In the upcoming 2024 US election, the influence of the cryptocurrency industry on the political stage is gradually emerging. According to the latest data, nearly half of corporate political donations in this election cycle came from cryptocurrency companies. This trend not only reveals the growing strength of the cryptocurrency industry, but also triggers widespread discussion on how it affects the US political ecology and election results. At the same time, as the election date approaches, the price trend of cryptocurrencies such as Bitcoin has also become the focus of market attention.
According to a report by Public Citizen, a US nonprofit watchdog group, during the 2024 US presidential election, corporate political donations totaled $248 million, of which about 48% came from cryptocurrency companies such as Ripple and Coinbase. This means that the political influence of the cryptocurrency industry is increasing and has become a force that cannot be ignored.
The vast majority of these donations were donated to crypto-friendly super PACs, such as the nonpartisan Super PAC Fairshake, which is dedicated to getting crypto-friendly candidates elected from both parties and fighting against crypto-skeptic candidates. It is reported that more than $107 million of the $203 million raised by Fairshake PAC came from cryptocurrency companies. The influx of these funds not only helped crypto-friendly candidates get votes, but also affected the overall direction of the US election.
Currently, the cryptocurrency industry's PAC has raised another $183 million to influence the 2024 election. The existence of these organizations allows cryptocurrency companies to speak out more effectively on the political stage and promote policies and regulations that benefit the industry. As the cryptocurrency industry continues to expand, its potential influence in elections has become more apparent. According to statistics, in 42 primaries influenced by cryptocurrency-backed super PACs, candidates favored by the industry won 36 times, showing the importance of the power of money in elections.
The rise of cryptocurrency is not just a change in the financial sector, it is also fundamentally challenging the traditional political structure. The concepts of decentralization, transparency, and financial inclusion advocated by cryptocurrency are influencing more and more voters. With more than 50 million people in the United States owning digital assets, political candidates are increasingly aware of the importance of attracting this group of voters and have to pay attention to the needs and demands of this group.
Political elections are often driven by economic self-interest motives. Cryptocurrency supporters are likely to become a key group in elections as voters consider the impact of candidates on their financial interests when casting their votes. If candidates can effectively meet the needs of this group, their probability of winning an election increases significantly.
In this context, political candidates, especially Trump, began to attach importance to the support of cryptocurrencies. He has stated on many occasions that he will support the development of the cryptocurrency industry and promised to build the United States into the "global cryptocurrency capital." This change in attitude reflects the growing influence of the cryptocurrency industry in politics.
In contrast, Democratic candidates are relatively cautious about cryptocurrencies. The current government's regulatory measures on cryptocurrencies are relatively strict, causing many voters to be disappointed with the current policies. However, as the election approaches, the Democratic Party has also begun to discuss how to adjust its cryptocurrency policies to cater to the needs of young voters.
In addition, it is worth mentioning that as the 2024 US election approaches, the price trend of cryptocurrencies such as Bitcoin has also become the focus of market attention. Many analysts believe that with the cryptocurrency industry gaining more political support, the price of Bitcoin will experience a round of increases on the eve of the election.
As the market's attention to cryptocurrencies increases and more institutional investors participate, the demand for Bitcoin is expected to increase further. Investors' optimistic expectations for Bitcoin may also be reflected in its price, pushing it to a higher level. According to market expectations, the price of Bitcoin may reach around $80,000 before the election.
On-chain and technical signals suggest Bitcoin could hit new highs ahead of the November U.S. presidential election. Bitcoin has experienced strong upward momentum following bottoming in 2012, 2016, and the third quarter of 2020, often leading to price increases around U.S. presidential elections. Given this historical precedent, expectations are growing that Bitcoin could resume its uptrend and hit new highs as the November 2024 election approaches.
Although the market is optimistic about the future of Bitcoin, investors should still remain vigilant. The volatility of the cryptocurrency market has always been large, and factors such as policy changes and market sentiment may cause drastic price fluctuations. Therefore, investors should consider various factors comprehensively when making decisions and invest cautiously.
In summary, although the president-elect is still unknown, it is certain that crypto voters will play an indispensable role in the victory of the winning candidate. In addition, the strong political influence demonstrated by the cryptocurrency industry in the 2024 US election may eventually push cryptocurrency into the mainstream.
