The upcoming United States elections set for November could have far-reaching implications for the American crypto industry, as candidates hold divergent views on digital assets. Crypto exchange Coinbase predicts that crypto voters will play a pivotal role in the election’s crucial races, particularly the presidential competition.
Crypto Ownership in Battleground States
A recent survey conducted by the crypto trading platform has revealed that a staggering 52 million Americans are cryptocurrency owners, with one in six residing in critical battleground states. These states, termed toss-up or purple states, are vital as they can swing in favor of either Democratic or Republican candidates in a statewide election.
Coinbase’s analysis found that crypto voters are predominantly younger, more diverse, and have a shared interest in accumulating wealth and advocating for a regulatory framework that favors digital assets. GenZ and millennials constitute 40% of registered voters in battleground states, with 65% of them being crypto owners. Additionally, non-white individuals make up 23% of registered voters in swing states, with 35% of them holding crypto assets.
Bipartisan Support for Crypto
Interestingly, the study revealed that crypto users in the United States demonstrate bipartisan tendencies. Among registered voters in battleground states likely to vote for the Republican Party, 34% own cryptocurrencies. Conversely, 35% of individuals leaning towards the Democratic Party in purple states possess digital assets.
A striking finding from the survey is that nine out of ten crypto owners express their intention to vote during the presidential election on November 5. Furthermore, they are four times more enthusiastic about supporting pro-crypto candidates compared to eligible voters, indicating a strong commitment to participating in shaping the 2024 election outcomes.
The influx of crypto voters in key battleground states has the potential to sway the results of the upcoming United States election significantly. Their shared interest in digital assets, combined with a commitment to voting, positions them as influential stakeholders in determining the future trajectory of the American crypto industry.
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