Introduction 

With only a week to go until the 2024 election to decide whether Donald Trump or Kamala Harris will become the next president of the USA, Coinbase’s Q3 State of Crypto Report, which includes a polling of 2000 U.S. voters who own cryptocurrency, reveals a powerful new voting bloc that could significantly influence outcomes in key battleground states. 

The findings challenge common perceptions about crypto owners and highlight their potential impact on both national and state-level politics. 

As races up and down the country remain too close to call, the report suggests that crypto voters could be the decisive factor in determining outcomes across these crucial battleground states. 

Let’s look at their biggest findings.

Swing States Love Crypto

In 2023, an estimated 52 million Americans owned cryptocurrency. This number is 7× larger than the differential that determined the 2020 Presidential election. 

More critically, approximately 6.5 million crypto owners reside in the seven battleground swing states:

• Pennsylvania: 1.4 million owners could swing this crucial electoral prize
• Georgia: 1.3 million owners in a state known for razor-thin margins
• North Carolina: 1.1 million owners in an increasingly competitive state
• Michigan: 940,000 owners in a key Midwest battleground
• Arizona: 720,000 owners in a state with changing demographics
• Wisconsin: 640,000 owners in a historically pivotal state
• Nevada: 385,000 owners in a state where every vote counts

This bloc of crypto owners is 16× that of the combined vote differential in these states from the 2020 Presidential election, making them potentially the most influential voting bloc in these crucial battlegrounds.

Challenging the Crypto Stereotypes

The report next shatters common misconceptions about retail crypto owners, who have been maligned by mainstream media for years as a bunch of ‘crypto bros’. Far from the stereotype of wealthy tech bros, crypto owners make up a diverse cross-section of America:

• 68% are Gen Z or Millennials, representing the future of the electorate
• 48% are non-white, showing significant diversity in the crypto community
• 70% have an income under $100,000, dispelling the wealthy investor myth
• 18% are mothers with children at home, demonstrating broad demographic appeal
• 41% listen to country music, challenging coastal elite stereotypes

Political affiliations further challenge conventional wisdom:

• Democrats: 22%
• Independents: 22%
• Republicans: 18% 

Crypto owners are a truly bipartisan constituency that defies traditional political categorization, with an even 47-47 split in Harris and Trump voting intentions for 2024.

Deep Engagement and Priorities

Crypto owners demonstrate exceptional engagement with the technology and its implications:

• 59% think about crypto as much or more than their next vacation
• 71% of male owners compare their crypto interest to their interest in the Roman Empire
• 71% of Gen Z crypto owners think about it as much as Taylor Swift
• 95% plan to vote in the upcoming election, showing remarkable political engagement
• Two in three (67%) in key swing states are enthusiastic about supporting crypto-friendly candidates

This level of engagement suggests crypto owners are not passive investors but deeply committed stakeholders in the future of financial technology and regulation.

Core Values and Motivations

A comprehensive analysis of the motivations behind crypto ownership reveals strong alignment with traditional American values, with freedom leading as both a core principle (71% importance) and as a primary driver of ownership (76%). 

This is closely followed by security and trust, reflecting concerns about financial stability and system transparency. Privacy ranks highly, with 71% of owners citing it as a key motivation.

Individual autonomy emerges as a crucial theme, demonstrated by the high ownership motivation for control (75%) and empowerment (69%). While inclusion shows relatively lower importance at 45%, it still motivates 61% of crypto owners, suggesting a significant interest in democratizing financial access.

These statistics paint a picture of crypto owners as individuals deeply motivated by American principles of liberty, self-determination, and financial independence.

Financial System Reform

Crypto owners overwhelmingly advocate for financial system reform, with nearly 9 in 10 seeking greater control over their finances, and more than three-quarters feeling that cryptocurrency delivers on this desire. 

The vast majority support modernizing the financial infrastructure through new technology. Roughly seven out of ten view crypto and blockchain as catalysts for economic growth. Their dissatisfaction with the current system spans multiple issues: the most pressing concern is the dollar’s instability, which affects two in five owners. This is closely followed by complaints about excessive banking fees.

About ⅓ of owners express parallel concerns about institutional trustworthiness, security vulnerabilities, privacy protection, and intermediary costs. Together, these findings paint a picture of a community united in their desire for a more transparent, efficient, and user-controlled financial system.

The Push for Regulatory Clarity

Support for a comprehensive regulatory framework is overwhelming and specific:

• 74% advocate for clearer cryptocurrency regulations
• 75% believe these regulations would benefit the economy
• 73% expect increased crypto adoption would follow clearer regulations
• 72% would increase their crypto involvement following clearer regulations
• 67% want support from their state’s elected officials
• 65% seek presidential backing for pro-cryptocurrency regulations

Looking Ahead

To recap, the State of Crypto Q3 report reveals a voting bloc that is engaged, informed, and motivated by more than just investment returns. They want a more accessible, efficient, and innovative economic future for all Americans.

As the presidential election approaches, the crypto voter bloc’s significance is amplified by several factors:

1. High concentration in battleground states where margins are historically thin
2. Strong voter turnout intentions across demographic groups
3. Bipartisan distribution that could swing close races
4. Clear policy preferences that could influence campaign platforms
5. Deep engagement with crypto issues indicating sustained political activity

With Millennials and Gen Z set to become the majority of voting-age Americans by 2028, the influence of crypto voters will likely grow even stronger in future elections. 

This emerging constituency, unified by their belief in the need for financial system modernization and clear cryptocurrency regulations, represents not just a voting bloc to be courted, but a vision for America’s economic future, where the next generation of finance will seamlessly co-exist with decentralized technology.

The candidate who addresses these voters’ concerns about financial system modernization and regulatory clarity may get a decisive advantage – even if it’s just 1% – that could indeed change the world after all. 

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