For the first time, cryptocurrency could significantly influence the outcome of a U.S. presidential election. As digital assets become more mainstream, crypto investors are emerging as a key and influential voting bloc.
Anywhere from 7% to 21% of Americans now own cryptocurrency, which translates to 18 to 50 million potential voters. According to research by the crypto exchange Gemini, 73% of these crypto owners say a candidate’s stance on cryptocurrency will directly impact their vote.
This growing influence is especially notable in swing states. Pro-crypto organizations like Stand with Crypto, a Political Action Committee (PAC), are mobilizing "crypto advocates" in critical battleground areas. In fact, the number of crypto voters in swing states like Arizona and Georgia far exceeds the margin by which President Biden won in 2020, underscoring their potential to tip the scales.
Patrick Gerhart, President of Banking Operations at Telcoin, emphasized the staying power of digital assets, stating, “More and more people are adopting digital currencies every year. The technology is here to stay, and politicians need to understand the needs of these voters if they want to succeed."
The crypto industry's expanding influence has prompted it to invest heavily in the upcoming election. FairShake, a pro-crypto PAC backed by major players like Coinbase and Ripple, has raised over $200 million to support candidates favorable to the industry. With regulatory decisions hanging in the balance over the next four years, the stakes for the future of digital assets are higher than ever.
"A knowledgeable and pro-crypto administration could positively shape the regulatory landscape," added Gerhart. "This would benefit not only everyday users but also bring much-needed clarity to regulators."
Presidential candidates are already paying attention. Donald Trump, once a crypto skeptic, is now actively courting the industry, positioning himself as a pro-crypto leader. He has pledged to create a national bitcoin reserve and roll back restrictive regulations. Trump even headlined a major bitcoin conference, signaling his willingness to engage with the crypto community. However, some question whether he will follow through on these promises.
In contrast, the Biden-Harris administration has been perceived as largely anti-crypto, with recent regulatory actions and vetoes on bipartisan crypto legislation leaving many in the industry frustrated. Critics argue that this has fostered an uncertain regulatory environment, stifling innovation and causing businesses to leave the U.S.
"The Biden administration is likely to be remembered as one of the least crypto-friendly in recent history," said Todd Ruoff, CEO of decentralized data network Autonomys. "The lack of clear guidelines has made it difficult for the industry to thrive."
Vice President Kamala Harris has engaged with crypto leaders but has yet to articulate a clear stance on how a Harris administration might handle the crypto industry. This uncertainty has left many wondering what a future under her leadership could mean for digital assets.
"Trump has struck a more favorable tone," added Ruoff. "Neither candidate may be perfect for the crypto community, but one may pose fewer challenges than the other."
The 2024 election could mark a turning point for cryptocurrency in U.S. politics. Candidates who embrace and understand the crypto movement could shape both the future of the industry and their political legacies. And while this may be the first time the crypto vote matters, it certainly won’t be the last.
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