Expert Notes Growing Role of Crypto in U.S. 2024 Presidential Elections

September 14, 2024

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As the U.S. gears up for the 2024 elections, crypto has found its place on the political stage, with candidates recognizing its influence in tight races. In a recent interview, Dr. Tonya M. Evans, a law professor at Pennsylvania State University, talked about how digital assets could shape the presidential race.

With the election likely to be decided by slim margins, issues like cryptocurrency are emerging as important factors, especially in battleground states such as Pennsylvania, Georgia, and Arizona.

Role of Crypto in Politics

Dr. Evans explained that while crypto may not be a top priority for all voters, it is part of the broader political landscape. She stated:

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“The race really isn’t about winning over the general population, but about navigating the Electoral College game. That means that if there are small voter shifts in crucial states, [like] Pennsylvania, Georgia, Arizona, etc, that could move the needle.”

This strategy aims to exploit those razor-thin margins that could ultimately decide the outcome. Interestingly, cryptocurrency is a bipartisan issue. Pro-crypto political action committees (PACs) have already spent $14 million supporting candidates from both parties in Congress. Dr. Evans emphasized that support for crypto spans political divides, showing its potential to influence voter decisions on a national scale.

Multi-Issue Individuals

However, she also acknowledged that voters are multi-issue individuals, stating, “Crypto alone isn’t enough to sway the election for most people, but it’s still on their minds.”

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In fact, a poll conducted by Benzinga found that 6% of respondents wanted presidential candidates to discuss cryptocurrency during debates. While topics like the economy, job creation, and immigration dominate voter concerns, crypto is still a relevant issue for many Americans.

With polling data showing that 73% of U.S. adults are somewhat influenced by a candidate’s stance on crypto, the industry’s role in shaping the 2024 election is clear, even if it remains one piece of a larger puzzle.

The interconnection of politics and cryptocurrency was clearly evident during the recent debate between the former US president Donald Trump and vice-president Kamala Harris. The PoliFi memecoins experienced major volatility during this period.