Crypto’s Rising Influence in 2024 U.S. Elections: A Game Changer, Says Analyst

FOX Business analyst Eleanor Terrett opined on March 11 that the cryptocurrency industry is gaining influence as the 2024 U.S. elections draw near. She noted the increasing influence of crypto advocacy groups like Coinbase’s “Stand With Crypto Alliance” which boasts over 310,000 members, as an example.

In an interview with Tony Edward of Thinking Crypto, Terrett revealed how the crypto community has aligned itself with pro-crypto candidates across various political divides in the U.S.

Crypto Voters and Funding

Terrett pointed out the substantial financial backing of crypto Super PACs, which raised over $90 million in the first quarter alone for ad campaigns.

This funding, coupled with the presence of “crypto voters” who prioritize candidates’ positions in the industry, is reshaping the political landscape.

Brett Quick, Head of Government Affairs for the Crypto Council for Innovation, emphasized the diversity and influence of the crypto voter base. She suggested that their priorities could sway outcomes in closely contested races.

Supporting Quick’s argument, a November 2023 Harris Poll found crypto’s mainstream investment appeal.

Nearly 20% of respondents reported holding cryptocurrencies. The adoption rates were higher among men (23%), Black and Hispanic voters (26% and 32% respectively), and the Gen Z demographic (31%). Additionally, these groups cited heightened interest in crypto as an inflation hedge.

A recent CNBC interview with Donald Trump revealed the former U.S. President’s position on cryptocurrency.

“Bitcoin is an ‘additional form of currency’ with a lot of use,” he stated.

JUST IN: 🇺🇸 President Donald Trump says #Bitcoin is an "additional form of currency" with a lot of use. pic.twitter.com/TrPLqCKeWE

— Watcher.Guru (@WatcherGuru) March 11, 2024

As noted in a report by Cryptonews, US President Joe Biden’s social media post featuring laser eyes sparked speculation within the crypto community. Many speculated whether it was an intern’s gaffe or a hint at the president’s stance on cryptocurrencies.

Despite not directly expressing support for cryptocurrencies, Biden’s administration has shown interest in regulating and exploring digital assets.

Recently, Biden unveiled his 2025 budget proposal, which includes several provisions designed to impact the cryptocurrency industry.

These measures encompass a wash sale rule for digital assets and an excise tax targeting crypto mining operations.

Crypto’s Growing Influence Ahead of the 2024 U.S. Elections

Two Senate races where crypto’s influence is expected to be strong are the California Senate election and the Massachusetts Senate race.

In California, the two frontrunners—Adam Schiff and Katie Porter—have contrasting views on crypto. Terrett stated that the large crypto adoption rate in the state is a strong indication of significant support for Schiff.

As Terrett revealed, prominent crypto figure John Deaton is contesting against the incumbent Senator Elizabeth Warren, an influential anti-crypto politician, in Massachusetts.

She believes Deaton’s crypto ties could boost his chances of winning despite crypto not being the central issue in that state. Due to his advocacy efforts for the industry, Deaton has received support from major crypto figures like Charles Hoskinson.

Terrett summarized that many had been skeptical about whether crypto could greatly impact the electoral process. She noted that unfolding events are proving them wrong, as elements of the crypto industry are growing in popularity and influence.