Coinbase said crypto voters will play a major role in the upcoming US presidential elections and have the potential to influence key battleground states.
The exchange pointed to several surveys and studies conducted on its behalf to gauge the extent of cryptocurrency adoption among American voters. It added that studies have shown that crypto is a decidedly bipartisan issue.
Crypto voters
In a series of tweets on July 11, Coinbase highlighted that one in six crypto owners live in seven crucial states. These voters are younger, more diverse and very enthusiastic about participating in the elections.
According to the exchange, these individuals are driven by a desire to modernize the system and build wealth for themselves, demonstrating a dual approach to their political preferences. Coinbase said:
“Crypto voters will make a big difference in November’s key races. They are more bipartisan than you think and are excited to vote, which will have a significant impact on the 2024 elections.”
Surveys showed that Gen Z and Millennials make up 65% of registered voters who own crypto. Additionally, 40% of these voters live in swing states, with 35% of non-white voters falling into the crypto-owning demographic, making them a diverse and politically active group.
Meanwhile, surveys indicate that nine out of ten registered voters who own crypto are likely to vote in the November elections. Furthermore, these voters are 4x more enthusiastic about supporting a pro-crypto candidate.
Twofold issue
The survey also highlighted the bipartisan nature of crypto voters, with 35% identified as Democrats, 34% as Republicans, and 31% as persuasive regarding their party affiliation. This trend is consistent among crypto voters in swing states, where their influence could influence the election outcome.
Notably, some crypto enthusiasts have formed nonpartisan organizations, such as Stand With Crypto and the Bitcoin Voter Project, with the aim of mobilizing crypto voters and influencing election results.
Candidates are beginning to recognize the growing momentum of the crypto vote, with some researchers suggesting it could impact turnout and election results.
The candidates include former President Donald Trump and Democratic nominee Robert F. Kennedy Jr. expressed interest in the crypto community.
Trump has expressed strong support for the industry – a position recently echoed by the Republican party – and is expected to lead the upcoming 2024 Bitcoin conference.