The promotion of cryptocurrencies by candidates for the U.S. presidency is driven by a forecast that members of Generation Z and millennials will make up a substantial share of voters—around 44%—in the 2024 election. This is stated in a Grayscale report.
According to the document, young people trust traditional institutions less and are more inclined to embrace new technologies.
Three of the seven participants in the forthcoming U.S. election to some degree support digital assets. Among them are Robert F. Kennedy Jr., Ron DeSantis and Vivek Ramaswamy.
“A candidate’s views on cryptocurrencies matter not only because the president runs the country, but also because he is responsible for appointing the heads of more than 50 independent federal agencies, which can influence various aspects of the market,” Grayscale notes.
Bitcoin will be positioned not merely as a “complement for government officials and politicians, but as a matter of national security for America,” the report’s authors suggested.
The best-known advocate of digital gold in the current presidential race is Kennedy Jr. Earlier he called Bitcoin an alternative to the traditional financial system, and also criticised American regulators for the “war on cryptocurrencies”, which led to a banking crisis in the country.
In the event of victory in the election, the politician promised to make decisions that “will support Bitcoin and the freedom to transact, enabling people to manage their wallets, nodes and passwords”.
Vivek Ramaswamy also announced his intention to “stabilise” the U.S. dollar with the help of the first cryptocurrency and exempt income from such transactions from taxation.
His rival — Florida Governor Ron DeSantis — promised to protect Bitcoin if elected as head of state. In addition, he called for a ban on CBDCs in the United States.
In June, Coinbase CEO Brian Armstrong called the upcoming U.S. elections a key moment for the regulation of digital assets.