The upcoming United States elections scheduled for November could mark a significant turning point for the American crypto industry due to candidates’ opposing views on digital assets.
Crypto exchange Coinbase believes crypto voters will make a big difference in the election’s key races, especially the presidential contest.
The Effect on Battleground States
According to a survey conducted by the crypto trading platform, 52 million Americans own cryptocurrencies, and one in every six of them lives in key battleground states.
Battleground states, also known as toss-up or purple states, can be won by either the Democratic or Republican candidate in a statewide election by a swing in votes. They have closely divided support for Democratic and Republican presidential candidates, and some of them include Arizona, Florida, Michigan, and Georgia.
Coinbase calculated crypto ownership in the U.S. by using the average of adults who revealed that they had owned digital assets for the last four quarters up to July 2023, per an analysis by business intelligence company Morning Consult, and applying it to the total number of adults in the country.
The exchange found that crypto voters are younger, more diverse, and united in their pursuit of wealth and an updated system that is favorable for digital assets. GenZ and millennials make up 40% of registered voters in battleground states and 65% of them own crypto. Also, non-white individuals make up 23% of registered voters in swing states, and 35% of them own crypto.
Crypto Owners Eager to Vote
Furthermore, crypto users in the United States are bipartisan. Out of the 41% registered voters in battleground states who are likely to vote for the Republican Party, 34% of them own crypto. On the other hand, 35% of individuals who are likely to vote for the Democratic Party in the purple states own crypto.
Interestingly, nine in ten crypto owners say they are likely to vote on November 5 during the presidential election, and they are four times more eager than eligible voters to pitch their tents behind pro-crypto candidates.
“They’re enthusiastic to vote and going to have a big impact in the races that decide the 2024 election,” Coinbase stated.
