California voters support pro-crypto candidates ahead of 2024 election

The upcoming 2024 elections in California are expected to witness a profound impact from the state’s significant demographic of cryptocurrency owners, revealing a shift in political preferences driven by the digital asset landscape. Recent data from Morning Consult, as disclosed by Coinbase, indicates that approximately 27% of Californians, totaling around 8.2 million individuals, have embraced digital assets, setting the stage for a potentially influential voting bloc.

Coinbase’s blog post on February 9 shed light on the distinctive stance of crypto holders in California. A striking 78% of these individuals expressed a desire for policymakers to actively support “new, innovative, and disruptive technologies.” This inclination extends to their voting intentions, as the majority of crypto owners in the state reported being much more likely to support candidates who align with pro-crypto and blockchain positions.

The findings also revealed a fascinating trend where nearly four out of five crypto owners in California expressed a heightened inclination to back candidates who recognize the U.S. crypto industry not just as a financial player but as a significant job creator and a source of geopolitical strength. This sentiment is reflective of a broader trend across the United States, where over half of voters from the younger demographics, including Generation Z and millennials, signaled their intention to support candidates with favorable views toward cryptocurrencies in the 2024 elections.

These insights hold particular significance as potential candidates from major political parties, including U.S. President Joe Biden and former President Donald Trump, have already made appearances on primary ballots in various states, generating an early buzz around the upcoming elections.

The observations made by Coinbase align with a January survey conducted by the Crypto Council for Innovation, which revealed a prevailing preference among U.S. voters for lawmakers committed to establishing clear regulations for cryptocurrencies. The survey further underscored the potential of crypto users forming a pivotal swing voting bloc in the 2024 elections, emphasizing the growing importance of digital asset policies in political discourse.

Recognizing the potential influence of crypto voters, Coinbase emphasized the need for Congress and other decision-makers to adopt clear and predictable rules for the cryptocurrency industry. The call to action urges policymakers to move away from unpredictable regulation-by-enforcement approaches, highlighting the importance of adapting to the evolving landscape of digital assets.

Interestingly, the digital asset landscape has already become a talking point for Republican Party presidential candidates. Even as Florida Governor Ron DeSantis withdrew from the race, his stance against central bank digital currencies in the U.S. underscored the intersection of cryptocurrency policies with broader political conversations. Former President Donald Trump, too, has pledged to prevent the introduction of a digital dollar, echoing concerns about the potential risks associated with central bank digital currencies. Trump credited Vivek Ramaswamy, a former Republican rival, for enlightening him on the perceived dangers of central bank digital currencies during a recent interview, further elevating the discourse around cryptocurrency policies in mainstream politics.