Cryptocurrencies are becoming a major issue in the US elections.
Such a scene, or rather political changes, can be observed both in India and the United States. Yes, when did the Constitution become an electoral issue in India? The ruling party did not even know about this. After that, when Rahul Gandhi and other opposition leaders came out on the streets among the common people carrying the Red Book of the Constitution, a large section of people came and stood behind them. But here we are talking about the United States. While cryptocurrencies can also become an electoral issue, no government in the world, let alone the United States, had thought of it. This has happened. As the election campaign of the Republican Party is gaining momentum. However, cryptocurrencies are becoming stronger as an electoral issue.
What is special is that at the end of this month a Bitcoin conference will be held in Nashville, the capital of the American state of Tennessee. Donald Trump’s speech at this conference will further strengthen and solidify cryptocurrencies as a mainstream political topic. This is the reason why the White House is constantly breathing up and down. After all, why are cryptocurrencies emerging as a big topic in the US elections? Why is Donald Trump trying to make cryptocurrencies an electoral issue? Could Donald Trump benefit from making cryptocurrencies electoral? Let’s try to understand this…
Are cryptocurrencies becoming an electoral issue?
However, many issues are creeping into the US elections, which are very important for the world’s largest economy and its people. In such a situation, the political status of cryptocurrencies is nothing. But this time it is becoming an electoral issue, and it is believed that there are many reasons behind it. The first reason is that around 16 percent of the total population of a country like the United States are cryptocurrency holders. Yes, this population is enough to decide the political course of any country. Donald Trump has now started trying to attract this vote bank. On the other hand, cryptocurrency lovers in the United States are also seen gradually supporting Trump’s election campaign.
Is Trump making cryptocurrencies a problem?
Donald Trump is simply making cryptocurrencies an issue. Cryptocurrency holders are not happy with the current government’s attitude towards cryptocurrencies in recent years. Cryptocurrency holders have also suffered huge losses during this period. On the other hand, cryptocurrencies are changing the methods of financial transactions. On the other hand, political dynamics are also changing. This time Donald Trump has received a lot of cryptocurrencies as a political donation. On the other hand, Donald Trump himself is friendly towards cryptocurrencies. In such a situation, just as this industry was tried to be marginalized, now the Trump of the same industry is seen standing. So he is also receiving a lot of support.
16 percent of people are crazy about cryptocurrencies.
If you calculate the cryptocurrency holders in the US demographics, you will also be stunned. According to data from the Federal Reserve, by the year 2023, 7 percent of the country’s youth population will own or use cryptocurrencies. On the other hand, according to the report of cryptocurrency investment firm Paradigm, 28 percent of Republican political faces have purchased cryptocurrencies. According to Coinbase, a population of 5.30 crore people in the US own cryptocurrencies. Which is 16 percent of the total population.
At present, the total US population is 34 crore. This is the third largest country in the world, where a large portion of the total population is crazy about cryptocurrencies. The United Arab Emirates ranks first with 30.39 percent, followed by Vietnam with 21 percent. Now you can guess why Republican candidate Donald Trump is busy making cryptocurrencies an election issue.
Cryptocurrency prices on the rise
You will remember when there was a fatal attack on Trump and he survived, after that his chances of winning the election increased significantly. After which there is a continuous rise in the prices of Bitcoin and other cryptocurrencies. If we talk about Tuesday, then according to Coin Desk data, there is a rise of about 3 percent in the price of Bitcoin and the price has reached close to $65 thousand. Before Trump was shot on July 12, Bitcoin was at $58,000. After the incident on Saturday, the price exceeded $60 thousand. On Tuesday it had seen a rise of up to $7 thousand.
