The Rise of the Crypto Voter: How Cryptocurrency Could Shape the 2024 U.S. Presidential Election

For the first time in U.S. history, cryptocurrency owners are emerging as a powerful new voting bloc with the potential to influence the 2024 presidential election. As digital currencies have evolved from niche assets to mainstream investments, millions of crypto holders are now using their voices to shape the future of the industry and, potentially, the country.


### Crypto’s Growing Influence


Today, between 7% and 21% of Americans own cryptocurrency, translating to roughly 18 million to 50 million people. A survey by the crypto exchange Gemini found that a striking 73% of these owners consider a political candidate's stance on cryptocurrency to be a critical factor in their voting decisions. This rapidly growing community is making waves, particularly in battleground states.


Crypto-focused organizations, such as the pro-crypto Political Action Committee (PAC) Stand with Crypto, are seizing on this momentum, mobilizing crypto advocates in states like Arizona and Georgia. Notably, these states now hold three times as many registered crypto advocates as the margin by which President Biden won them in 2020. With numbers like these, the influence of the “crypto vote” could tip the balance in the upcoming election.


"More and more people are getting into digital assets every year. The product is here and not going away," says Patrick Gerhart, President of Banking Operations for Telcoin, a digital bank. "Understanding voters and their needs will be vital to any politician."


### High Stakes: Money, Politics, and Regulation


The crypto industry is investing heavily to ensure its voice is heard. FairShake, a PAC supported by major players such as Coinbase and Ripple, has already raised over $200 million to support pro-crypto candidates. With regulation and policy frameworks hanging in the balance, the industry views the next four years as critical to its long-term future.


"An administration that is not only pro-crypto but also knowledgeable could greatly benefit both users of digital assets and the regulators," Gerhart added. It’s clear that this new financial technology will demand thoughtful regulation, and crypto stakeholders are rallying around candidates they believe will provide that.


### How the Candidates Measure Up


Recognizing the power of the crypto vote, presidential candidates are beginning to shape their campaigns with this group in mind. Donald Trump, who once dismissed cryptocurrency as a “scam,” has now shifted to a more crypto-friendly stance, even pledging to establish a bitcoin reserve and ease restrictive regulations. He has actively courted the community, headlining Bitcoin conferences and styling himself as the first pro-crypto leader. However, some in the industry remain cautious, wondering if Trump’s promises will translate into meaningful action.


In contrast, the Biden-Harris administration is seen by many crypto advocates as unfriendly to digital assets. Regulatory crackdowns and blocked legislation have heightened concerns within the crypto community that the current administration lacks understanding of the industry’s potential.


"The Biden administration will likely be remembered as one of the most politically unfriendly toward the crypto industry," remarked Todd Ruoff, CEO of Autonomys, a decentralized data network. "A lack of clear regulatory guidelines has created uncertainty, stifled innovation, and driven some businesses out of the U.S."


Vice President Kamala Harris has engaged in dialogue with crypto industry leaders, but her campaign has yet to articulate a clear policy for digital assets, leaving some in the sector apprehensive about what a Harris presidency might mean for the industry.


### A New Era of Political Influence


Whether the 2024 election will mark a turning point for cryptocurrency remains to be seen. However, one thing is clear: the crypto community is here to stay, and it’s becoming a force that candidates can no longer ignore. As both industry stakeholders and everyday crypto owners prepare to cast their votes, politicians who embrace and understand this shift could secure a significant edge, potentially shaping both the future of the industry and their own political legacies. 


As the race heats up, cryptocurrency may indeed prove to be the new frontier of American politics, adding a layer of financial innovation to the country’s democratic process. The question is, which candidate will seize the opportunity to lead the charge?