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.