- Surveys show rising interest in cryptocurrency both globally and in key US election swing states like Pennsylvania, Wisconsin, and Georgia.
- Around 40M US residents now own or engage with cryptocurrency, forming a significant crypto voting bloc.
- Crypto remains the rare issue where high familiarity correlates with trust in the government to take the right actions.
As the 2024 US presidential election approaches, an unexpected force is emerging in key battleground states: cryptocurrency.
With thin margins in states like Pennsylvania, Wisconsin, and Georgia, crypto voters could sway the outcome.
Interest in crypto is surging to all-time highs, making the candidates’ positions on digital assets more important than ever.
Time for a closer look at why crypto has the potential to tip the US election scales in either direction.
Crypto Interest Surging to New Heights
A recent report from venture capital firm Andreessen Horowitz (aka a16z) found insights pointing to surging interest in crypto, both in the United States and beyond:
- 220M monthly active crypto addresses
- Diversifying interest across blockchains, with Solana leading the way
- 30–60M active monthly crypto users globally
Measuring on-chain users and addresses is tricky. A user can have more than one address, and someone HODLing $BTC might not necessarily be ‘active’ each month like a self-proclaimed meme coin degen.
Despite the challenges of measuring active crypto users, a16z’s report demonstrates that interest in crypto is growing and rapidly.
Monthly active addresses hit an all-time high… with growth reminiscent of early internet adoption.a16z
With all that growth comes increasing concern for what’s next.
Crypto Owners Are Politically Active…
Around 40M US residents now own or engage with cryptocurrency.
The group is politically active and represents a higher turnout in sheer numbers than the margin of victory in several swing states during previous elections.
This level of engagement has put Donald Trump and Kamala Harris’ stances on crypto regulation into the spotlight.
For the first time, a candidate’s crypto policy – whether for or against – could be the scale-tipping factor for a significant number of voters.
That applies to both the presidential race and elections further down the ballot, and as a result, more and more candidates are weighing in on crypto issues.
Interestingly, the appeal of pro-crypto policies transcends traditional party lines.
Many voters seem willing to cross parties if a candidate aligns with their views on digital assets.
As many as 40% of survey respondents have indicated that a candidate’s stance on crypto could prompt them to switch their vote, which shows just how pivotal this issue has become.
And across party lines, voters think both parties should pay more attention to the issue of crypto and digital assets.
…But Crypto Isn’t a Top-Tier Issue Yet
Despite its rising importance, crypto is still not the top priority for most voters, with economic and job concerns still dominating political discourse.
For the crypto community, regulatory clarity and support for industry growth are critical factors.
However, rather than spending time researching the ins and outs of crypto, the wider electorate remains focused on broader economic issues.
Meanwhile, pro-crypto political action committees (PACs) are pouring millions into supporting favorable candidates.
While crypto may not single-handedly determine the outcome of the 2024 election, its impact in battleground states where every vote counts can’t be ignored.
Crypto regulatory issues continue to move along in the background and will continue to contour the landscape for elections in the future.
And as the digital economy grows, so too will the role of crypto in shaping US politics well beyond this election cycle.
Our Opinion: Crypto Is The Rare Issue Where Voters Trust the Government
One insight from The Digital Chamber’s survey is worth emphasizing.
While the survey covered only a small sample of the voting populace, it matches observations during the election cycle since Trump’s speech at the $BTC convention back in July.
Crypto is gaining outsized attention as an election issue because voters still trust the government to make the right decisions.
Of course, each voter thinks their candidate will make better decisions than the other one, but it’s the rare issue where trust still exists.
Will it last? Probably not.
But for now, there’s a rare chance to drive engagement, win votes, and demonstrate progress – and both candidates are taking advantage of it.
References
- TDC National Survey Results (The Digital Chamber)
- State of Crypto 2024 (a16z)
- Estimating Crypto Users (a16z)
- US Has 26M ‘Strong Voting Bloc’ (Cointelegraph)
