Original | Odaily Planet Daily (@OdailyChina)
The US election voting is about to conclude. As of the time of writing, according to FOX website data, Trump is temporarily leading with 248 votes, needing only 22 more votes to reach 270 and ultimately become the winner of the 2024 US presidential election. Combined with Trump's repeated emphasis on a "crypto-friendly stance," the market sentiment has shifted dramatically, and there is a strong trend in US politics towards "fully embracing crypto-friendly regulation." Odaily Planet Daily will briefly outline the current situation of the cryptocurrency industry in the US for readers' reference.
US Crypto Fundamentals: The Number of Cryptocurrency Holders Approaches 100 Million, About 27.8% of the Total Population
To discuss regulation, first look at the fundamentals.
Previously, we mentioned in the article “How Did the 'Crypto Patriarch' Trump Come to Be?” that “according to a research report released by CouponBirds in March, the survey showed that 45.2% of American parents who own cryptocurrency have already purchased some for their children, and 40.6% of parents plan to buy cryptocurrency specifically for their children in the future. The research indicates that parents generally believe in the potential of cryptocurrency as a long-term investment and wish to educate their children about this asset class.
In May, according to data disclosed by the publicly traded exchange Coinbase on the X platform, in 2023, 52 million Americans own cryptocurrency, accounting for 20% of the adult population; additionally, statistics from April 2024 show that 13% of American adults say they own Bitcoin.”
Now, this number has seen significant growth.
According to a report released by security.org at the end of September this year:
US Adult Cryptocurrency Ownership Rate
Cryptocurrency awareness and ownership have reached record levels: Currently, 40% of American adults own cryptocurrency, up from 30% in 2023, which could amount to as many as 93 million people.
21% of non-Bitcoin holders say that expectations for a Bitcoin ETF would make them more likely to invest in cryptocurrency, meaning as many as 29 million Americans could soon join the market.
In the past year, the cryptocurrency ownership rate among women surged from 18% to 29% (compared to men, which increased from 43% to 48%), possibly influenced by numerous news reports on the development of female practitioners in the blockchain field and their involvement in cryptocurrency investment and related behaviors. This includes Unchained Crypto podcast host Laura Shin, Ark Invest founder and CEO Cathie Wood, and supportive Senator Cynthia Lummis as well as pro-crypto SEC Commissioner, “Crypto Mom” Hester Pierce.
It is important to note that according to statistics, the current total population of the US is approximately 335 million, and the number of cryptocurrency holders at 93 million accounts for about 27.7% of the total population. Especially considering that cryptocurrency holders are typically voting adults, it is no wonder that this year's US election has made the crypto community a target for both the Republican and Democratic parties.
US Politics Turns: Crypto-Friendly Regulation Has Become a Foregone Conclusion
At the same time, the regulatory attitude of US politics towards cryptocurrency has also undergone a significant shift, and crypto-friendly regulation may have become a foregone conclusion, with two key turning events:
First, the Republican supporter of cryptocurrency Bernie Moreno won the Ohio Senate race, successfully defeating Ohio Democratic Senator Sherrod Brown, and is expected to take over Brown's current position as the chairman of the Senate Banking Committee in future appointments (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 see“This Seat's Election Will Deeply Impact Crypto's Future Besides the Presidency”_). _Previously, the pro-crypto super PAC “Defend American Jobs” spent $40.1 million supporting Moreno, and his campaign directly raised at least $54,600 from the cryptocurrency industry; notable donors include Coinbase CEO Brian Armstrong, a16z founder Marc Andreessen, benahorowitz.eth, a16z investor cdixon.eth, and Fred Ehrsam._
Second, Coinbase CEO Brian Armstrong's latest statement after Bernie Moreno's victory in the Ohio Senate race expressed, “Bernie understands that cryptocurrency is an important part of America's future. Bernie and the cryptocurrency owners who helped him win this victory understand—everyone can benefit from cryptocurrency and is willing to fight for it. Welcome to the most crypto-friendly Congress in US history.” Additionally, he also posted: “Now there are over 219 candidates who support cryptocurrency elected to the House and Senate. Tonight, these crypto voters decisively made their voices heard—across party lines, in key races nationwide. Americans disproportionately care about cryptocurrency 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 cryptocurrency today. We succeeded!”
According to StandWithCrypto's official website, as of the time of writing, the number of elected senators and representatives who support cryptocurrency is 14 and 227, respectively, far exceeding the number of opponents.
Compared to data from earlier this year (according to January news, there were 18 senators supporting cryptocurrency and 30 senators firmly opposing it), crypto-friendly regulation in the US political environment may have been gaining momentum.
StandWithCrypto official website information
Summary: Trump Takes Office, Republican Factions Propel the Arrival of the Crypto Bull Market
Given the current situation, the suspense of whether Trump can be elected as the US president is rapidly dissipating. According to the latest data from FOX website, Trump has now reached 277 votes, meeting the 270-vote threshold for the US presidential election, and has successfully been elected as the next US president. As the election voting concludes, he will also become one of the few "dual-term presidents" in US history.
Moving forward, compared to the Democratic figures with a very strict attitude towards crypto regulation, Republicans represented by Trump will gradually become a 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 2024 Bitcoin Conference in September this year, establishing a Bitcoin strategic reserve, elevating Bitcoin's priority in US national assets, and releasing Silk Road founder Rose, among other events, may become the next steps.
Meanwhile, Bitcoin, which has already broken new highs today, may continue to rise. As for whether it can reach the $100,000 mark as crypto enthusiasts hope, let us wait and see.
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