Crypto investment giant Grayscale says 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 levels during a US presidential election cycle.
Grayscale says Millennials and Gen Z voters may end up dictating the outcome of the “Bitcoin Election” as they become increasingly concerned about their finances.
“Our team has been wondering how these trends might be relevant in the upcoming 2024 US presidential election, and this piece is designed to capture our early thoughts.
First, Bitcoin is currently at its highest price in a US presidential election cycle; Bitcoin is currently trading above $29,000, while the previous election cycle was ~$20,000 in Q4 2020.
Next, and perhaps just as importantly, the demographic that has grown to be particularly distrustful of institutions, while at the same time worrying about their financial future, may be the most critical demographic of voters leading up to 2024.
In the 2024 presidential election, young people are expected to become the largest share of voters in history, with early reports indicating that millennials and Gen-Zers will make up 44% of the US electorate by 2024.
According to Grayscale, the crypto king could become more relevant in politics now that prominent politicians such as Donald Trump, Ron DeSantis, Joe Biden and Robert Kennedy Jr. are beginning to voice their stance on Bitcoin and the wider digital asset industry.
“The facts and the continued maturation of the Bitcoin ecosystem seem to suggest that Bitcoin is and will continue to be more relevant to a US election than ever before. In fact, early political candidates are already starting to share positions on Bitcoin and crypto more broadly.
Grayscale continues that the winning president’s stance on Bitcoin and digital assets is important as they will be responsible for appointing the heads of regulatory bodies such as the US 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 runs the country, but also because the president is responsible for appointing the heads of more than 50 independent federal committees that can influence various aspects of crypto , including the SEC, CFTC, Federal Reserve and Treasury.”
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