Donald Trump has switched his stance on cryptocurrencies from anti-Bitcoin to pro-crypto candidate. Given the extreme polarization of the electorate and the often low number of registered voters, it is anticipated that the race for the presidency will be close as Americans get ready to cast their ballots on November 5.

Candidates are competing for the public’s trust as election day draws near by making promises of a better future. These days, cryptocurrency is a part of this political environment. With his promise of a “good and solid” future for the cryptocurrency industry in the US, Trump has taken a more positive position toward it.

Trump’s  view on crypto changes

Trump was mostly critical of cryptocurrencies when being president. He brings up a number of the usual political critiques.

However, as the elections in 2024 approach, Trump’s narrative has evolved. He surprised the cryptocurrency community on May 8 by accusing President Joseph Biden and the current Securities and Exchange Commission head, Gary Gensler, of plotting against cryptocurrencies during an event for holders of his nonfungible tokens (NFTs) at his Mar-a-Lago resort in Florida. He was running as the alternative for voters who support cryptocurrencies.

Crypto community criticizes Biden’s policy

Trump’s recent commitment to support cryptocurrency followed the Biden administration’s threat to veto the H.J.Res. 109 SEC crypto bill, which would allow US-regulated financial institutions to hold cryptocurrencies. Well-known cryptocurrency supporters, including Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, are against the bill and blamed Biden’s presidency for damaging the crypto sector.

Trump has capitalized on the unhappiness in the bitcoin community by positioning himself as a supporter of the business in light of this sharp divergence. The CEO and founder of blockchain analytics company Messari, Ryan Selkis, stated that the cryptocurrency sector will be subject to numerous restrictive laws if Biden is reelected.Trump has said that “crypto is moving out of the U.S. because of hostility toward crypto,” capitalizing on the dissatisfaction in the crypto community with Biden.

Does Trump care about crypto?

 Some in the crypto community support Trump, but others question his motives. Mónica Taher, former tech and business innovation director for El Salvador, told Cointelegraph that some politicians are opportunistically using crypto to boost their image. She sees Trump as an example, noting his initial opposition to crypto followed by accepting crypto donations amid financial troubles, as confirmed at his NFT event.

Trump’s campaign is financially strained due to legal expenses from defending 91 felony counts across various courts. Crypto donations could provide much-needed funding.

Andrew M. Bailey, co-author of *Resistance Money* and a fellow at the Bitcoin Policy Institute, suggests that Trump’s pro-crypto stance is a reaction to Senator Elizabeth Warren and the Biden administration’s crypto policies. Bailey sees Trump’s approach as a typical pattern of making positive but vague statements about crypto. Despite the vagueness, this strategy might still be effective.

Taher, with her political experience, advises trusting politicians who genuinely educate their constituents about crypto, emphasizing that financial inclusion should be the focus, not just marketing.

Votes from cryptocurrency owners may matter in swing states.

Regardless of Trump’s motivations, he might soon gain a new voter base. On March 14, a poll by Paradigm indicated that 19% of registered U.S. voters have purchased cryptocurrency, suggesting that this group is not just a small niche.

The poll also revealed that crypto holders are open to switching party allegiance. Specifically, 48% of these voters supported Trump for the 2024 election, compared to only 39% who voted for him in 2020. This shift could be critical in swing states where election outcomes are highly uncertain.

Swing states receive extensive attention and campaign resources from both parties due to their competitive nature. Paradigm noted that crypto owners represent a swing vote demographic, potentially decisive in a close race.

Additionally, on May 7, the Digital Currency Group (DCG) and The Harris Poll released a survey titled “Crypto Attitudes in the Swing States,” focusing on Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona. The survey found that 93% of voters intended to vote in the upcoming elections, a significant figure given the traditionally low voter turnout in the U.S. Moreover, 74% of these voters identified as politically engaged, with a near-even split between 43% leaning Republican and 45% leaning Democrat.

The Impact of Cryptocurrency on the Upcoming Election

However, cryptocurrency is one of many issues on the ballot this November. Will a presidential candidate’s stance on crypto be crucial for winning? According to the DCG survey, 26% of respondents pay attention to a candidate’s position on crypto, and 21% consider it a significant issue for the upcoming election.

Concerns about overregulation shape respondents’ views on crypto, with 55% worried that excessive regulation will hinder innovation. Venture capitalist Tim Draper told Cointelegraph, “America was known for freedom, and now we are known for inconsistent, unfair, abusive regulation.” Additionally, 83% of respondents wish legislators better understood crypto before regulating it.

Tim Draper echoed this sentiment, criticizing regulators for their lack of knowledge, saying, “Most of the people trying to regulate crypto don’t even have a crypto wallet.”

With nearly six months until the November elections, candidates’ positions may still evolve, and Trump’s legal issues could further develop. For Trump to create a decisive voting bloc of crypto holders, he will need to convince voters he is a genuine advocate by presenting concrete plans for crypto. Otherwise, his promises might be perceived as empty political rhetoric.