As the United States gears up for the upcoming elections in November, the American crypto industry stands at a crossroads. The views of candidates on digital assets could potentially shape the future of the crypto landscape in the country. According to Coinbase, a prominent crypto exchange, crypto voters are set to play a crucial role in determining the outcome of key races, particularly the presidential contest.
With 52 million Americans owning cryptocurrencies, one in every six of them resides in key battleground states. These states, also known as toss-up or purple states, hold the power to sway the results of the election due to their closely divided support for Democratic and Republican candidates. States like Arizona, Florida, Michigan, and Georgia are examples of battleground states where the outcome of the election could be decided by a swing in votes.
Demographics of Crypto Voters
Coinbase’s analysis reveals that crypto voters in the U.S. are characterized by their youth, diversity, and shared interest in wealth accumulation and advocating for a regulatory framework that supports digital assets. GenZ and millennials constitute 40% of registered voters in battleground states, with 65% of them owning crypto. Additionally, non-white individuals make up 23% of registered voters in these states, with 35% of them being crypto owners.
Interestingly, the data shows that crypto users in the United States span across political affiliations. While 41% of registered voters in battleground states lean towards the Republican Party, 34% of them own crypto. On the other hand, 35% of individuals likely to vote for the Democratic Party in purple states are also crypto owners. This bipartisan support for cryptocurrencies highlights the widespread appeal of digital assets among voters.
The enthusiasm of crypto voters is palpable, with nine out of ten crypto owners expressing their intention to vote in the upcoming presidential election on November 5. Notably, they are four times more enthusiastic about supporting pro-crypto candidates compared to the general eligible voter population. This fervor among crypto voters is expected to have a substantial impact on the races that will shape the outcome of the 2024 election, as stated by Coinbase.
The growing influence of crypto voters in key battleground states has the potential to reshape the political landscape in the United States. With a diverse and enthusiastic base, crypto voters are poised to make their mark in the upcoming elections and advocate for policies that support the digital asset industry.
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