Upbit: The Cryptocurrency Sector Will Continue to Grow After the U.S. Elections

The reason for this is that cryptocurrency has emerged as a key factor in election funding, leading to expectations that more favorable policies will be established, according to a report released by Upbit's Investor Protection Center on September 20.

Upbit, South Korea's largest cryptocurrency exchange operated by Dunamu, highlighted the positions and commitments related to cryptocurrency of each presidential candidate. The report predicts that, regardless of the winner, the industry's growth trajectory will remain consistent, though the pace may vary.

The report states: "If Democratic presidential candidate, Vice President Kamala Harris, who is expected to continue President Joe Biden's policy direction, wins, the cryptocurrency industry is expected to experience gradual growth within a legal framework. On the other hand, if Republican presidential candidate, former President Donald Trump, wins, cryptocurrency volatility could increase significantly."

Citing data from the U.S. market research firm Morning Consult, the report notes that by 2023, 22% of the U.S. population had invested in cryptocurrency, making them a crucial voting block. This has prompted presidential candidates to clearly show their support for cryptocurrencies in an effort to win over these voters.

One of the most notable aspects of this presidential election, according to the report, is the funding from companies involved in the cryptocurrency sector.

According to the nonprofit research group OpenSecrets, based in Washington, cryptocurrency companies contributed $119 million to federal election campaigns this year, accounting for 43% of the total. This marks a significant increase from $4.6 million in 2022.