Crypto investment giant Grayscale says that two younger voting demographics could play a key role in deciding the upcoming 2024 presidential election.
In a new article, the crypto asset manager notes that Bitcoin (BTC) is trading at its highest level during an American presidential election cycle.
Grayscale says that millennials and Generation Z voters may end up dictating the outcome of the “Bitcoin election” as they become increasingly concerned with their finances.
“Our team has been wondering how these trends might be relevant in the upcoming 2024 American presidential election, and this piece was designed to capture our early thoughts.
First, Bitcoin is currently at its highest price in an American presidential election cycle; Bitcoin is currently trading above $29,000, whereas the previous election cycle high in Q4 2020 was ~$20,000.
Next, and arguably as important, the demographic that has grown to be particularly distrusting of institutions, while simultaneously concerned with their financial future, could perhaps be the most critical demographic of voters ahead of 2024.
In the 2024 presidential election, young people are projected to become the largest proportion of voters in history, with early reports noting that Millennials and Gen-Zers will comprise 44% of American voters by 2024.”
According to Grayscale, the crypto king might be becoming more relevant in politics as prominent politicians such as Donald Trump, Ron DeSantis, Joe Biden and Robert Kennedy Jr. start voicing their stance on Bitcoin and the broader digital asset industry.
“The facts and continued maturation of the Bitcoin ecosystem seem to suggest that Bitcoin is and will continue to be more relevant to an American election than ever before. In fact, early political candidates are already starting to share positions on Bitcoin and crypto, more broadly.”
Grayscale goes on to say that the winning president’s stance on Bitcoin and digital assets is important since they will be responsible for appointing the heads of regulatory agencies such as the U.S Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
“A presidential candidate’s views on Bitcoin and crypto are important not only because the president leads the country, but also because the president is responsible for appointing the heads of more than 50 independent federal commissions that can have influence over various aspects of crypto, including the SEC, CFTC, Federal Reserve and Treasury.”
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