Coinbase data shows that California’s 8.2 million crypto owners could significantly influence the 2024 election, with a strong preference for candidates who support innovative and crypto-friendly policies.
California’s growing cryptocurrency community is poised to play a crucial role in the 2024 election, according to Coinbase, revealed through a collaboration with Morning Consult, an impressive 27% of Californians, translating to roughly 8.2 million people, own cryptocurrency. This sizable demographic group, known for its preference for innovation and disruptive technology, could sway election results, particularly in favor of candidates with pro-crypto positions.
Pro-crypto sentiment and its implications
A remarkable 78% of crypto holders in California favor policies that promote innovation, with a similar percentage willing to support candidates who align with their pro-crypto and blockchain visions. That sentiment extends across state lines, reflecting a national trend, especially among younger voters. Approximately 51% of Gen Z and Millennials in the United States are likely to vote for candidates who are favorable to cryptocurrencies in the upcoming election.
Political commitment and regulatory desires
The crypto community’s political commitment isn’t just about supporting pro-crypto candidates; it also includes a call for clear and robust crypto regulations. This desire stems from the community’s frustration with the current “regulation by enforcement” approach, which they find unpredictable and stifling industry growth. The push for final regulations reflects a broader consensus among digital asset holders and advocates, highlighting the need for a legal framework that fosters innovation while ensuring investor protection.
The Election and Beyond: A Focus on Crypto-Friendly Policies
As the 2024 elections approach, the focus on digital assets and crypto-friendly policies is intensifying. Political figures and potential candidates are increasingly recognizing the importance of crypto policies in their campaigns. The conversation surrounding cryptocurrencies, blockchain technology, and their regulation is expected to play a significant role in shaping the political landscape and policy decisions in the US, indicating the growing influence of digital asset owners in American politics.
The intersection of cryptocurrency ownership and political engagement will have a profound impact on the 2024 California and potentially US elections. As candidates and politicians vie for the support of this influential voting bloc, the crypto community’s preferences for innovation, technological advancement, and clear regulations will likely shape future election outcomes and regulatory landscapes.
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