Does the Crypto Voting Bloc Matter in the Upcoming Election?

Political analysts are grappling with the influence of the “crypto vote” in the forthcoming U.S. presidential election. While views vary—ranging from the belief that crypto voters could be pivotal in the 2024 race to opinions that deem them insignificant—there is consensus on one point: the number of voters concerned about cryptocurrency is growing.

A recent analysis from Northeastern University explores the potential impact of this “crypto bloc” on the 2024 election. According to political science experts interviewed, polling data shows a distinct political preference between cryptocurrency holders and non-holders. However, it remains uncertain how many voters view cryptocurrency as a major political issue.

A scientific poll by Fairleigh Dickinson University reveals that crypto owners favor former President Donald Trump over Democratic candidate Vice President Kamala Harris by a 12-point margin. The key question is whether this bloc could influence the election outcome.

Trump has ramped up his outreach to the crypto community, while some industry executives have shown support for Harris. Northeastern University professor Ravi Sarathy points out the complexity of the situation. “Both Republicans and Democrats own crypto,” Sarathy noted, adding that “awareness and investment in Bitcoin have increased since the approval of these ETFs.” He suggests that the growing constituency for Bitcoin could be more influential than some predict.

In contrast, Nick Beauchamp, an associate professor of political science at Northeastern University, is more skeptical about the crypto voters’ impact. “The crypto ‘voting block’ is more about donors than voters,” Beauchamp argued. He explained that while cryptocurrency is not a prominent issue for most voters, it is significant for a subset of donors who are driving the campaigns’ crypto-related statements. According to Beauchamp, these donors may be influencing some Republicans and Democrats, such as Chuck Schumer, to resist regulation.

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