Meet the 2024 Election’s Game-Changing ‘Crypto Voters’!
In the recent election frenzy, one unexpected powerhouse emerged that wasn’t even on the ballot — it was nestled comfortably in a crypto wallet.
During the 2024 campaign cycle, cryptocurrency firms accounted for a staggering one-third of all direct corporate donations to super PACs (Political Action Committees). And guess what? Their investment paid off handsomely, with a whopping 85% of congressional candidates backed by the crypto sector clinching victory in their races.
As a crypto executive shared on 60 Minutes, the success goes beyond just the massive advertising dollars spent. It was the fervent turnout of what they dubbed “crypto voters” that truly made the difference.
“Those who underestimate the passion surrounding crypto are missing the bigger picture of how pivotal this industry is today,” proclaimed Brad Garlinghouse, CEO of Ripple, whose cryptocurrency XRP ranks among the top in the globe.
For the uninitiated, cryptocurrencies are digital assets unshackled from the grip of any government or bank. They operate on a blockchain — a secure, decentralized digital ledger that meticulously records every transaction.
Recent industry research reveals that crypto owners are generally younger, more racially diverse, and view cryptocurrency as a pathway to greater financial freedom. Overall, they are vocal about needing clearer regulations and are looking for candidates who embrace emerging technologies.
This voter demographic is on the rise and appears to be a political goldmine: they support pro-crypto policies but don’t necessarily lean towards one specific party. Research indicates that crypto enthusiasts are nearly evenly divided in their allegiance between Republicans and Democrats.
To assist these voters in making informed choices, the advocacy group Stand With Crypto grades politicians based on their statements and actions regarding the industry.
Notably, President-elect Donald Trump received an A grade. After previously dismissing bitcoin as “a scam” back in 2021, he has since pivoted and embraced the crypto world. In September, he announced the launch of his new crypto venture, World Liberty Financial, and this week, he revealed plans to appoint former PayPal Chief Operating Officer David Sacks as his “White House A.I. & Crypto Czar,” signaling a strong commitment to propel the crypto industry forward.
However, not everyone is on board with cryptocurrency. John Reed Stark, a former chief of internet enforcement at the SEC, is critical of the crypto wave. He acknowledges the distrust many crypto owners harbor towards financial institutions, saying, “They love the edginess of the culture. And I think those people do vote. That’s how these crypto PACs executed a brilliant strategy by tapping into that.”
Stark traces the allure of cryptocurrency to the financial crisis and the erosion of trust in institutions. Yet, he warns that crypto could pose risks. “It’s fair to say, ‘I don’t trust institutions.’ I don’t either,” he notes. “But that doesn’t mean we should support something potentially worse.”
Whether voters comprehend the full scope of crypto remains debatable. The industry hasn’t been overt in linking their advertisements to cryptocurrency, regardless of whether they were for or against specific candidates. For instance, Democratic Rep. Katie Porter of California, who co-signed a letter with crypto skeptic Sen. Elizabeth Warren criticizing cryptocurrency mining, faced a barrage of negative ads funded by crypto during her Senate primary run, branding her a “fake,” “liar,” and “bully.”
In total, the crypto industry backed 29 Republican candidates and 33 Democrats in this election cycle. The largest super PAC funding these candidates, Fairshake, was partly founded by Ripple.
Fairshake poured $131 million into ads promoting pro-crypto candidates this election cycle and has already lined up another $103 million for the upcoming mid-term elections. Intriguingly, none of Fairshake’s ads explicitly mentioned crypto — a strategic move that has raised eyebrows.
Garlinghouse maintains that even if the ads didn’t directly mention crypto, they were still instrumental in educating voters. Stark, however, expresses skepticism: “All of these elected officials were very clear in their support of crypto. Whether people understood that or not, I’m not certain.”
The video above was produced by Brit McCandless Farmer and edited by Scott Rosann.
