California crypto owners set to influence 2024 elections, Coinbase reports

California crypto owners set to influence 2024 elections, Coinbase reports

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  • Coinbase’s data shows that 27% of Californians own cryptocurrency, likely influencing the 2024 elections with their preference for pro-crypto candidates.
  • Crypto owners in California and nationwide favor policies supporting innovation, with many ready to vote for candidates who back the crypto industry.
  • The call for clear crypto regulations is strong among voters, with digital assets becoming a significant campaign issue for presidential candidates.

United States-based cryptocurrency exchange Coinbase highlighted the potential political impact of cryptocurrency owners in California ahead of the 2024 elections. Leveraging data from Morning Consult, Coinbase revealed that approximately 27% of Californians, equivalent to 8.2 million people, currently own cryptocurrency. This demographic’s policy and political leadership preferences could significantly influence future elections, particularly given their overwhelming support for pro-crypto and blockchain candidates.

The political power of crypto ownership

At a striking rate of 78%, most of California’s cryptocurrency owners advocate for policies that favor innovation and disruption through new technologies. According to Coinbase, this indicates a strong likelihood of these voters supporting pro-crypto candidates who view the cryptocurrency industry as a vital component of the U.S. economy and a source of geopolitical strength.

This sentiment is prevalent in California and mirrors a national trend among younger voters. The survey found that 51% of Gen Z and millennials across the United States are inclined to back candidates with crypto-friendly policies in the upcoming 2024 elections.

Coinbase’s analysis suggests that the political landscape is evolving, with digital asset holders poised to become a critical voting bloc. This shift is underscored by the actions of political figures who have already recognized the importance of crypto policies in their campaigns.

For instance, before exiting the presidential race, Florida Governor Ron DeSantis expressed opposition to central bank digital currencies (CBDCs) in the U.S., a stance that has since been adopted by former President Donald Trump, who has pledged to oppose the creation of a digital dollar if re-elected.

The call for clear crypto regulations

Coinbase’s commentary extends beyond election predictions, touching on the broader regulatory environment for cryptocurrencies in the U.S. The exchange emphasized the crypto community’s desire for definitive regulations over the current “regulation-by-enforcement” approach, which is unpredictable and detrimental to the industry’s growth.

This call for clarity and stability in crypto regulation reflects a growing consensus among digital asset holders and advocates for establishing a legal framework that supports innovation while protecting investors.

The debate over cryptocurrency regulation and its role in political campaigns highlights the growing influence of digital asset owners in American politics. As the 2024 elections approach, both candidates and policymakers may need to pay closer attention to the preferences of this emerging voter base. With digital assets becoming a campaign issue for major political party candidates, the intersection of crypto ownership and political engagement is poised to shape the future of regulatory and policy decisions in the U.S.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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