Crypto’s Rising Influence in 2024 U.S. Elections: A Game Changer, Says Analyst
On March 11, FOX Business analyst Eleanor Terrett noted 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.
In an interview with Tony Edward of Thinking Crypto, Terrett revealed how the crypto community aligns itself with pro-crypto candidates across various political divides in the U.S.
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.
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