In a recent analysis by FOX Business analyst Eleanor Terrett on March 11, it was highlighted that the cryptocurrency industry is gaining significant influence as the 2024 U.S. elections approach. Terrett pointed out the growing impact of crypto advocacy groups such as Coinbase’s “Stand With Crypto Alliance,” which boasts a membership of over 310,000 individuals.
Expanding on Terrett’s insights, it becomes evident that the crypto community has strategically aligned itself with pro-crypto candidates across various political spectrums in the United States. This strategic alignment has been further reinforced by the substantial financial backing of crypto Super PACs, which raised an impressive $90 million in the first quarter alone for advertising campaigns.
The emergence of “crypto voters,” individuals who prioritize candidates’ positions on the cryptocurrency industry, is reshaping the political landscape. Brett Quick, Head of Government Affairs for the Crypto Council for Innovation, emphasized the diversity and influence of the crypto voter base. Quick highlighted the potential of these voters to sway outcomes in closely contested races, indicating a shift in traditional political dynamics.
Supporting Quick’s argument, a November 2023 Harris Poll revealed that nearly 20% of respondents reported holding cryptocurrencies. Interestingly, adoption rates were higher among specific demographics, including men (23%), Black and Hispanic voters (26% and 32% respectively), and the Gen Z demographic (31%). These groups also expressed a heightened interest in cryptocurrencies as a hedge against inflation, showcasing a growing mainstream appeal for digital assets.
In a recent interview with Donald Trump, the former U.S. President acknowledged the significance of Bitcoin, referring to it as an “additional form of currency” with substantial utility. Trump’s statement underscores the evolving perception of cryptocurrencies within mainstream political discourse.
On the other end of the spectrum, President Joe Biden’s administration has shown a nuanced approach to cryptocurrencies. While Biden has not explicitly expressed support for digital assets, his administration has demonstrated interest in regulating and exploring the potential of cryptocurrencies. Biden’s 2025 budget proposal includes provisions aimed at impacting the cryptocurrency industry, such as a wash sale rule for digital assets and an excise tax targeting crypto mining operations.
Looking ahead to the 2024 U.S. elections, the influence of cryptocurrency is expected to play a pivotal role in key Senate races. In California, frontrunners Adam Schiff and Katie Porter hold differing views on crypto, with Schiff likely to garner significant support due to the state’s high crypto adoption rate. In Massachusetts, the contest between incumbent Senator Elizabeth Warren and crypto advocate John Deaton has captured attention. Despite crypto not being the central issue in the state, Deaton’s ties to the industry and support from prominent figures like Charles Hoskinson could sway the outcome in his favor.
In conclusion, the unfolding events leading up to the 2024 U.S. elections underscore the growing popularity and influence of elements within the crypto industry. What was once viewed with skepticism is now proving to be a significant factor in shaping the electoral landscape, highlighting the evolving dynamics between cryptocurrency and politics.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
