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Coinbase: California Voters Favor Pro-Crypto Candidates in 2024 Elections

California voters who possess cryptocurrencies are poised to wield considerable influence in the forthcoming 2024 elections. According to insights from Morning Consult, a leading business intelligence firm, Coinbase disclosed that approximately 27% of Californians, totaling around 8.2 million individuals, are digital asset holders.

Furthermore, a staggering 78% of crypto proprietors in the state advocate for governmental backing of “new, innovative, and disruptive technologies” and express their intent to cast their ballots for candidates who espouse these principles.

In a blog post dated February 9, the exchange remarked, “California crypto owners overwhelmingly assert that they would strongly support candidates endorsing pro-crypto and blockchain stances.”

Crypto Owners to Back Crypto Supporters

The exchange emphasized that nearly four out of five crypto owners in California would lean towards supporting a candidate who champions the U.S. crypto industry as a job creator and a source of geopolitical strength.

This sentiment in California mirrors a broader trend seen across the United States. Among Generation Z and millennials, a slim majority of 51% of voters indicated their inclination to support candidates with favorable views towards cryptocurrencies in the upcoming 2024 elections.

This information gains significance as potential candidates from both major political parties, including U.S. President Joe Biden and former President Donald Trump, have already made appearances on primary ballots in states like South Carolina and New Hampshire.

Coinbase’s findings echo those of a survey conducted by the Crypto Council for Innovation in January.

The advocacy group found that a majority of U.S. voters favored lawmakers who sought to implement clear regulations for cryptocurrencies. The survey also indicated that crypto users could constitute a pivotal swing voting bloc in the 2024 elections.

Coinbase underscored the significance of policymakers acknowledging the involvement and preferences of crypto voters.

The exchange urged Congress and other decision-makers to institute clear guidelines for the cryptocurrency industry, rather than depending on erratic regulation-by-enforcement methods.

“Congress and other policymakers should recognize that crypto voters are actively engaged in their states and they desire regulations, not a capricious regulation-by-enforcement strategy.”

Digital Assets in Presidential Campaigns

Significantly, digital assets have already emerged as a campaign issue for Republican Party presidential candidates.

Florida Governor Ron DeSantis, who later withdrew from the race, voiced his opposition to the introduction of central bank digital currencies in the United States.

Former President Donald Trump has gone even further by pledging to prevent the implementation of a digital dollar should he be reelected.

In a recent interview, he labeled the concept of a central bank digital currency (CBDC) as “very dangerous.”

Trump’s recent remarks mirror those he made during a rally in New Hampshire last month, where he assured his audience that he would “never allow the creation of a central bank digital currency.”

The former president credited former Republican rival Vivek Ramaswamy for enlightening him about the perils associated with CBDCs.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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