With the general elections in the United States drawing closer, there have been lots of discussions surrounding what could influence the outcome. However, crypto financial firm Galaxy Digital has said that cryptocurrency might play a part in influencing the outcome of the election. According to the Galaxy Digital report, the financial firm noted that crypto holdings voters could be the decisive force in the election.
Galaxy Digital explores the role of crypto in the US election
The Galaxy Digital report fingers a recent poll that showed the increase in crypto ownership among the young population. Galaxy Digital clarified that this factor and the uptick in crypto ownership among communities of color could be the decisive factor between the presidential candidates. With the pre-election atmosphere already heating, a close race between former President Donald Trump and President Joe Biden has been predicted.
The report noted that as November continues to draw close and traders continue to reflect on the implications of their votes on the crypto industry, they may play a bigger role than initially thought. The report cited a recent survey by venture capital firm Paradigm which noted that about 19% of registered voters held a form of digital assets. The Paradigm report also mentioned that over 11 million of that population hold digital assets worth at least $1,000.
Changing political preference among crypto holders
The cited poll also found that more crypto holders prefer Donald Trump to Joe Biden. Aside from crypto ownership, the poll is also in line with the others where it has been a close-fought contest between the two candidates with the population favoring former President Donald Trump. Furthermore, the report notes that crypto traders who voted for Biden in 2020 are planning to vote for Trump in the coming election.
The report noted that most of the change of heart has been a result of the various actions against the crypto industry under the Biden administration. Although the actions were not mentioned, participants in the crypto sector have often criticized the Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, for their activities. Most of them opined that the agency has chosen to use enforcement to regulate the sector.
The recent debate about the influence of digital assets in elections is coming at a time when Bitcoin just hit a new high of $73,000. Despite its popularity, the asset was adjudged to have been spurred by the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Although the popularity has caused the asset to enjoy interest from several entities and individuals, analysts have cautioned users to be wary about the downside of the asset.
