As a crypto investor with a few years of experience under my belt, I’m keeping a close eye on the upcoming US elections and their potential impact on the American crypto industry. With candidates holding opposing views on digital assets, this election could mark a significant turning point for us in the community.
The forthcoming US elections in November may bring about a pivotal moment for the American cryptocurrency sector as various candidates hold contrasting perspectives on digital assets.
According to Coinbase, the influence of cryptocurrency voters is expected to be significant in pivotal elections, particularly in the presidential race.
The Effect on Battleground States
As an analyst, I’ve reviewed data from a recent crypto trading platform survey, revealing that approximately 52 million Americans currently hold cryptocurrencies. Among this group, around one out of every six resides in pivotal electoral battleground states.
In the political landscape, there are specific states referred to as battleground or swing states. These are pivotal areas where the outcome of a statewide election can go either way for the Democratic or Republican candidate. Their support for presidential candidates is evenly split, making them significant contenders. Examples include Arizona, Florida, Michigan, and Georgia.
Based on data from a study conducted by Morning Consult, the cryptocurrency exchange platform, Coinbase, determined the proportion of crypto ownership among U.S. adults. They identified this figure by averaging the percentage of adults who reported having owned digital assets during the previous four quarters leading up to July 2023, and then applied that average to the total population of adults in the country.
In the study conducted, it was discovered that crypto enthusiasts are predominantly younger demographics, diverse groups, and share a common goal of amassing wealth and modernizing a system that fosters growth for digital currencies. Approximately 40% of registered voters in pivotal states belong to Generation Z and millennials, with 65% of them holding crypto assets. Furthermore, non-white voters comprise 23% of the electorate in crucial states, and among this group, 35% own digital currencies.
Crypto Owners Eager to Vote
In addition, crypto ownership is spread evenly among voters in battleground states, with 34% of those leaning towards the Republican Party and 35% of Democrats also being crypto holders.
As a crypto market analyst, I find it intriguing that nearly all crypto holders express a strong likelihood of participating in the upcoming presidential election on November 5th. Additionally, these individuals exhibit a heightened eagerness, approximately four times greater than eligible voters at large, to support candidates who advocate for cryptocurrencies.
“Coinbase expressed great eagerness among its users who are eager to exercise their voting rights and are expected to significantly influence the outcomes of the key races determining the 2024 election.”
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2024-07-14 18:20