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Interestingly, California has a good number of crypto users. So, this means pro-crypto candidates could see a boost in the polls.
Crypto Power: California Holders Set to Shape 2024 Vote
Coinbase cites statistics from Morning Consult, a business intelligence firm in its report. The figures show that around 8.2 million individuals, or 27% of Californians, were crypto owners.
The study that “California crypto owners overwhelmingly report that they would be much more likely to support candidates who hold pro-crypto and blockchain positions.” In addition, it added that “almost 4 in 5 CA crypto owners say they would be more likely to support a candidate who supports the U.S. crypto industry as a job creator and source of U.S. geopolitical strength.”
NEW: COINBASE predicts that the “crypto constituency will play a significant role in the 2024 election season.”
8.2 million adults in California ?? own digital assets, and nearly 80% of crypto owners in the state believe that crypto and blockchain are net positives for society. pic.twitter.com/4hDL0V9McX
— Bitcoin News (@BitcoinNewsCom) February 10, 2024
Interestingly, about 78% of American cryptocurrency owners believe that lawmakers should support novel and revolutionary technologies. And many of them would vote for politicians who support pro-cryptocurrency policies.
Furthermore, a lower majority (51%) of US Gen Z and millennial voters are likely to support candidates whose policies are friendly to cryptocurrencies in the 2024 elections. U.S. President Joe Biden and former President Donald Trump are the two most likely presidential candidates for both major parties.
Presidential candidates from the Republican Party have already raised concerns about digital assets during their campaigns. Florida Governor, Ron DeSantis, publicly opposed digital currencies issued by central banks in the US before he withdrew his bid. Interestingly, Trump has warned against and vowed to stop their implementation should he return to the White House.
Both the Trump and Biden administrations have pursued a Central Bank Digital Currency. I will not; in fact, I will ban it — just as I did in Florida.
A CBDC is a massive threat to American liberty. It would allow the federal government to surveil all your purchases and control… pic.twitter.com/2pRo39r1fB
— Ron DeSantis (@RonDeSantis) September 19, 2023
Demand for Better Policies
The opinions of California’s pro-cryptocurrency voters also reflect a larger desire for regulation as opposed to the current haphazard treatment of digital assets. Coinbase wrote in its report: “Congress and other policymakers should take note that crypto voters are engaged in their states and they want rules, not an unpredictable regulation-by-enforcement approach.”
There’s a growing need for clearer policies in the US as the cryptocurrency market continues to expand and integrate into the financial system. The willingness of California’s crypto owners to support pro-crypto candidates is a clear message to Congress and politicians. Cryptocurrency holders are willing to collaborate to develop a better and more regulated industry.
