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Crypto interest grows in key US swing states, says report

Crypto interest grows in key US swing states, says report

GrafaGrafa2024/10/17 08:35
By:Isaac Francis

Interest in digital assets is on the rise among voters in several key swing states, according to a16z's “State of Crypto 2024” report. 

Data from Google Trends indicates a significant increase in cryptocurrency-related searches, particularly in Pennsylvania and Wisconsin, which are expected to have closely contested races in the upcoming presidential election. 

These states have recorded the fourth and fifth-largest rises in crypto interest since 2020, respectively. 

The report highlights that other swing states, such as Michigan and Georgia, have also experienced a surge in cryptocurrency queries, while states like Arizona and Nevada saw a moderate decline in interest. 

Swing states play a crucial role in determining the outcome of U.S. elections, and crypto's growing popularity may influence voter behavior in these regions. 

Based on a16z’s findings, over 40 million Americans currently hold cryptocurrencies, with many showing support for candidates who advocate for crypto-friendly policies. 

Among voters in swing states, 41% identify as Democrats, 39% as Republicans, and 20% as Independents or others. 

The report also notes that 25% of Americans aged 18 to 34 are crypto holders, indicating a strong base of younger investors. 

A16z's report suggests that the availability of Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) exchange-traded products (ETPs) may have contributed to increased interest in digital assets. 

ETPs broadened investor access, potentially driving up the number of crypto holders. 

As of September, Bitcoin and Ether funds listed on traditional U.S. exchanges hold $65 billion in on-chain assets. 

The possibility of a central bank digital currency (CBDC) has also been a major topic. 

While the U.S. Federal Reserve has been exploring a digital dollar since 2020, this effort has faced significant opposition from lawmakers. 

Meanwhile, stablecoins issued by private firms have gained traction, with U.S. dollars accounting for over 99% of stablecoin shares. 

Stablecoin issuers have become key players, holding $92 billion in U.S. Treasurys, reflecting their role in supporting the dollar's global reserve status.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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