Political scientists are grappling with the role of the “crypto vote” as the United States approaches its 2024 presidential elections. Perspectives vary widely: some believe that crypto holders could play a crucial role in swaying the results, while others consider them negligible. One point they all acknowledge is that the electorate’s interest in cryptocurrency is on the rise.

An examination by Northeastern University explored the potential impact of this “crypto bloc” on the upcoming elections.

According to political science experts interviewed for the study, polling suggests significant political differences between cryptocurrency holders and non-holders, yet it remains uncertain how many voters prioritize cryptocurrency as a key political issue.

The Political Landscape of Cryptocurrency

A recent poll conducted by Fairleigh Dickinson University revealed that cryptocurrency owners tend to support Donald Trump over his Democratic challenger, Vice President Kamala Harris, by a margin of 12 percentage points.

The question remains: How much influence will this group actually wield? Could the crypto community ultimately sway the election outcome?

As observed, Trump’s campaign has increasingly focused on engaging with the crypto community, while some industry leaders have shown a willingness to support Harris’s campaign.

Northeastern University professor Ravi Sarathy shared insights on the evolving landscape, noting, “Both Republicans and Democrats own crypto.” He highlighted that, compared to previous years, awareness and investment in Bitcoin is more prevalent, especially following the approval of various ETFs.

In Sarathy’s opinion, the constituency supporting Bitcoin has expanded, suggesting that this group may have a larger impact than initially anticipated.

Conversely, Nick Beauchamp, an associate professor of political science at Northeastern University, expressed a more cautious interpretation of the crypto voters’ potential influence. He stated, “The crypto ‘voting block’ is not voters but donors.”

According to Beauchamp, the issue of cryptocurrency does not appear on most voters’ lists of priorities, and many are either unaware or have only basic opinions about it. He noted that while few voters prioritize the issue, there are many influential donors in the crypto space who are engaged, which has led campaigns to address cryptocurrency for their financial backing:

“However, there are a number of crypto-associated donors who care very much, and these people are the only reason that the campaigns are making crypto statements, and probably the only reason many Republicans and some Democrats like Chuck Schumer are resisting regulation.”