The Banking Executive Magazine - March 2024 Issue

What Affect Bitcoin Price The creation of Bitcoin ETFs has been a significant development for the cryptocurrency market. It is a new way for traditional investors to participate in Bitcoin's potential gains without the need to own and store the digital asset directly. Addi- tionally, regulatory bodies' approval of Bitcoin ETFs has been seen as a step towards mainstream accept- ance. BITCOIN PRICE IMPACT ON 2024 US ELECTIONS Crypto holders will have major im- pact on the outcome of United States 2024 elections. Millions of crypto holders who are voting live in key swing states where the last presiden- tial election was decided by the nar- rowest of margins. Millions of US voters consider crypto to be a make- or-break issue at the ballot box, ac- cording to research from Morning Consult. The rise of the crypto voter tracks directly with the rise of crypto as an asset class. Many analysts see that the votes of the crypto holders will determine who will win the key to the White House. Swing voters decide elections. That is why campaigns are building their teams in battleground states like New Hampshire, Nevada, Ohio, and Pennsylvania. Morning Consult con- ducted a poll to gauge crypto senti- ment in these four swing states. In doing so, it discovered millions of Americans for whom digital assets is a top issue. Approximately 18% of voters in these states (or 3.4 million people) hold digital assets and 55% of voters are less likely to vote for candidates who stand in the way of crypto values. Those values include a belief that the current economic system is not fair and favors big busi- ness, and a corresponding desire for a decentralized, web3 economy. In other words, crypto could decide the votes of up to 1.9 million voters across these four swing states alone. This is enough to win the election. Given the rapid growth of crypto vot- ing bloc, candidates could redraw the electoral map in 2024 by simply adopting pro-crypto positions. Whichever presidential nominee se- cures the crypto vote could also se- cure the White House. There are tens of millions of Ameri- cans who have participated in the crypto economy. Any politician who ignores this passionate community is missing an important and motivated part of the American electorate. Given Biden’s aggressive approach to digital asset regulation, Donald Trump may distinguish himself from his competitor by taking the opposite tack. By simply embracing Bitcoin and the values of decentralization, Trump could poach pro-crypto De- mocrats and Independents that would have otherwise voted for Biden. And he could make a play for the 1.9 million people in swing states like New Hampshire, Nevada, Ohio, and Pennsylvania for whom crypto is a top concern. FOX Business analyst noted that the cryptocurrency industry is gaining in- fluence as the 2024 U.S. elections draw near. Recently, US president Joe Biden un- veiled his 2025 budget proposal, which includes several provisions designed to impact the cryptocur- rency industry. These measures en- compass a wash sale rule for digital assets and an excise tax targeting crypto mining operations. the BANKING EXECUTIVE 12 ISSUE 183 MARCH 2024