Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser2010)
The US presidential election is about to come to an end, and as of the time of writing, according to FOX website data, Trump is temporarily leading with 248 votes, only 22 votes away from the 270 votes needed to become the final winner of the 2024 US presidential election. Combining Trump's previous reiteration of his "crypto-friendly stance", the market sentiment has suddenly shifted, and there is a trend of "fully embracing crypto-friendly regulation" in the US political arena. Odaily Planet Daily will briefly review the current situation of the US cryptocurrency industry in this article for readers' reference.
The US Crypto Fundamentals: The Number of Cryptocurrency Holders Approaches 100 Million, Accounting for About 27.8% of the Total Population
To talk about regulation, we need to first look at the fundamentals.
Previously, in our article 《How the "Crypto Patriarch" Trump Was Forged in the US?》, we mentioned that "according to a research report released by CouponBirds in March, the survey showed that 45.2% of US parents who own cryptocurrencies have already purchased some cryptocurrencies for their children, and 40.6% of parents plan to specifically purchase cryptocurrencies for their children in the future. Their research shows that parents generally believe in the potential of cryptocurrencies as long-term investments and hope to educate their children about this asset class."
In May, according to data disclosed by the listed exchange Coinbase on the X platform, in 2023, 52 million Americans own cryptocurrencies, accounting for 20% of the US adult population; in addition, statistics from April 2024 show that 13% of US adults say they own Bitcoin.
Now, this number has seen significant growth.
According to a report released by security.org in late September this year:
Cryptocurrency Ownership Rate among US Adults
Cryptocurrency awareness and ownership have reached record highs: Currently, 40% of US adults own cryptocurrencies, up from 30% in 2023, which could be as many as 93 million people.
21% of non-Bitcoin holders say the expectation of a Bitcoin ETF would make them more likely to invest in cryptocurrencies, meaning that up to 29 million Americans could join the market soon.
Over the past year, the cryptocurrency ownership rate among women has soared from 18% to 29% (compared to 43% to 48% for men), which may be influenced by various news reports on the development of female practitioners in the blockchain field and investment and related behaviors in cryptocurrencies.Including Unchained Cryptopodcast host Laura Shin, Ark Invest founder and CEO Cathie Wood, and pro-cryptocurrencySenator Cynthia Lummis and the SEC commissioner, "Crypto Mom" Hester Pierce,who is friendly to cryptocurrencies.
It should be noted that, according to statistics, the current total population of the US is about 335 million, and the 93 million cryptocurrency holders account for about 27.7% of the total population, especially considering that cryptocurrency holders are usually adults with voting rights, it is no wonder that the cryptocurrency group has become the target that the Republican and Democratic parties are striving to win over in this year's US election.
The US Political Arena Turns Towards Crypto-Friendly Regulation
At the same time, the US political arena's attitude towards the regulation of cryptocurrencies has also undergone a major turning point, and crypto-friendly regulation may have become a foregone conclusion. The key turning events include 2 main points:
First, the Republican who supports cryptocurrencies, Bernie Moreno, won the Ohio Senate election, successfully defeating the Democratic Senator of Ohio, Sherrod Brown, and is expected to seize the position of Chairman of the Senate Banking Committee currently held by his opponent Brown in the subsequent job arrangements (Odaily Planet Daily note: this committee has jurisdiction over the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), for more information, please refer to the article《Besides the President, This Seat's Election Will Also Deeply Affect Crypto's Future》). Previously, the pro-cryptocurrency super PAC "Defend American Jobs" spent $40.1 million to support Moreno, and his campaign directly raised at least $54,600 from the cryptocurrency industry; well-known donors include Coinb CEO Brian Armstrong, a16z founders Marc Andreessen and benahorowitz.eth, a16z investor cdixon.eth, and Fred Ehrsam.
Second, the latest statement from Coinbase CEO Brian Armstrong, after Bernie Moreno won the Ohio Senate election, he said, "Bernie understands that cryptocurrencies are an important part of America's future. Bernie and the cryptocurrency owners who helped him win this victory understand - everyone can benefit from cryptocurrencies and are willing to fight for them. Welcome to the most crypto-friendly Congress in US history." He also posted that "Now over 219 pro-crypto candidates have been elected to the House and Senate. Tonight, these crypto voters decisively voiced their choice - across party lines, in key races across the country. Americans disproportionately care about crypto and want clear rules for digital assets. We look forward to working with the new Congress to achieve this goal. Thank you to everyone who stood with crypto today. We did it!"
According to the StandWithCrypto website, as of the time of writing, the number of pro-cryptocurrency candidates elected as Senators and Representatives is 14 and 227 respectively, far exceeding the number of opponents.
Compared to the data at the beginning of this year (according to a message in January, there were 18 US Senators supporting cryptocurrencies and 30 Senators firmly opposing cryptocurrencies), crypto-friendly regulation may have been brewing in the US political arena.
Information from the StandWithCrypto website
Summary: With Trump taking office, the Republican faction is pushing the crypto bull market to arrive
Looking at the current situation, the suspense of whether Trump can be elected President of the United States is rapidly disappearing. According to the latest data on the FOX website, Trump currently has 277 votes, meeting the 270-vote threshold for the US presidential election, and has been successfully elected the next President of the United States. With the dust of the election vote settled, he will also become one of the few "two-term presidents" in US history.
Next, compared to the Democratic Party members who have an extremely strict attitude towards crypto regulation, the Republicans represented by Trump will gradually become the vital force in the US government and regulatory agencies, jointly promoting the arrival of the crypto bull market. Based on Trump's previous remarks at the Nashville Bit conference in September this year, establishing a Bit strategic reserve, increasing the priority of Bit in US national assets, and releasing events such as the Silk Road founder Rose may become the next step.
At the same time, Bit, which has already hit a new high today, may continue to rise in price. As for whether it can reach $100,000 as expected by crypto enthusiasts, let's wait and see.
