The upcoming United States elections set for November hold the potential to be a crucial juncture for the American crypto industry. This is primarily due to the contrasting perspectives of candidates on digital assets. According to the popular crypto exchange, Coinbase, the support from crypto voters could play a pivotal role in determining the outcomes of key races in the upcoming elections, especially the presidential contest.
A survey conducted by Coinbase reveals that approximately 52 million Americans currently own cryptocurrencies, with a significant portion residing in crucial battleground states. These states, also known as toss-up or purple states, have the ability to sway towards either the Democratic or Republican candidate in a statewide election, making them highly contested. States like Arizona, Florida, Michigan, and Georgia fall into this category with closely divided support for the two major political parties.
Coinbase calculated the extent of crypto ownership in the United States by analyzing the data of adults who confirmed owning digital assets over the last four quarters leading up to July 2023. The analysis, conducted by Morning Consult, indicated that GenZ and millennials constitute 40% of registered voters in battleground states, with 65% of them owning crypto. Non-white individuals also form a significant portion of registered voters in swing states, with 35% of them being crypto owners. It is evident that crypto voters are generally younger, more diverse, and share a common interest in achieving financial success through digital assets.
One striking revelation from the survey is that crypto users in the United States showcase bipartisan tendencies. Among the registered voters in battleground states who are inclined towards the Republican Party, 34% of them own crypto. Similarly, 35% of individuals who are likely to vote for the Democratic Party in purple states are crypto owners. This bipartisan support indicates that the appeal of cryptocurrencies transcends political affiliations and ideologies.
The enthusiasm among crypto owners to actively participate in the upcoming elections is noteworthy. An overwhelming nine out of ten crypto owners express their likelihood to vote during the presidential election on November 5. Furthermore, they exhibit a keen interest in supporting candidates who advocate for pro-crypto policies. In fact, they are four times more eager than the general population of eligible voters to rally behind candidates who prioritize the advancement of digital assets.
The influence of crypto voters in the upcoming United States elections cannot be understated. With their sheer numbers, diverse demographics, and unwavering enthusiasm, crypto voters are poised to make a significant impact on the electoral landscape and potentially shape the future direction of the American crypto industry.
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