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Crypto’s Influence in the Election: A New Era for Blockchain and Bitcoin?
The recent election has handed Donald Trump a strong victory, but what’s notable is the growing influence of crypto in the political landscape. Over the past year, blockchain and Bitcoin have evolved from niche interests to major topics on the political agenda, with crypto-friendly candidates now holding key seats in Congress.
A Crypto-Powered Return to the White House
The Senate alone saw 18 seats claimed by pro-crypto candidates, while anti-crypto candidates held only 12. Across Congress, 266 pro-crypto candidates were elected, leaving anti-crypto voices trailing at 120. This shift in sentiment isn’t coincidental, as voter awareness of crypto climbed to 53%, up from 47% in December 2023.
A Grayscale report from September 2024 found that 71% of voters believe it’s crucial for political leaders to embrace new technologies like blockchain to keep America competitive on the world stage. Moreover, 56% of voters said they’d be more likely to back a candidate open to learning about crypto, up from 48% last December.
How Crypto Funding Shaped Key Races
Crypto played a massive role in Trump’s victory, transforming from a fringe industry into a powerful political force. The industry put its weight behind pro-crypto candidates across the country, making strategic donations and funding ads in states where races were close.
Groups like Fairshake and Defend American Jobs poured over $135 million into more than 50 crucial congressional races. In Ohio, for example, the Republican candidate Bernie Moreno received $40 million in crypto-funded ad support from pro-crypto super PACs, helping him defeat Sherrod Brown, a Democrat known for his critical stance on crypto regulation.
Tips for understanding the impact of crypto funding on elections:
- Look for strategic donations and funding ads in key races.
- Identify pro-crypto candidates and their stance on blockchain regulation.
- Monitor the involvement of crypto super PACs in shaping election outcomes.
Experts Take on Trump’s Victory
Industry experts weigh in on the impact of crypto on Trump’s win:
“Crypto became a voter agenda,” – Nitin Gaur, co-founder and CTO of Stealth Startup
Jakob Kronbichler, CEO of Clearpool, pointed out how Trump’s campaign reached crypto holders directly:
“Trump rallied this community by pledging to transfer the 207,000 bitcoins held by the DOJ to the Treasury as a strategic reserve.”
A New Era? What Trump’s Administration Holds for Crypto
With Trump set to reenter the White House, industry leaders are hopeful his campaign promises will lead to real changes that benefit crypto. Kronbichler expects “clearer regulations” to be one of the first steps, as a more supportive Congress and a crypto-friendly president could resolve the legal gray areas that have slowed DeFi and blockchain projects.
Will Adams, SVP of Partnerships at MatterFi, commented on the clarity Trump’s campaign brought to the future of crypto, with a strong intention for the U.S. to lead globally in the digital asset space.
Stay up-to-date with the latest news on crypto, blockchain, and Bitcoin on Global Crypto News.
