California voters are embracing pro-crypto candidates in 2024: Coinbase

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The crypto exchange cited data suggesting that roughly 8.2 million people in California owned digital assets, the majority of which were more likely to support pro-crypto lawmakers.

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California voters are embracing pro-crypto candidates in 2024: Coinbase

United States-based cryptocurrency exchange Coinbase predicted crypto-focused voters in California would play a “meaningful role” in the 2024 elections based on ownership and opinions of digital asset-related policies.

In a Feb. 9 blog post, Coinbase cited data from business intelligence firm Morning Consult, which suggested that 27% of Californians — roughly 8.2 million people — owned cryptocurrency. The majority of crypto holders in the U.S. state — 78% — say policymakers should favor “new, innovative, and disruptive technologies,” and that many would vote for those who do.

“California crypto owners overwhelmingly report that they would be much more likely to support candidates that hold pro-crypto and blockchain positions,” said Coinbase. ”Almost 4 in 5 CA crypto owners say they would be more likely to support a candidate who supports the U.S. crypto industry as a job creator and source of U.S. geopolitical strength.”

Super Tuesday is just one month away.

And the 27% of California adults who own crypto will have a major role to play in determining the future of crypto.

Read more about why California’s crypto constituency matters → https://t.co/dEzMwuapoT pic.twitter.com/qZ1qZNSt4a

— Coinbase ️ (@coinbase) February 9, 2024

According to Coinbase, a smaller majority — 51% — of U.S. voters nationally among Gen Z and millennials said they were likely to support crypto-friendly candidates in the 2024 elections. The likely candidates for both major political parties for president — U.S. President Joe Biden and former President Donald Trump — have already appeared on ballots for primaries in South Carolina and New Hampshire.

Related: Rep. Tom Emmer: Digital assets will be a ‘sleeper issue’ for 2024 elections

Coinbase’s data echoed a survey released in January by the Crypto Council for Innovation. The crypto advocacy group suggested that most U.S. voters prefer lawmakers who want “to write clear rules for cryptocurrency,” adding that crypto users could be a “key swing voting bloc” in 2024.

Coinbase added:

“Congress and other policymakers should take note that crypto voters are engaged in their states and they want rules, not an unpredictable regulation-by-enforcement approach.”

Digital assets have already been a campaign issue for Republican Party candidates for U.S. president. Before dropping out of the race, Florida Governor Ron DeSantis came out against central bank digital currencies in the United States. Trump has since adopted the issue, vowing to never allow a digital dollar should he win reelection.

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