50 million crypto owners could decide US elections

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Last Updated on 22 June 2024 by CryptoTips.eu

The major crypto companies in the United States have clear political influence. With large financial donations and a product that is very popular with around 50 million voters, Coinbase, Ripple, Gemini and Messari can help decide who will become the new American president in November. What is also very interesting to see is that crypto has switched sides. In 2020 they sided with the Democrats, this time they clearly favor the Republicans.

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FTX

To understand what is going on with ‘political’ crypto in 2024, we need to go back four years. Sam Bankman-Fried’s FTX was one of the most important donors to President Joe Biden’s campaign. FTX gave to both Democrats and Republicans in the smaller election races, but in the presidential elections, Sam had a clear preference.

After FTX went bankrupt in 2022 and the crypto industry was in a crisis, Joe Biden’s team opted for the attack. Democratic Senator Elizabeth Warren and his Treasury Secretary Janet Yellen looked for all possible ways to portray the crypto industry as a group of criminals.

Two years later, Mr Bankman-Fried’s company was declared bankrupt and he’s serving a 25-year prison sentence for fraud. Binance (just like Terraform Labs) was fined for billions and the entire Democratic political establishment seems to have turned against the crypto industry.

Bitcoin

However, in early 2023, Bitcoin started to rise again, a bullrun that continued until the first half of 2024. The popularity of crypto made a dashing comeback. According to a well-known poll by Coinbase, there are some 50 million crypto owners in the United States in 2024. Since these are all adults, you are talking about 50 million potential voters says Coinbase.

Donald Trump understood this fact well and has embraced crypto and Bitcoin. He promises to be a “crypto president” who wants all remaining Bitcoins to be mined in the United States (not sure if that is possible).

In any case, donations from crypto companies continue to pour in for Trump. This week he received donations from both Gemini and Ripple.

“The 2024 elections will be the most consequential in crypto’s history,” said Brad Garlinghouse, the chief executive of Ripple. “You are seeing a technology become a partisan political issue.”

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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