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American voters have had a front seat to the no-holds-barred election campaigns of the current and 46th President of the United States, Joe Biden, and former 45th President, Donald Trump.
Whether Biden continues the fight remains to be seen, with pressure on him to step aside and let an alternative candidate run following a series of blunders.
In the meantime and in between the bickering and cheap shots, there are important issues being discussed by the presidential candidates that voters need to be aware of. One of these is how their potential terms in office could affect the cryptocurrency industry in the country.
Since the launch of Bitcoin in 2009, cryptocurrencies have garnered significant support from consumers and industries that were keen to adopt the decentralized alternative to fiat currencies.
While the market is widely recognized as being a volatile option for investors, those lucky enough to spot opportunities have seen an impressive return on investment.
Crypto expert Michael Graw specializes in advising consumers on which crypto to buy today by exploring criteria including market performance, security, utility, and compliance among others.
However, the political landscape will also play a role in how cryptocurrencies can perform, with the potential of regulatory changes affecting how cryptocurrencies and exchanges can operate.
A recent poll discovered that approximately 20% of registered voters see cryptocurrency as a major issue going into the 2024 election. Because of this, it is a subject that will be scrutinized by political parties and politicians who don’t want to upset consumers and major businesses at a crucial time.
Trump has been the first to speak on this key issue and appears to be putting his weight behind getting crypto traders on his side. Despite not being receptive to cryptocurrency during his term as president, his stance has changed in recent years, giving the industry a huge boost.
Trump has spoken of being the only vote to ensure cryptocurrencies future in the U.S., citing regulatory crackdowns under the Biden administration.
Biden nominee Gary Gensler, the Securities and Exchange Commission Chair, has angered crypto advocates by enforcing a series of actions that have affected them.
While Trump claims that Democrats are anti-crypto, this is not entirely true as 21 backed the Republican position of overturning SEC crypto guidance.
A poll shows that 48% of crypto owners are likely to vote for Trump than Biden who is being backed by 39%, the remaining 13% are currently undecided.
These figures show a swing towards Trump with 39% saying they previously voted for Biden in 2020. This could be crucial in a close race, and it is likely that Biden’s administration will announce some kind of favorable action to try and win back support from crypto consumers.
Many industries and businesses are embracing cryptocurrencies because of their improved security, speed, and lower fees involved in international transfers and transactions, for video game operators, retail businesses, and crypto gambling facilities.
Trump’s U-turn on crypto appears to have gained him a larger following, but there are still a few months for the Biden administration to appease voters.
