‘Crypto Bros’ are hoping for a Trump victory, but what happens to Bitcoin if Kamala wins?

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Last Updated on 3 November 2024 by CryptoTips.eu

In the United States, the difference between male and female voters is quite clear in their preference for candidates. Women are more likely to choose Kamala Harris as president, while a larger share of the male population prefers a return of Donald Trump.

There is also a clear difference between genders when it comes to investing. Men are more likely to invest in tech stocks and crypto, women are more likely to invest in defensive stocks and funds that represent a mix of stocks. In crypto, for every two male investors, there is approximately one woman.

With that statistical background, it is easy to explain that the vast majority of crypto investors prefer Trump over Harris. On social media, the group that mainly talks about crypto and Trump is known as the ‘crypto bros’.

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Youngsters

In the last two nationwide US elections (the 2020 presidential election and the 2022 midterms), youth turnout reached record levels, largely due to increased mobilization among women, which benefited the Democrats most of all.

Donald Trump’s Republican campaign has clearly noticed this and knows that the above-average cryptocurrency usage among American men under 30 could therefore play a major role in the outcome in some of the so-called swing states.

The Trump campaign has also openly sought support from so-called ‘crypto influencers’. There is for example Ryan Selkis, who speaks about crypto and politics and has more than 350,000 followers on X (formerly Twitter) as well as Jesse Powell, who has more than 200,000 followers. Trump is also supported by the Winklevoss twins (who founded the crypto platform Gemini), Tyler and Cameron. They boast more than 1.7 million followers together.

Partly because of this, analysts are convinced that a Trump victory will lead to a higher price for Bitcoin, which is seen as part of the ‘Trump trade’. Several American defense stocks and Elon Musk’s companies listed on the stock exchange would also rise if Trump wins this week.

Democrats

Kamala Harris’ Democrats have also noticed how important crypto has become and their message towards digital currencies (which was quite critical, especially from Elizabeth Warren, Senator and Janet Yellen, Secretary of the Treasury) has become slightly more positive in recent times. months. If she wins, Bitcoin could show a small pullback, although the overall trend of the largest digital currency should remain positive.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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