It’s D-day in the United States. Months of electoral campaigns and market reshuffles come to a climax today as the country decides its next president. This article covers a lot around this conversation as we examine the power of a new voting demographic, Trump’s walk with crypto, and Bitcoin’s hedging strategies amidst election-driven volatility.

Crypto Voters: The Silent Kingmakers

The crypto voter is becoming a pivotal player in the 2024 elections, with around 4 million voters in crucial battleground states holding cryptocurrency. This demographic is notably young, with 68% being Millennials and Gen Z, and diverse, including 48% people of color. A significant portion, particularly four in ten Black voters, views crypto policy as a decisive factor in their voting decisions. Over 350 Congressional candidates have recognized this emerging influence, moving from silence to vocal advocacy for crypto-related policies. This group demands leaders who prioritize economic freedom and financial inclusion, asserting that digital assets are essential for America's competitive edge. The crypto voters’ message is clear: they are not just another demographic but a bipartisan force seeking genuine engagement on issues that matter to them.

📊 POLL: Winner of US Presidential elections 2024

Bitcoin Traders Brace for Election-Driven Volatility

As the election nears, Bitcoin traders are bracing for potential volatility, indicated by increasing demand for put options on the Chicago Mercantile Exchange. Market data reveals that short-term protective puts are trading at a premium over calls, reflecting cautious sentiment among traders. The current negative sentiment in the 25-delta risk reversal suggests that investors are seeking downside protection ahead of possible market fluctuations due to election outcomes. Additionally, U.S. spot Bitcoin ETFs experienced a significant outflow of $541 million—the largest since May—indicating a "wait-and-see" approach among investors. Analysts predict that election results could lead to price swings of $6,000-$8,000 for Bitcoin, emphasizing how macro-political factors can significantly influence cryptocurrency markets in the short term while maintaining a long-term bullish outlook.

📊 POLL:WIll the US Election boost BTC to $70,500 on Nov 6 (8 AM UTC)?

Trump’s Walk with Crypto

Donald Trump’s shift from a cryptocurrency skeptic to a key advocate represents a significant transformation in political dynamics. His acceptance of Bitcoin donations in May 2023 marked the beginning of this change, positioning him as the first major presidential candidate to embrace digital currency fundraising. Trump's commitment to removing SEC Chair Gary Gensler, known for his critical stance on crypto, sparked enthusiasm within the industry. Furthermore, the potential selection of Bitcoin supporter Senator JD Vance as his running mate suggests a forthcoming regulatory shift. This "Trump Effect" has invigorated interest in politically themed meme tokens such as MAGA and TREMP, while prediction markets have seen explosive trading activity. Trump's vision of a U.S. Bitcoin stockpile backed by influential tech figures like Elon Musk signals a bold new chapter for cryptocurrency policy in America.

📊 POLL: Will Donald Trump tweet "MAGA" by Nov 6th?