Coinbase Predicts: Crypto Voters in California May Decide 2024 Elections

California's crypto community is poised to exert significant influence on the outcome of the U.S. 2024 election, according to a recent study conducted by Coinbase.

In a recent blog post published on February 9,the US-based cryptocurrency exchange made a prediction, suggesting that crypto-focused voters in California would wield significant influence in the upcoming 2024 elections as a result of their ownership of digital assets and opinions on crypto-related policies.

Crypto Ownership in California

Citing data from Morning Consult, Coinbase highlighted that approximately 27% of Californians, roughly equal to 8.2 million individuals, own cryptocurrency. 

Moreover, the majority of crypto holders in the state, accounting for 78%, expressed a preference for policymakers who support "new, innovative, and disruptive technologies," indicating that these sentiments could heavily influence their voting decisions.

The blog post emphasized the pivotal role that pro-crypto and blockchain positions could play in swaying voter support.

According to Coinbase's findings, nearly 4 in 5 crypto owners in California stated they would be more inclined to support candidates who advocate for the U.S. crypto industry as a job creator and a source of geopolitical strength.

Coinbase's analysis further revealed that a majority (51%) of U.S. voters nationwide, particularly among Generation Z and millennials, expressed a likelihood of supporting crypto-friendly candidates in the 2024 elections. 

Primary Elections Kicked Off in Some States

With the primary elections underway in states like South Carolina and New Hampshire, potential candidates from both major political parties, including President Joe Biden and former President Donald Trump, are already on the ballots.

Coinbase's insights resonate with a survey released in January by the Crypto Council for Innovation, which indicated a preference among U.S. voters for lawmakers keen on crafting clear regulations for cryptocurrency. 

This advocacy group suggested that crypto users could emerge as a significant voting bloc with sway in the upcoming elections.

Highlighting the significance of these findings, Coinbase emphasized the importance for Congress and policymakers to heed the voices of crypto voters, advocating for a regulatory framework that provides clarity rather than an unpredictable regulation-by-enforcement approach.

Candidate's Response To Crypto Regulation

Among the cryptocurrency exchanges in the United States, Kraken has also highlighted the findings of a survey indicating a substantial proportion of California's population owns cryptocurrency and supports candidates whose policies align with blockchain and digital assets.

Notably, the traditional understanding of the crypto space by governments has already been reshaped, largely influenced by the ambitions of Republican Party candidate Florida Governor Ron DeSantis, before dropping out of the race, voiced opposition against central bank digital currencies in the United States. 

Former President Donald Trump has since adopted this stance, pledging to oppose the implementation of a digital dollar if reelected.