Encryption to Play a Basic Role in US Elections 2024

New research from Coinbase reveals that 55% of voters in the 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 incentivize the 52 million US cryptocurrency owners into a massive force in policy-making.

The research highlights the growing influence of crypto holders in the United States. Not only do one in five American adults own cryptocurrencies, but this demographic also owns cryptocurrencies that are younger and more diverse compared to the general population. The new data suggests that cryptocurrencies are not just a financial asset but also a political tool that can influence election results.

Coinbase’s study also delves into public dissatisfaction with the current financial system, with 87% of Americans believing that the system needs a comprehensive overhaul and only 14% are optimistic about its future. The research additionally highlights that in key states, more than 40% of digital asset users utilize digital currencies for money transfers, offering a cheaper alternative to traditional banking services.

This research could also become a part of the recent exchange campaign to strengthen American legislation designed to address regulatory censorship of the encryption market. And with the majority of voters in battleground states like New Hampshire, Nevada, Ohio, and Pennsylvania casting their votes in support of candidates supporting encryption and web3, the cost of resisting these technologies is becoming increasingly clear.