Young people have been the earliest and most eager adopters of cryptocurrency, and President Joe Biden needs their votes.
The Nasdaq board in Times Square displays scenes from ringing the opening bell as Bitcoin Spot ETFs are launched on the Nasdaq Exchange on Jan. 11, 2024, in New York City. The trading of several exchange-traded funds tied to the milestone for the cryptocurrency industry that has been seeking regulatory approval for the financial product for over a decade. However, you count them, they’re the coin of the realm for the campaigns of President Joe Biden and former President Donald Trump.
There is much disagreement on how to address regulation, making it hard to build consensus. Meanwhile, crypto continues to burgeon, with most of the growth coming overseas and outside the purview of American regulators. Ownership of cryptocurrency is even higher among younger voters. For example, 41% of men ages 18 to 34 said they have bought crypto. The Biden campaign has been reaching out to them for months, on issues such as student debt relief and reproductive choice. Biden has deployed a massive social media strategy inside the White House and on the campaign trail.
Trump touted his embrace of the currency at a May 8 gathering of crypto supporters at his Mar-a-Lago estate in Florida. He attacked the Biden administration for its push to regulate the crypto industry and demanded that crypto advocates had “better vote” for him, because, he exhorted, “They are against it.”
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