflation and offers new opportunities. It is also increasingly being used as a secure means of payment for goods and services. That’s exactly why we here at the United States Capitol should improve accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill,” Cruz said.

The Republican presidential candidate has championed the growth of the crypto industry in his home state of Texas. In March, he co-sponsored a bill creating a state regulatory sandbox. It provided a supportive environment for crypto and blockchain startups to innovate and develop new products and services.

“The federal government has no authority to unilaterally introduce a central bank currency. This bill goes a long way in ensuring that big governments don’t try to centralize or control cryptocurrencies and instead allow them to thrive in the United States. We should empower entrepreneurs, enable innovation, and increase individual freedom—not stifle it,” concluded Senator Cruz.

While Cruz supports the crypto industry, it recognizes the risks of investing in digital assets. He encourages responsible investing and urges investors to educate themselves about the potential risks and benefits of cryptocurrencies before investing.

It’s your decision

As crypto’s influence continues to grow, U.S. presidential candidates are increasingly realizing the importance of appealing to crypto voters.

Each candidate discussed has shown a different level of support for digital assets and blockchain technology. Some advocate more regulatory clarity, while others support innovation and financial inclusion. Meanwhile, some are even embracing the industry by starting their own crypto ventures.

As the 2024 election approaches, it remains to be seen how these positions will play out and how they could shape the future of crypto politics in the United States.