Crypto Will Be Political In 2024
The possibility of a bull market arising in 2024 is considerable.
While the SEC’s approval of ETFs is one of the reasons and the halving a second one, analysts fail to comprehend the precise significance the cryptocurrency market has accomplished.
What goes on behind the scenes is more or less only known to a handful of people. Nonetheless, we can always put facts in context and reach correct assumptions.
We should expect a 2024 bull run, but watch as it gets political this time since the 2024 part of the cycle will coincide with the US elections.
Here’s why the US elections will have a “yuge” role to play.
14% Of Americans (Voters) Own Cryptocurrencies
2022 was a challenging year for investors in crypto as the market witnessed a catastrophic domino of bankruptcies and collapses. Hundreds of billions of dollars were wiped off the market due to the failure of several custodians and exchanges, leaving most investors with significant financial setbacks.
FTX, Celsius, and BlockFi were heavily advertised as the most promising investment options, offering both safety and high returns, along with the additional benefit of earning a passive income by storing cryptocurrencies on these platforms.
With the 2022 meltdown of crypto custodians, tens of millions of Americans lost their assets entirely, while the price of cryptocurrencies declined dramatically as the bear market initiated.
In the United States, both major political parties have taken a cautious approach toward cryptocurrency due to the perceived risks associated with investing in this market.
However, with a voting season approaching, both parties will need to consider how to address the concerns of the 14% of Americans who have already invested in cryptocurrency in a way that does not alienate their base.
Crypto will be a hot topic in the upcoming elections.
Crypto will get political, and part of the 2024 election campaign for both parties will be about crypto regulations and the promotion of financial innovation.
Banks and financial institutions are expected to engage in intense competition for institutional adoption, with the facilitation of centralized adoption under the custody of banks likely to stand as a major topic in political discussions.
Of course, the discussion will deviate from the principles of Peer-to-Peer self-custody and individual empowerment. Finance demands control and regulations.
However, the inclusion of cryptocurrency as part of political programs will also contribute to the rise in prices of crypto assets, since more institutional investors adopt a long-term investment will enter the market.
Crypto will be mainstream again, and one of the reasons will be politics and the US elections.
Trump Or Biden? Crypto Will Decide
Both presidential candidates have previously taken a strict stance against cryptocurrency.
However, with millions of cryptocurrency investors in the US, both are expected to accept ETFs, likely in January 2024, to satisfy their constituents.
Moreover, it is unlikely that the Biden administration will persist with the crypto witch hunt, as it will only lead to a surge in dissatisfaction.
The polls have been in favor of Trump since Biden’s administration is facing extreme economic uncertainty with high inflation caused mostly by the excessive increase in money supply since 2020. The US debt has increased significantly, and the population appears disappointed by the first three years of Biden’s presidency.
However, Trump is also struggling to win the hearts of the people as well (unlike 2016), and he will have to reconsider his stance on several topics to gain an advantage in the presidential race.
To gain an edge over the Democrats, the Republicans will need a well-defined plan in support of cryptocurrency. This plan should be strong enough to surpass the actions and proposals of their political rivals.
It appears that both these leaders will need cryptocurrency and may enter a political race over who will be the best to regulate and allow innovation to flourish.
In 2024, we should expect cryptocurrency owners to increase by several more millions, and these will be voters who would love to know the party they are about to vote back and support their investments.
Cryptocurrency may be the element that will influence the coming elections and secure better odds for victory for the side that plays the “crypto card” the best way possible.
We should also expect some of the top cryptocurrency personalities to turn it into a political game at all times and at all costs.
As a result, it is highly likely that crypto-influencers will actively participate in intense political discussions and various forums.
In Conclusion
This bull run will most likely favor the ruling democratic party, which will claim to uphold the values of free markets and regulations that do not hinder progress and innovation.
Several tactics can apply, but be sure that Crypto will be political in 2024, and mostly likely we will witness a market where everything “pumps”.
Clearly, the current cycle that is about to begin will have a vast role in the 2024 elections, and we are perhaps about to witness the first time party campaigns will include the topic of crypto.
Perhaps, the party that plays the crypto hand in the best approach possible will gain an advantage and secure victory.
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14% or 37 Million, right? and that's just 2023. It's probable that before election month, that number would reach 41 Milllion or more. That's a big number to consider. Anyway, both have scores of issues behind them as presidents... I don't know who would make a favorable policy towards crypto...