This year, amid election season, the crypto industry is looking to garner the support of Bitcoin holders who can prove to be a powerful force in shaping the voter demographic. At least, that’s what rich crypto executives think.
Crypto Firms Try To Bring Together Crypto Voters
Based on data by the Crypto Council for Innovation, which represents firms like Gemini and Fidelity, about one voter among every seven owns cryptocurrencies. Additionally, the pro-crypto trade group’s data shows that these ‘Bitcoin voters’ are prepared to vote for candidates who are pro-crypto.
Moreover, Coinbase, a crypto exchange with over 100 million users, set up a voter registration plan. It’s also ranking election candidates based on their crypto-friendly views and stance on crypto-related issues.
Additionally, more election campaigns have started taking donations via Bitcoin payments as a way to prove their crypto-friendliness.
Such moves come after a growing perception that eventually, a large segment of voters will support pro-crypto election candidates with their crypto donations and ultimately, their votes.
Midterm Elections Serve as Testing Round before Actual Elections
According to major crypto firms looking to gather crypto voters under a single vision, the impending midterms are simply an opportunity to test the waters. Eventually, the goal is to form a voting bloc that will vote for whoever is beneficial to the crypto industry.
Even so, it’s unclear if such a strategy will prove effective since there are crypto holders across all parts of the political spectrum.
Some critics of this strategy also explain that the libertarian stance backing the crypto movement doesn’t align with the concept of large crypto firms pushing voters to partake in the conventional political process.
What’s ironic is that the entire crypto space holds deep anti-government and anti-democratic opinions. Of course, renowned crypto executives pushing this effort are aware of their target demographic.
Black or Hispanic Males More Likely To Own Crypto
In the US, voters under the age of 50, along with people belonging to higher income brackets, have a higher likelihood of holding crypto. This is based on statistics from Pew Research from August.
The study also finds that men have a 14 percent higher likelihood of using crypto than women. And in terms of ethnicity, Hispanic and Black Americans have a slightly higher likelihood of using cryptocurrencies than white Americans.
Although there’s no evidence that simply using crypto is enough to make someone vote for pro-crypto policies and candidates, it’s true that there are enough crypto holders in the country for the community to have some political effect.
Based on current statistics, around 16 percent of adults in the US have at least one experience with using cryptocurrency.
As of now, crypto isn’t a topic that falls within party boundaries in one of two polarities, such as abortion, climate change, vaccines, and gun reform.