As the November presidential election in the United States draws near, cryptocurrency remains a hot topic among candidates and voters. A recent study by Coinbase, released on July 11, highlights the potential impact of crypto voters in key battleground states. According to the study, one in six crypto owners resides in these pivotal states, suggesting they could significantly influence the election outcome.
The study reveals that crypto voters tend to be “younger and more diverse,” with Gen Z and Millennials comprising 65% of registered voters who own cryptocurrency. This demographic is also highly engaged, with nine out of ten registered crypto voters likely to participate in the upcoming election on November 5. Furthermore, these voters show strong enthusiasm for pro-crypto candidates, being four times more likely to support them compared to non-crypto candidates.
Bipartisan Preferences
Interestingly, the crypto voter base demonstrates a bipartisan stance. According to the study, 35% of crypto voters identify as Democrats, 34% as Republicans, and 31% as persuadable regarding party affiliation. This trend is consistent among registered crypto voters in swing states, highlighting their potential to influence both major parties.
Growing Political Influence
Crypto voters are increasingly seeking candidates who advocate for the industry with innovative and supportive policies. This sentiment has led to the formation of nonpartisan organizations like Stand With Crypto and the Bitcoin Voter Project, which aim to mobilize US crypto voter. Some political candidates have begun recognizing this trend, using pro-crypto stances to garner support.
Initially, Republican candidate and former president Donald Trump appeared to be a more crypto-friendly option, though his motives have faced scrutiny. On the other hand, President Joe Biden, the Democratic nominee, has received criticism for his perceived lack of support for the crypto community. Notably, Robert F. Kennedy Jr. became the first presidential candidate to accept campaign donations in Bitcoin and, along with Trump, has pledged to oppose the development of a central bank digital currency in the US.
