Originally published on: September 04, 2024
Political analysts are grappling with the uncertainty surrounding the potential impact of the “crypto vote” in the upcoming United States presidential election. Opinions range from beliefs that crypto voters could be the pivotal factor in the 2024 race to assertions that they hold little significance. Nonetheless, there is consensus that the number of voters interested in cryptocurrency is on the rise.
Diving into the Discussion
A recent article by Northeastern University Press delved into the intriguing concept of the “crypto bloc” and its possible implications for the 2024 US presidential election. The article attempts to gauge the extent of influence wielded by this emerging voter demographic.
Analyzing Political Leanings
Political science experts interviewed emphasized a noticeable political divide between individuals who own cryptocurrencies and those who do not. However, the extent to which cryptocurrency influences political preferences on a broader scale remains ambiguous. A recent scientific poll conducted by Fairleigh Dickinson University revealed that crypto owners show a 12-point preference for former US President and current Republican candidate, Donald Trump, over his Democratic counterpart, Vice President Kamala Harris.
Exploring Electoral Impact
The pivotal question that remains unanswered is whether the crypto vote could significantly sway the outcome of the election. Recent reports indicate intensified efforts by Trump to engage with the crypto community, while momentum from the Harris campaign has garnered support from some industry executives backing the Democratic candidate.
Insights from Academia
Ravi Sarathy, a professor at Northeastern University, shared a nuanced perspective on the issue. He highlighted that both Republicans and Democrats have embraced cryptocurrency. Sarathy noted that the awareness and investment in Bitcoin have surged following the approval of ETFs, expanding the constituency for digital assets and potentially increasing their electoral influence.
Contrasting Views
In contrast, Nick Beauchamp, an associate professor of political science at Northeastern University, expressed skepticism about the impact of crypto voters. Beauchamp suggested that the crypto “voting block” primarily consists of donors rather than active voters. He observed that cryptocurrency ranks low on the list of voter priorities and emphasized that the focus should be on the number of donors involved rather than the voters they represent.
The Road Ahead
The debate regarding the influence of the crypto vote on the 2024 US election continues to evolve. As political scientists analyze the evolving landscape, the role of cryptocurrency in shaping electoral outcomes remains a complex and intriguing subject of discussion.
