Cryptocurrencies are playing a vital role in this year’s election campaigns. While these assets were condemned since their origin, they have certainly come a long way as presidential candidates are embracing them. Similar to former U.S. President Donald Trump, current President Joe Biden could jump onto the cryptocurrency bandwagon. According to reports, Biden’s campaign has been considering the prospects of accepting cryptocurrency for donations.
The President is now in talks with Coinbase Commerce, a platform that also helps in handling Trump’s cryptocurrency donations. The U.S.-based exchange set up Coinbase Commerce to enable merchants to accept hundreds of cryptocurrencies. The firm has been aiding Trump’s donations since May 2024.
Also Read: Donald Trump Calls Himself A “Crypto President” At Tech Fundraiser
Is Biden Trying to Lure Young Voters Through Crypto?
According to the Federal Reserve’s annual household survey, an estimated 18 million Americans used and owned cryptocurrency in 2023. Millennials were seen dominating the charts, with those aged 30 to 44 accounting for the majority of cryptocurrency users. Generation Z or those between the ages of 18 to 29 trailed right behind millennials in terms of cryptocurrency usage.
The Biden campaign has been targeting young voters by emphasizing student debt relief. Alongside this, Biden has been employing social media to reach his younger demographic. However, this doesn’t appear to be working for the President and the inclination towards Trump might be rising. A recent Harvard Youth Poll found Biden topping Trump 45% to 37%. Back in 2020, Biden was leading Trump by 23 percentage points among the same crowd as opposed to the 8 percentage points this year.
Taking into consideration the above data, Biden’s latest foray into the cryptocurrency market could be a strategy to lure young voters. Biden’s rival Trump is certainly ahead of the curve. More recently the former President decided to handle matters more personally and met with several Bitcoin mining firm execs, with an aim of bolstering this sector of the industry.
Also Read: Donald Trump Touts Bitcoin Mining As Final Defence Against CBDC