According to crypto giant Grayscale, Millennials and Gen Z could decide the 2024 “Bitcoin election”.
Crypto investment giant Grayscale says two younger constituencies could play key roles 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 an American 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 wondered what these trends might mean for the upcoming 2024 US presidential election, and this article was designed to capture our initial thoughts.
First, Bitcoin has currently reached its highest price in an American presidential election cycle; Bitcoin is currently trading above $29,000 while the previous election cycle high was around $20,000 in the fourth quarter of 2020.
Second, and arguably just as important, the demographic that has become particularly wary of institutions while worrying about their financial future may well be the most critical constituency going into 2024.
In the 2024 presidential election, young people are projected to make up the largest proportion of voters in history, with early reports suggesting Millennials and Gen Z will account for 44% of American voters by 2024.”
According to Grayscale, the crypto king could rise in political prominence as prominent politicians like Donald Trump, Ron DeSantis, Joe Biden, and Robert Kennedy Jr. begin to voice their stance on Bitcoin and the broader digital asset industry.
“The facts and the continued maturation of the bitcoin ecosystem seem to indicate that bitcoin is and will remain more relevant to an American election than ever before.” Indeed, the first political candidates are already beginning to share their positions on bitcoin and cryptocurrencies more broadly. “
Source: Grayscale
Grayscale goes on to say that the victorious president’s stance on bitcoin and digital assets is important as he is responsible for appointing the heads of regulators such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). will be.
“A presidential candidate’s views on bitcoin and cryptocurrencies 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 influence various aspects of cryptocurrency , including the SEC, CFTC, Federal Reserve and Treasury Department.”
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