New research reveals the influence of cryptocurrencies in US elections

New research from Coinbase reveals that 55% of voters in pivotal US states are less likely to support political candidates who oppose cryptocurrencies and web3 technologies.

This data comes as part of Coinbase’s broader initiative to galvanize the 52 million US cryptocurrency owners into a political juggernaut.

Cryptocurrencies will play a major role in the 2024 US elections

The research underscores the growing influence of cryptocurrency holders in the United States. Not only does one in five American adults own cryptocurrencies, but this demographic is also younger and more diverse compared to the general population. New data suggests that cryptocurrencies are not just a financial asset but also a political tool that can influence electoral outcomes.

The Coinbase study also touches on the public’s dissatisfaction with the current financial system, with 87% of Americans believing the system needs an overhaul and only 14% being optimistic about its future. The research also highlights that in key states, more than 40% of digital asset owners use cryptocurrencies to make remittances, providing a cheaper alternative to traditional banking.

This research could also become part of the exchange’s recent push to promote US legislation designed to address regulatory oversight of the cryptocurrency market. With a majority of voters in battleground states like New Hampshire, Nevada, Ohio, and Pennsylvania voicing support for candidates who support cryptocurrencies and Web 3, the political cost of resistance to these technologies is becoming increasingly clear.