For the first time, cryptocurrency could significantly affect the upcoming US presidential election. With the rise of digital currencies, crypto investors are becoming a notable voting demographic. Estimates suggest that between 18 million to 50 million Americans own cryptocurrency, and a study by crypto exchange Gemini indicates that 73% of crypto holders would consider a candidate’s views on the industry when voting.
Organizations such as Stand with Crypto, a pro-crypto Political Action Committee (PAC), are mobilizing supporters in swing states. Notably, Arizona and Georgia have three times more crypto advocates than the vote margin in President Biden’s 2020 win. As interest in digital assets continues to grow, understanding the needs of these voters is crucial for politicians.
The crypto sector is actively working to leverage this influence in the election, with PACs like FairShake—backed by major firms like Coinbase and Ripple—raising over $200 million for pro-crypto candidates. Despite some candidates expressing support, like Donald Trump, who aims to position himself as pro-crypto, this creates uncertainty regarding regulatory futures, especially given the current administration’s mixed reception from crypto advocates.
As the 2024 election approaches, the impact of crypto voters is likely to be significant and could shape future policies within the industry.