A recent study by The Digital Chamber, a crypto advocacy group, suggests that how presidential candidates stand on crypto could be a major factor in the 2024 election.
The Crypto Voting Bloc: A Growing Force
The study found that a significant number of voters, both Democrats and Republicans, consider crypto important enough to influence their vote. This group, dubbed the “crypto voting bloc,” is made up of people who believe digital assets are either “very” or “extremely” important.
- The numbers: About 16% of the 1,004 people surveyed said crypto would play a big role in their vote. This translates to roughly 26 million voters nationwide.
- Party lines: Interestingly, the study found that 25% of Democrats and 21% of Republicans would prefer a candidate who supports crypto. This challenges the common perception that Republicans are more supportive of crypto.
- Demographics: Black voters are particularly interested in crypto, with nearly 40% saying it’s very or extremely important in their voting decision. This compares to just 13% of white voters and 22% of Asian voters.
Voters’ Perceptions: A Mixed Bag
The study also revealed some interesting perceptions about the candidates:
- Harris vs. Trump: Voters planning to vote for Kamala Harris believe she’s more pro-crypto than Donald Trump. However, Trump voters think he’s more supportive of crypto than Harris.
- Crypto as a priority: A significant portion of both Democratic and Republican voters (34%) believe the crypto industry should be a “medium” priority for the government. Even more (32% of Democrats and 27% of Republicans) believe it should be a “very high” or “high” priority.
Candidates vying for Crypto Votes
Both Harris and Trump are trying to appeal to the crypto voting bloc.
- Harris: Analysts believe Harris might be more supportive of crypto than Joe Biden, who has been criticized for being too tough on the industry.
- Trump:
Trump has received over $7.5 million in crypto donations since June. Some analysts predict that Bitcoin could reach $80,000 to $90,000 if Trump wins the election.
The Takeaway
The study suggests that crypto could play a bigger role in the 2024 election than many people realize. Candidates who embrace a pro-crypto stance might have a significant advantage in winning over this growing group of voters.
